Growth in the Semiconductor Segment to Significantly Propel the Global Virtual Inspection Market until 2020, Says Technavio

LONDON--()--According to the latest research report released by Technavio, the global virtual inspection market is expected to record USD 24.66 billion by 2020.

This report titled ‘Global Virtual Inspection Market 2016-2020‘, provides an in-depth analysis of the market in terms of revenue and emerging trends. To calculate the market size, the report considers the revenue generated from the sales of surface inspection solutions consisting of surface inspection software, hardware, surface vision and inspection (CVIC), and optics and other devices.

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“In 2015, the semiconductor segment accounted for the largest share, accounting for close to 19% of the market. The semiconductor manufacturing industry will likely retain its market position during the forecast period in step with the growing demand for testing fabricated systems and chips. Shortage of skilled workers, and error-prone manufacturing processes are adding to the economic burden consumer goods manufacturers. Owing to these factors, global manufacturers are looking to automate process utilization and quality management solutions to boost sustainability in competitive environments,” said Amit Sharma, one of Technavio’s lead industry analysts for IT professional services.

Some of the other driving forces behind the growth of the global virtual inspection market are as follows:

  • Rise in production of passenger cars
  • Focus on industrial automation
  • Easy to monitor on-board diagnostics
  • Need for virtual inspection in harsh environments

Rise in production of passenger cars

The automotive sector is one of the fastest growing industries, contributing significantly to the global virtual inspection market. Virtual inspection helps minimize production losses, lowers the requirement for trained staff, and reduces chances of reworking. The use of this technology provides 24/7 support for fatigue-free functioning and hence, manufacturing and assembly line plants implement this technology to ensure consistent quality.

The need for automotive assembly line inspection has risen with the rise in passenger car production worldwide. Advances in technology have positively influenced market growth. Camera systems and modern computers are integral parts of virtual inspection solutions. These systems help monitor the whole manufacturing process of passenger cars. Implementing virtual inspection systems reduces the overall expenditure for companies, as these systems reduce the requirement for additional labor forces. These benefits are therefore anticipated to surge the demand for virtual systems over the forecast period.

Focus on industrial automation

Production firms worldwide are experiencing high pricing pressures and mounting competition, and it has created a need to improve production efficiencies and cut costs. Following the rise of automation, manufacturing plants are increasingly adopting surface vision and inspection equipment to reduce their reliance on manual labor.

Investments in automated surface vision and inspection technologies may likely spur innovative capabilities and reduce the time-to-market factor. Advanced software and hardware are required to analyze the performance of these automation equipment, surface materials and components to accurately identify defects. The semiconductor industry vertical can derive immense benefits from virtual inspection solutions because of the high degree of accuracy required in the manufacture of electronic chips. This makes the semiconductor industry the largest contributor to the virtual inspection market.

Easy to monitor on-board diagnostics

The use of controllers, data, and DTCs has increased in conjunction with the rising number of new vehicles that hit the road each year. This increases data complexity and makes it difficult to identify relevant information when inspecting vehicle electrical systems. Getting a visual indication for emission-related issues can be difficult in the absence of a virtual inspection software.

Virtual inspection software installed in cars helps companies monitor and analyze hidden problems. The software generates real-time information that helps run a checklist on every possible system. It also helps generate reports that can be viewed on the web, emailed, or can be printed for further analysis.

Need for virtual inspection in harsh environments

Installing virtual inspection software solutions in robots enables the gathering of sufficient data from challenging environments, such as areas pervaded by corrosive, toxic, foul-smelling gas, and explosive methane gas. In these areas, it is difficult to deploy human workers due to high risks.

Inspection solutions through robots include:

  • Cameras for visual inspection of pipes, valves, and fittings for corrosion and damages in remote areas
  • Vibration sensors to monitor the condition of components such as pumps, motors, and bearings
  • Microphones to detect audible problems inside equipment
  • Radar and video to detect obstacles in the vicinity to minimize collisions

Companies are allocating substantial funds to innovate and improve the quality and technology of virtual inspection solutions and sensors to gain a competitive edge.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
US: +1 630-333-9501
UK: +44 208-123-1770
Media & Marketing Executive
www.technavio.com
media@technavio.com

Release Summary

According to the latest research report released by Technavio, the global virtual inspection market is expected to record USD 24.66 billion by 2020.

Contacts

Technavio Research
Jesse Maida
US: +1 630-333-9501
UK: +44 208-123-1770
Media & Marketing Executive
www.technavio.com
media@technavio.com