Non-Destructive Testing Market Forecast, Opportunities and Challenges

 

According to a research report "NDT and Inspection Market with COVID-19 Impact by Technique (Visual Testing, Magnetic Particle, Liquid Penetrant, Eddy-Current, Ultrasonic, Radiographic, Acoustic Emission), Method, Service, Vertical, and Region - Global Forecast to 2025" published by MarketsandMarkets, the global NDT and inspection market size is estimated to grow from USD 8.4 billion in 2020 to USD 11.7 billion by 2025, growing at a CAGR of 7.0%. Stringent government regulations regarding public safety & product quality and continuous advances in electronics, automation, and robotics are among a few major factors driving the NDT and inspection markets growth. Moreover, the high adoption of IoT devices and rising need to assess aging assets health also propel the growth of the NDT and inspection market.

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The ultrasonic testing (UT) technique to hold the largest share of the NDT and inspection market in 2019

Ultrasonic testing (UT) is expected to account for the largest share of NDT and inspection market in 2019. It is the most widely used NDT technique due to its ability to identify defects and accurately determine their severity. Some advanced techniques such as ultrasonic immersion testing and guided-wave ultrasonic testing can also be used for applications especially in the oil & gas and aerospace industries. Ultrasonic testing has evolved significantly over the last few decades and is the most important NDT technique for identifying and quantifying surface and subsurface defects. Ultrasonic NDT inspection can be conducted by using a wide range of methods, a few of which are manual and cost-effective, while others need advanced automated equipment for determining faults in critical applications. This technique can also be deployed to inspect objects that are not easily accessible through direct contact, such as inspecting the piping system buried under the earths surface.

The market for the oil & gas vertical to hold the largest share of the NDT and inspection market in 2019

The oil and gas segment accounted for the largest size of the NDT and inspection market in 2019. The growth of this segment can be attributed to the increased use of NDT and inspection techniques to ensure that pipes, containers, and valves in oil and gas plants are functioning safely. They are also used for detecting leaks in oil and gas pipelines, identifying equipment operating beyond their normal temperature range, monitoring processes to protect water quality and air quality in oil and gas plants, and ensuring compliance with pollution control standards.

NDT and Inspection Market in APAC to grow at the highest CAGR during forecast period

Asia Pacific is expected to be the fastest-growing region in the NDT and inspection market due to the rapid infrastructural development and automation adoption in manufacturing industries in countries such as India and China. Countries in Asia Pacific are involved in the manufacturing of defense aircraft, which is expected to increase NDT and inspection equipment and services in the defense & aerospace industry. Many infrastructural development projects are under construction and scheduled to be constructed in the region during the forecast period. The demand for automobiles is estimated to grow substantially by 2025.

General Electric (US), Olympus Corporation (Japan), MISTRAS Group (US), Nikon Metrology (Belgium), and Ashtead Technology (Scotland), YXLON International (Germany), Sonatest (UK), Zetec, Inc. (US), T.D. Williamson Inc. (US), Bosello High Technology Srl (Italy), Eddyfi (Canada), and Magnaflux (US), Fischer Technology Inc. (US), Cygnus Instruments Ltd. (UK), NDT Global GmBH (Germany), Acuren (US), and LynX Inspection (Canada) are the key players in the market.

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Industrial Control & Factory Automation Market worth $197.8 billion by 2026

 

According to the new market research report on the "Industrial Control & Factory Automation Market by Solution (SCADA, PLC, DCS, MES, Industrial Safety, PAM), Component (Industrial Robots, Industrial 3D Printing, Process Analyzer, Machine Vision, HMI), Industry, Region - Global Forecast to 2026", The industrial control & factory automation market size is expected to grow from USD 133.1 billion in 2021 to USD 197.8 billion by 2026; it is expected to grow at a CAGR of 8.2% from 2021 to 2026. The key factors driving the growth of the market are emphasis on industrial automation and optimum utilization of resources, emergence of connected enterprises and requirement of mass manufacturing of products, government initiatives to promote industrial automation, adoption of emerging technologies such as IoT and AI in industrial environments, and fiscal policies formulated by regional financial institutions to keep manufacturing facilities floating amidst COVID-19 crisis.

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“Industrial sensors segment held the largest market size of the overall component segment of industrial control & factory automation market in 2020“

The industrial sensors segment is expected to hold the largest share of the industrial control & factory automation market. The growth of the industrial sensors segment is driven by the growing adoption of Industry 4.0 and IIoT, and the growing wireless sensors market. Predictive maintenance is expected to offer lucrative opportunities to the players in the industrial sensors market in the coming years. Predictive maintenance is enabled by 3 major solution enhancements over a traditional maintenance schedule: capturing sensor data, facilitating data communications, and making predictions. As sensors are an important part of predictive maintenance solutions, the demand for industrial sensors is expected to increase significantly in the coming years.

