Inspection Machines Market Growth, Trends, Size, Revenue, Share, Challenges
Inspection Machines Market by Offering (Hardware, Software), Automation Mode (Automatic Inspection, Semi-automatic Inspection, Manual Inspection), End User (Pharmaceutical and Biotech, Food and Beverages) and Geography - Global Forecast to 2030”. According to this report, the global inspection machines market is projected to reach $2 billion by 2030, at a CAGR of 7.5% from 2023 to 2030. The growth of this market is attributed to the increasing government focus on food safety, increasing R&D expenditure in the pharmaceutical & biotech sector, increasing inspection checkpoints throughout production, and stringent policies to maintain GMP compliance. However, growing preferences for refurbished inspection machines due to the high cost of machines restrain the growth of the market.
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The technological advancements in inspection machines and rising outsourcing of manufacturing operations in emerging economies are expected to create significant opportunities for players in this market. However, constantly changing regulatory standards and complexities in integrating inspection machines pose challenges to market growth.
The global inspection machines market is segmented by offering, automation mode, end user and geography. The study also evaluates industry competitors and analyses the regional and country-level markets.
Based on offering, the global inspection machines market is segmented into hardware and software. In 2023, the hardware segment is expected to account for the largest share of the global inspection machines market. The large market share of this segment is mainly attributed to the stringent regulations by authorities concerning the safety and quality of products being manufactured and the need to avoid financial losses due to packaging issues. However, the software segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the rising need for quality control and real-time monitoring to help companies improve defect detection rates and reduce production costs. Software is used to translate the inspection process by inspection machines for better quality control, result displaying and keeping track of other related documents.
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Based on automation mode, the global inspection machines market is segmented into automatic inspection, semi-automatic inspection and manual inspection. The automatic inspection segment is projected to register the highest CAGR during the forecast period. As part of the zero-error goal, the necessity to minimize particles and aesthetic flaws is expanding, and technical improvements in this sector are expected to continue to fuel the growth of this segment.
Based on end user, the global inspection machines market is segmented into industrial manufacturing, pharmaceutical and biotech, cosmetics & personal care, food and beverages, electronics & semiconductor and other end users. In 2023, the food and beverages segment is expected to account for the largest share of the inspection machines market. The increasing disposable income of consumers and the growing population are propelling global demand for food and beverage products. To protect the food quality and curb the rising number of food-borne diseases, the governments of several countries have enforced stringent regulations. This has pushed food and beverage processing companies to deploy inspection machines, fueling the growth of this segment. However, the pharmaceutical and biotech segment is projected to register the highest CAGR during the forecast period. Within the pharmaceutical sector, several regulatory agencies, such as the Food and Drug Administration (FDA), European Medicines Agency, and the Pharmaceuticals and Medical Devices Agency, carefully monitor manufacturers' compliance with Current Good Manufacturing Practice (CGMP) regulations to ensure the quality of drugs and medical devices. These regulations push pharmaceutical and biotech manufacturers to strictly focus on the quality of goods with the help of inspection machines, fueling the growth of this segment.
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Based on geography, the global inspection machines market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the inspection machines market. The large market share of this segment is attributed to the favorable initiatives taken by the key market players coupled with research studies to cater to the growing demand for inspection machines. However, Asia-Pacific is projected to register the highest CAGR during the forecast period. The growth of this market is attributed to the growing manufacturing activities in several industries, including pharmaceutical and biotech, food and beverage, and cosmetics. The growing demand for quality products from these industries creates potential opportunities for the market. Furthermore, technologically strong countries such as China, Japan, South Korea, Taiwan and India are expected to offer lucrative growth opportunities in the near future.
Some of the key players operating in the global inspection machines market are Thermo Fisher Scientific Inc. (U.S.), Teledyne Technologies Incorporated (U.S.), Körber AG (Germany), Robert Bosch GmbH (Germany), Omron Corporation (Japan), OPTEL GROUP (Canada), COGNEX Corporation (U.S.), BREVETTI CEA S.P.A (Italy), ANTARES VISION S.p.A (Italy), ACG (Mumbai), IRIS Inspection Machines (France), Sys-Tech Solutions, Inc. (U.S.), Laetus GmbH (Germany), Sea Vision S.r.l. (Italy) and CMP PHAR.MA S.R.L. (Italy).
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