LONDON--(BUSINESS WIRE)--The global industrial scanners market is projected to grow to USD 2.13 billion by 2021, at a CAGR of nearly 7% over the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global industrial scanners market for 2017-2021. Based on the technology, the market is divided into 2D scanner, laser scanner, and linear scanner segments.
The growth in factory automation, particularly in Americas, has led to the increasing shipment of industrial scanners. The growing need for data accuracy and data storage are some of the major factors contributing to the rise in market revenue. Also, the rise in demand for barcode scanners to make inventory management more efficient is a key market driver.
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Technavio’s research study segments the global industrial scanners market into the following regions:
- Americas
- EMEA
- APAC
Industrial scanners market in the Americas
“The Americas contribute the highest revenue to the industrial scanners as it was the first adopter of automatic data capture devices. The introduction of scanners in the warehousing and storage is also contributing to the growth of the market,” says Jujhar Singh, a lead analyst at Technavio for semiconductor equipment research.
In addition, the prominent vendors of industrial scanners such as Honeywell International, Datalogic, and GE Measurement & Control are based in this region. These vendors obtain the majority of their revenue from the domestic market. Hence, Americas has the highest market potential in the global industrial scanners market.
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Industrial scanners market in EMEA
The industrial scanners market in EMEA will grow at a moderate rate over the pace, driven by the sales in western European countries such as France, Germany, and the UK. The markets in African countries like Tanzania, Zimbabwe, and Uganda are quickly developing. Recently, the government in Zimbabwe had signed a contract with an Italian firm, El Badaoui Group, for automobiles manufacturing in Zimbabwe. Therefore, the growth of such industries will have a positive impact on the industrial scanners market in the future. The increased penetration of refineries and other chemical industries in the regions such as the Middle East will also drive the market growth during the forecast period.
Industrial scanners market in APAC
“APAC is expected to showcase a CAGR of more than 7% over the forecast period, establishing itself as the fastest growing market segment. The swiftly growing industries in the developing countries of APAC such as India and China are driving the demand for industrial scanners,” says Jujhar.
China and India are the fastest-growing economies in the world, which are majorly focussing on the industrial sector. Apart from these countries, Japan and Taiwan also contribute significantly to the market growth. Olympus - one of the major industrial scanners market vendors, is based in this region, thereby contributing a significant revenue to the market segment.
The top vendors in the global industrial scanners market highlighted in the report are:
- Honeywell International
- ZIH
- Datalogic
- Olympus
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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, resellers, and end-users.
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