“PAM solutions to grow at the highest rate from 2021 to 2026”

The PAM segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing deployment of PAM solutions in process and discrete industries to build a comprehensive data repository related to different equipment installed in these plants, right from their uptime performance to their life cycle cost assessment.

“Metals & mining process industry to grow at the highest rate from 2021 to 2026”

The mining & metals industry is related to the extraction of mineral and metal reserves from the core of the earth, as well as fabricating metals. The adoption of automation in the mining & metals industry has improved productivity, increased safety, minimized wear, and enhanced reliability and quality of products. The safety of the workforce is always the top priority in mining operations. Hence, regulatory authorities across the world have set stringent rules and regulations for mine owners to ensure the safety of mines. These strict regulations force mining companies to adopt industrial control & factory automation technologies, which can help them in predicting any mishap in advance. Thus, the adoption of industrial control & factory automation technologies, and advanced manufacturing equipment is increasing significantly in this industry.

“Automotive industry held the largest market size of overall discrete industry market in 2020”

The automotive segment is anticipated to hold the largest share of the industrial control & factory automation market, by discrete industry, during the forecast period. Advancements in automotive manufacturing technologies and an increase in investments by key automotive manufacturers in industrial control & factory automation solutions are among the factors expected to drive the industrial control & factory automation market for the automotive industry.

“APAC to record highest CAGR from 2021 to 2026”

Most of the key manufacturers from different industries have shifted their manufacturing plants in APAC due to the low labor costs and the availability of skilled labor in the region. The increasing number of automation activities in process and discrete industries is one of the major factors driving the growth of the industrial control & factory automation market in APAC. In addition, countries such as China, Japan, South Korea, and India are contributing to the growth of the industrial control & factory automation market in the region. These countries account for considerable market size and hold a wide scope for the development of the industrial control & factory automation market in APAC.

Major players involved in the industrial control & factory automation market include ABB Ltd. (Switzerland), Mitsubishi Electric Corp. (Japan), Endress+Hauser AG (Switzerland), Emerson Electric Co. (US), General Electric (US), Rockwell Automation, Inc. (US), Schneider Electric SE (France), Siemens AG (Germany), Honeywell International Inc. (US), and Yokogawa Electric Corp. (Japan).

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Smart Badge Market is estimated to grow $33.8 billion by 2025

 

The report "Smart Badge Market by Communication (Contact and ContactLess), Type (With Displays and Without Displays), Application (Government & Healthcare, Corporate, and Retail & Hospitality) and Region (NA, EU, APAC, ROW) - Global Forecast to 2025", is estimated to grow from USD 21.1 billion in 2020 to USD 33.8 billion by 2025, at a CAGR of 9.9% between 2020 and 2025. Increasing demand for wearable access control devices for security management is the major factor driving the growth of the market.

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“Government & healthcare is the most attractive segment that is gaining attention in the smart badge industry.”

In 2019, the government and healthcare segment held the largest share of the smart badge market. The growth of this segment of the market can be attributed to the adoption of smart badges for access control and critical data storage, as well as to ensure national security. The governments of developed and developing countries rely on the sprawling patchwork of systems to identify and manage people using smart cards.

“Smart badge market in APAC expected to grow at the highest CAGR during the forecast period.“

APAC accounted for the largest share of the smart badges market with displays in 2019, owing to the presence of a large consumer base of these badges in the region. A major portion of the demand for smart badges with displays is from China, followed by Japan and South Korea. However, the market in North America is projected to grow at the highest CAGR during the forecast period. North America has always been a forerunner in adopting new and innovative technologies. Countries of North America are developed economies. As such, the adoption rate of information and communication and smart wearable technologies is the highest in the region.

Some of the leading players in this market are Thales Group (Gemalto) (France), ASSA ABLOY AB (HID Global Corporation) (Sweden), Giesecke+Devrient GmbH (Germany), Brady Worldwide, Inc. (US), IDEMIA (France), Evolis (France), Identiv Inc. (US), BEAM (US), AIOI-SYSTEMS CO., LTD. (DISPLAY IT CARD) (Japan), Watchdata (Singapore), and Identita (Canada). The other players operating in the market include Blendology (UK), Squarofumi (China), KONA I Co. Ltd. (South Korea), Proxfinity Inc. (US), Klik (Canada), Global Net Solutions (GNS) (US), CardLogix Corporation (US), MpicoSys Solutions B.V. (Netherlands), AbeeWay (France), and HierStar Ltd. (China).

