The digital imaging market has been predicted to grow from a $15.8bn market in 2018 to a $24bn market by 2023, according to a new report by MarketsandMarkets. Through the forecast period, it is expected to have a compound annual growth rate (CAGR) of nearly 9%.
In the report, the increasing demand for the metrological equipment needed by industries, such as the automotive, aerospace, energy, medical and consumer electronics sectors, was expected to account for the largest share of the 2018 digital imaging market. Metrology is an important part of the inspection, assembly and production of technical equipment and the report anticipates this reliance will grow in the coming years.
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Along with metrology, MarketsandMarkets reported that the automotive industry also holds the largest share of the digital imaging market. The report predicted that, as industries continue the trend of entering the fourth industrial revolution (also known as industry 4.0) and technologies such as autonomous cars and the Internet of Things become more prevalent, the need for quicker and more effective methods of flaw detection will become even more essential.
APAC's digital imaging market was also mentioned in the report as it currently has the highest CAGR during that same forecast period. This was attributed to their growing economies, populations and pro-innovation governmental initiatives in energy sectors such as nuclear power and hydroelectricity.