July 18, 2023 08:26 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, July 18, 2023 (GLOBE NEWSWIRE) -- Customized Checkweigher
The global inspection equipment market size was USD 1.53 billion in 2022. The market is expected to grow from USD 1.61 billion in 2023 to USD 2.38 billion by 2030 at a CAGR of 5.7% in the 2023-2030 period. The surge is attributed to the soaring prevalence of chronic and infectious diseases among the rising aging population across the globe. This information is provided by Fortune Business Insights, in its report titled, “Inspection Equipment Market, 2023-2030.”
Market Value to Surge Propelled by Rising Awareness Associated with Goods Quality
One of the pivotal aspects impelling the inspection equipment market growth is the escalating awareness regarding the quality and standard of food products. The industry expansion is further being driven by the growing adoption of x-ray inspection systems, biotechnology companies, medical devices, and other equipment.
However, the market expansion could be hindered by the high costs associated with the maintenance and installation of these systems.
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Pandemic Created Growth Opportunities for Service Providers across the Globe
The COVID-19 pandemic affected the market for a short term considering the temporary decline in the net sales of the product. Furthermore, manufacturers were faced with disruptions in supply chains and the issues pertaining to the collection of raw materials. However, the market growth was fueled by the surging equipment demand from the pharmaceutical and food & beverages sectors.
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The report offers a comprehensive analysis of the significant trends propelling the global business scenario throughout the study period. It further provides an insight into the key aspects impelling industry growth over the forthcoming years. Additional aspects of the report include merger agreements, acquisitions, and other initiatives undertaken by major companies for strengthening the positions of their businesses.
Fully Automatic Machine Segment to Dominate Driven by Surging Demand from Healthcare Sector
Based on type, the market is subdivided into semi-automatic machine, fully automatic machine, and manual machine. The fully automatic machine segment dominated the market and is anticipated to depict an appreciable surge over the study period. The rise is due to the escalating demand for quality requirements in inspection procedures.
Checkweighers to Emerge as Leading Region Impelled by Soaring Product Deployment
By product, the market for inspection equipment is categorized into vision inspection system, leak detection system, x-ray inspection system, checkweighers, metal detector, software, and others. The checkweighers segment is poised to register substantial demand throughout the forecast period. The surge is propelled by the surging product adoption in the food and beverages sector.
Food & Beverages Segment to Dominate Due to Rising Consumer Awareness Regarding Quality
On the basis of end user, the market is segmented into pharmaceuticals, food & beverages, and others (commercial, automotive). The food & beverages segment is slated to exhibit considerable expansion throughout the projected period due to the soaring awareness associated with quality assurance and checks in the sector.
By geography, the market for inspection equipment is subdivided into North America, Asia Pacific, Europe, South America, and the Middle East & Africa.
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Asia Pacific to Lead Driven by Soaring Product Demand across the Automotive Sector
The Asia Pacific inspection equipment market share is poised to exhibit substantial expansion throughout the forecast period. The escalation is driven by the growing product demand across food & beverages, dairy processing, and automotive sectors.
The North America market is expected to grow at a substantial CAGR of 5.9% over the study period. The growth is propelled by the presence of major players such as Metter Toledo, Thermo Fisher Scientific Inc., and others.
Antares Vision S.p.A. and IMA Group signed a partnership for enhancing product traceability and providing inspection systems for a period of five years.
Major Players Ink Partnership Deals to Expand their Product Reach
Leading market participants are centered on adopting an array of strategic steps for strengthening the positions of their businesses. These comprise collaborations, partnership agreements, mergers, and the rollout of new products. Additional steps include an escalation in R&D activities.
List of the Companies Operating in the Market:
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