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Cleaning Robot Market size is projected to reach $24.8 billion by 2026

 

The report "Cleaning Robot Market with COVID-19 Impact by Type (Professional, Personal), Product (Floor Cleaning, Lawn Cleaning, Pool Cleaning, Window Cleaning), Application (Residential, Commercial, Industrial, Healthcare), and Geography - Global Forecast to 2026", size is projected to reach USD 24.8 billion by 2026 from an estimated USD 8.9 billion in 2021, at a CAGR of 22.8% from 2021 to 2026. The increasing labor cost, innovation, coupled with modernization in the field of robotics are among the factors driving the growth of the cleaning robot market.

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Professional cleaning segment to projected to register higher CAGR between 2021 to 2026

Manual cleaning of carpets and floors in commercial spaces, such as shopping malls and corporate offices, is a time-consuming job. This has led to the operators of the commercial spaces opting for an automated cleaning system. COVID-19 has further forced commercial space operators to curb human contact and follow social distancing norms while also undertaking cleaning processes on the premises. These initiatives will play a key role in driving the adoption of professional cleaning robots during the forecast period.

Floor robot segment to hold the largest share of the market in 2021

In 2021, floor robot segment is expected to hold the largest share of the cleaning robot market. The dominance can be attributed to shift in customer needs toward smart home appliances coupled with a rise in labor costs in developed countries. Also, an increased potential for AI-powered cleaning robots from emerging urban middle-class households in developing countries and from commercial applications will offer newer business opportunities for the floor-cleaning robot vendors.

By application, healthcare application is projected to grow at highest CAGR during forecast period

With an increasing awareness about Hospital Acquired Infections (HAIs), there has been a rise in emphasis on hospital hygiene, followed by an improvement in patient care. These factors are key to the growth of the cleaning robot market for the healthcare application. Technological advancements in robots at healthcare facilities have also increased significantly in the past few years, and this trend is expected to continue through to 2026.

By region, cleaning robot market in APAC is estimated to grow at highest CAGR throughout the forecast period

The cleaning robot market in APAC is projected to grow at the highest CAGR during the forecast period. High disposable income in countries such as South Korea and Japan is playing an important role in the growth of the cleaning robot market. E-commerce platforms selling cleaning robot products are also helping the market to grow in technologically advanced countries such as India and China. The increasing adoption of cleaning robots and the influx of global players, along with the emergence of native players, are helping the market to grow swiftly in APAC.

iRobot (US), Ecovacs Robotics (China), Samsung Electronics (South Korea), LG Electronics (South Korea), Xiaomi (China), Roborock (China), SharkNinja (US), Neato Robotics (US), Cecotec Innovaciones (Spain), and Panasonic (Japan) are a few key companies operating in the cleaning robot market.

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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IoT Sensors Market is expected to grow $29.6 billion by 2026

 

The report "IoT Sensors Market with COVID-19 impact by Sensor type, Network Technology, Vertical, Application, and Geography (North America, Europe, APAC, RoW) - Global Forecast to 2026", is expected to grow from USD 8.4 billion in 2021 to USD 29.6 billion by 2026; it is expected to grow at a CAGR of 28.6% during 2021–2026. Increasing use of sensors in IoT applications due to cost and size reduction, and technological advancement, and Introduction of 3GPP Release 13 and Release 14 specifications are the key factors driving the growth of the IoT sensors market. The Growth of Internet penetration rate and High demand for connected and wearables devices are factors propelling the growth of the IoT sensors market.

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“Pressure sensor to hold the largest share of the IoT sensors market in 2020”

The market for pressure sensors is largely driven by increased concerns regarding safety, comfort levels, and reduction in automobile emissions. The regulatory mandates requiring the compulsory installation of onboard diagnostics to reduce greenhouse gas emissions will further lead to growth in demand for pressure sensors.

“The market for the Industrial IoT vertical to hold the largest share of the IoT sensors market in 2020”

The key factor fueling the growth of the industrial IoT segment of the IoT sensors market is the requirement to implement predictive maintenance techniques in different industries to monitor the working of industrial equipment to avoid unscheduled downtimes in production cycles. The intelligent wireless sensors constantly monitor parameters of critical processes in industrial environments, thereby leading to the increased operational efficiencies of industries.

