The new automatic optical inspection market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Automatic Optical Inspection Market 2020-2024 (Graphic: Business Wire)
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the automatic optical inspection market.
"One of the primary growth drivers for this market is the Growing Use of Smart Manufacturing Technologies," says a senior analyst for the Industrials industry at Technavio.
Smart manufacturing uses advanced computer controls, which imbibe a high level of quality and adaptability in manufacturing processes. Moreover, companies operating in the electronic industry are focusing on the use of advanced manufacturing processes to address the growing complexities, as well as the compliance and customization requirements. Additionally, factors such as globalization and increasing customer expectation for high-quality products have encouraged electronics manufacturers to adopt smart manufacturing. The incorporation of advanced manufacturing processes by electronics manufacturers will significantly influence the growth of the automatic optical inspection market during the forecast period.
As the markets recover, Technavio expects the automatic optical inspection market size to grow by USD 894.39 million during the period 2020-2024.
Automatic Optical Inspection Market Segment Highlights for 2020
The automatic optical inspection market is expected to post a year-over-year growth rate of 24.06%.
2D AOI systems are highly preferred by electronics manufacturers as they are cost-effective and are capable of two-dimensional measurements, such as checking board features and component features.
Moreover, these systems are suitable to precisely detect defects such as missing components, loose components, and solder bridges.
Market growth in this segment will be slower than the growth of the market in the 3D AOI systems segment.
65% of the growth will originate from the APAC region.
The strong setup of electronics production, the presence of electronic manufacturing services, and the high economic growth potential will significantly influence automatic optical inspection market growth in this region.
China, Japan, and Taiwan are the key markets for automatic optical inspection in APAC. Market growth in this region will be slower than the growth of the market in North America and South America.
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The automatic optical inspection market size is expected to accelerate at a CAGR of over 24% during the forecast period.
The automatic optical inspection market is segmented by Type (2D AOI systems and 3D AOI systems) and Geographic Landscape (APAC, North America, Europe, South America, and MEA).
The market is fragmented due to the presence of many established vendors holding significant market share.
The research report offers information on several market vendors, including GÖPEL electronic GmbH, Koh Young Technology Inc., Mek Europe BV, Mirtec Co. Ltd., Mycronic AB, Nordson Corp., OMRON Corp., Saki Corp., Test Research Inc., and Viscom AG
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