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Global Automated Optical Inspection System Market 2018-2024
January 28, 2019 | PRNewswireEstimated reading time: 2 minutes
The AOI system market was valued at $398.9 million in 2017 and is expected to reach $1,641.0 million by 2024, at a CAGR of 24.3% during 2018-2024.
Latest technological trends such as wireless connectivity and integration with Industry 4.0 are contributing to the growth of the AOI system market. For instance, in February 2018, Mirtec (South Korea), a leading manufacturer of AOI systems, partnered with Cogiscan (Canada), a leading provider of track, trace, and control (TTC) solutions for the electronics manufacturing industry. The partnership will enable Mirtec to use Cogiscan Co-NECT software for integrating its entire line of AOI systems with Industry 4.0 solutions.
The growth of the market is driven by the growing demand for consumer electronics, an increasing need for high-quality electronic components, and the demand for higher productivity by electronics manufacturing services (EMS) companies. However, the high cost of AOI system and a false call rate of image-based AOI systems are restraining the market growth. The requirement for constantly upgrading hardware and software systems to handle large data volumes and availability of superior substitute technology for inspection are the major challenges faced by the AOI system market players.
This report provides a detailed analysis of the AOI system value chain. Research and development, manufacturing and assembly, distribution, end user, and after-sales services are the prominent stages in the AOI system value chain. The maximum value is added during the manufacturing and assembly phase. APAC is expected to account for the largest share of 51.5% of the AOI system market by 2018. The market in this region was valued at $204.9 million in 2017 and is expected to reach $858.2 million by 2024, at a CAGR of 24.6% during the forecast period. The electronics industry in APAC has become the world-class innovation-driven hub for production on the back of the low-cost skilled labor, business-friendly environment, low production cost, and growing demand for electronic products in the region. The growth in the electronics industry has enabled the AOI system market to grow at a significant pace in this region.
The AOI system market in North America was valued at $114.8 million in 2017 and is expected to reach $503.7 million by 2024, at the highest CAGR of 25.5% from 2018 to 2024. North America is likely to present tremendous growth opportunities for the AOI system market players in coming years. The recent surge in domestic manufacturing in the US, highly developed economies, and the presence of a population with high disposable income posing high demand for consumer electronics make North America an attractive market for AOI systems.
The AOI system market is dominated by various players according to their core competencies. The key players in the 2D AOI system market are Saki (Japan), Vi Technology (US), Machine Vision Products (US), Nordson (US) and Goepel (Germany). Whereas, the key players in the 3D AOI system market are Koh Young (South Korea), Test Research, Inc. (Taiwan), Omron (Japan), Viscom (Germany), and Mirtec (South Korea).
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