APAC is expected to hold the largest market share during the forecast period

Countries such as India, China, Japan, South Korea, and Australia are key contributors to the growth and the development of the IoT sensors market in APAC. The growing penetration of the Internet across commercial and residential spaces, along with broadening consumer base, increasing disposable income of the masses, and improving IT infrastructures are some key determinants supplementing the growth of the IoT sensors market in APAC.

Texas Instruments (US), TE Connectivity (Switzerland), Broadcom (US), NXP Semiconductors (Netherlands), STMicroelectronics (Switzerland), Bosch Sensortec (Germany), TDK (Japan), Infineon Technologies (Germany), Analog Devices (US), Omron (Japan) are the key players in the market.

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Defect Detection Market high demand worth $5.0 billion by 2026

 

The report "Defect Detection Market with COVID-19 Impact Analysis, by Offering (Hardware (Camera, Optics, and Processor), Software (Traditional and Deep-Learning); and Service), Application (Manufacturing, Packaging), Vertical, and Geography - Global Forecast to 2026", is estimated to grow from USD 3.5 billion in 2021 to USD 5.0 billion by 2026 at a CAGR of 7.5% during 2021–2026. The growth of the defect detection market is driven by factors such as strong focus of manufacturers on automating quality control and quality assurance processes; stringent health and safety measures imposed by governments and standards organizations on global manufacturing firms; and high demand for application-specific integrated circuits (ASICs). However, dearth of skilled professionals in manufacturing factories is restraining the growth of the market.

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The hardware segment to hold the largest market share in 2026

The hardware segment of the defect detection market is estimated to register the largest market share in 2026, by offering. Hardware type in defect detection systems include cameras, frame grabbers, optics, and processors. Major factors driving the growth of the market are rapid industrialization in emerging economies, increasing adoption of automated visual inspection systems in manufacturing, and increasing wages in various countries.

The manufacturing application to register higher CAGR during the forecast period

The defect detection market for manufacturing is projected to register the higher CAGR during the forecast period, by application. The manufacturing application requires defect detection of cosmetic defects on all types of surfaces, which are difficult to inspect with conventional rule-based machine vision algorithms and human eye. Industries have realized the importance of quality assurance in manufacturing processes, resulting in the widespread acceptance of defect detection as an integral part of the long-term automation development process. The use of defect detection throughout an automated production process further helps identify complex defects in a short span of time. This, in turn, helps in reducing costs and improving response time and quality. Also, increasing adoption of defect detection system based on deep learning and AI in manufacturing to expedite the inspection of products and to facilitate prompt detection of defects is also driving the market growth.

The electronics & semiconductors segment to hold the largest market share in 2026

The electronics & semiconductors segment of the defect detection market is estimated to register the largest market share in 2026, by vertical. In the electronics & semiconductors vertical, apart from cosmetic defects such as scratches, dents, shade variations, smeared labels and strands of human hair, functional defects such as bent pins on ports and connectors, untightened screws, missing components, and wrong barcodes also need to be detected to produce fewer defective products and improve quality production.  Increasing demand for high-speed assembly inspection where the throughput of components is rapid and growing need to comply with stringent quality standards is driving the growth of the electronics & semiconductors segment. Moreover, the industry is increasingly manufacturing semiconductor wafers with thickness in nanometers; this will increase the demand for defect detection systems in the coming years.

 APAC to register  higher CAGR during the forecast period

The market in APAC is expected to grow at the highest CAGR during the forecast period. Countries in APAC, such as China, Japan, India, and South Korea, have some of the largest manufacturing facilities, wherein automation has been accorded the highest priority. Rapid industrialization, presence of well-established semiconductors, food & packaging, and automotive industries are likely to drive the market growth. Also, various government initiatives such as “Make in India” to encourage large and medium-sized enterprises are fueling the market growth in APAC. Manufacturers in this region are exceedingly investing in the R&D and implementation of Industrial Internet of Things (IIoT) and other industrial automation solutions.

Key players in the defect detection market include Microsoft (US), IBM (US), Amazon Web Services (US), OMRON Corporation (Japan), Cognex Corporation (US), Teledyne Technologies (US), ISRA VISION (Germany), KEYENCE (Japan), Datalogic (Italy), and Matrox Electronic Systems (Canada). These players have adopted product launches and developments, agreements, partnerships, collaborations, and acquisitions to grow in the market.

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Smart Home Market is projected to reach worth $138.9 billion by 2026

 

The report "Smart Home Market with COVID-19 Impact Analysis by Product (Lighting Control, Security & Access Control, HVAC Control, Smart Speaker, Smart Kitchen, Smart Furniture), Software & Services, Sales Channel, and Region - Global Forecast to 2026", is projected to grow from  USD 84.5 billion in 2021 and is projected to reach USD 138.9 billion by 2026; it is expected to grow at a CAGR of 10.4 % from 2021 to 2026.

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The increasing number of internet users and growing adoption of smart devices along with growing need for energy-saving and low carbon emission-oriented solutions has been crucial for increased demand of smart home systems. In addition to this, factors such as increasing importance of home monitoring in remote locations and growing concern with regards to safety, security and convenience among general population is driving the growth of the smart home market.

“Entertainment and other controls to hold the largest share of the smart home market during the forecast period”

The entertainment and other controls segment is expected to account for the largest share of the smart home market during the forecast period.  The growth of the audio, volume, and multimedia room control market is driven by the convenience offered by these controls for managing as well as controlling entertainment systems within a house. The advancements in wireless communication technologies are a major factor boosting the growth of the home theater system control market, thereby driving the smart home market for entertainment control. The market growth of the other controls segment can be attributed to the high demand for smart meters and smoke detectors as well as the increasing popularity of smart plugs, smart hubs, and smart locks.

“Behavioral type software and services segment to hold larger market share during the forecast period”

The smart home market for software and services segment, by type, has been sub-segmented into behavioral and proactive type solutions and services. The behavioral type software and services help analyze energy-related data and forward it to the end users. However, this category is restricted to transmitting and receiving data and does not perform intelligent actions, unlike the proactive type. Behavioral type solutions provide direct feedback to the end users, providing basic information regarding real-time energy consumption data, along with historical data reflecting energy usage. Behavioral type software and services are increasingly being leveraged in smart homes as they help enhance the energy efficiency of these homes and minimize energy bills based on behavioral type data analysis. Behavioral type software and services possess the ability to learn user behavior and accordingly render a smarter control of appliances, leading to an increase in its demand. As this type of software and algorithm is the most widespread due to its initial adoption and low cost, this segment is expected to account for a larger share of the smart home market during the forecast period.

“Indirect sales channel to dominate the smart home market during the forecast period”

The indirect sales channel segment is expected to account for the larger share of the smart home market and is expected to grow at a higher CAGR from 2021-2026. Indirect sales channels or third-party service providers hold a major share of the smart home market. Most players in the market have strong sales channels and distribution networks to provide services to their end users. Indirect sales channels involve the sale of smart home products through both online and offline modes. Offline sales channels comprise third-party cellular network carriers, wholesalers, retailers, and value-added resellers. Online sales channels involve sales through e-commerce platforms. The COVID-19 pandemic has also resulted in a further rise in the use of indirect sales channels in the smart home market. Due to lockdowns in various countries across the world, people have started using online mode frequently. The demand for online channels has increased during the pandemic. Companies offer product setup and installation services that help users to buy products online without any hesitation. Moreover, third-party delivery providers have started undertaking extra precautions in order to encourage consumer to buy without reservations of getting infected. Thus, the online sales channel segment is expected to grow during the forecast period.

“North America to hold the largest share of smart home market throughout forecast period”

North America is expected to account for the largest share of the smart home market during the forecast period.  The factors driving the smart home market in the US include the high per capita income, the increasing demand for reliable home energy management systems, enhanced home security levels, improved device standards, and the growing popularity of integration of smart devices such as tablets, smartphones, and standalone voice assistants in homes are driving the growth of the North American smart home market. Furthermore, this region has a strong presence of some of the key players in the global smart home ecosystem, such as Honeywell (US), ADT (US), Control4 (US), Simpisafe (US), Comcast (US), Lutron (US), Vivint (US), Ooma (US), Simplisafe (US) and Crestron Electronics (US), which has led to availability of a wide range of smart home offerings at economical prices. Additionally, various grants from the US Government towards green energy projects are also driving the smart home market growth in this region.

Key players in the smart home market include Honeywell (US), Siemens (Germany), Johnson Controls (Ireland), Schneider Electric (France), ASSA ABLOY (Sweden), Amazon (US), Apple (US), ADT (US), ABB (Switzerland), Robert Bosch (Germany), Sony (Japan), Samsung Electronics (South Korea), Crestron Electronics (US), LG Electronics (South Korea), and Legrand (France). Apart from these, Ooma (US), Delta Controls (Canada), Control4 (US), Axis Communications (Sweden), Comcast (US), Smarthome (US), SimpliSafe (US), Armorax (US), Canary (US), Lutron (US)  are among a few emerging companies in the  smart home market.

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