Commodities

Global Digital Inspection Strategic Business Report 2023: Robust Activity in the Renewable Energy Sector Spurs Market Opportunities in 3D Metrology Space

Published

2 years ago

June 24, 2023

DUBLIN , June 23, 2023 /PRNewswire/ — The “Digital Inspection: Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.The global market for Digital Inspection estimated at US$24.2 Billion in the year 2022, is projected to reach a revised size of US$39.2 Billion by 2030, growing at a CAGR of 6.2% over the analysis period 2022-2030.Hardware, one of the segments analyzed in the report, is projected to record a 5.3% CAGR and reach US$16.7 Billion by the end of the analysis period.Taking into account the ongoing post pandemic recovery, growth in the Software segment is readjusted to a revised 7.4% CAGR for the next 8-year period. The U.S. Market is Estimated at $6.6 Billion, While China is Forecast to Grow at 6% CAGRThe Digital Inspection market in the U.S. is estimated at US$6.6 Billion in the year 2022. China, the world’s second largest economy, is forecast to reach a projected market size of US$6.9 Billion by the year 2030 trailing a CAGR of 6% over the analysis period 2022 to 2030.Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.8% and 5.2% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 5.1% CAGR.Select Competitors (Total 137 Featured) – Baker Hughes, a GE CompanyBasler AGCarl Zeiss AGCognex CorporationFARO Technologies, Inc.FPrimeC Solutions, Inc.Hexagon ABMISTRAS Group, Inc.Mitutoyo CorporationNational Instruments CorporationNikon Metrology NVOlympus CorporationOmron CorporationSHINING 3DZebicon a/sZetec, Inc.Key Topics Covered: I. METHODOLOGYII. EXECUTIVE SUMMARY1. MARKET OVERVIEWInfluencer Market InsightsImpact of Covid-19 and a Looming Global RecessionAn Introduction to Digital InspectionEvolution of Inspection MethodsWorldwide Digital Inspection Market: Prospects and OutlookMetrology Dominates Digital Inspection MarketHardware Segment Leads, Software to Propel Future Growth3D Digital Inspections Set for Strong GrowthDeveloped Regions Hold a Significant Share of Global MarketGlobal Economic Scenario Influences Market DynamicsGlobal Economic Outlook: Real GDP Growth Rates in % by Country/Region for the Years 2018 through 2021Manufacturing PMI: An Important BellwetherGlobal Manufacturing Purchasing Managers’ Index (PMI) for the Years 2012 through 2019Digital Inspection – Global Key Competitors Percentage Market Share in 2022 (E)Vendors Focus on Product Innovations to Reinforce Market PositionsRecent Market ActivityCompetitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)2. FOCUS ON SELECT PLAYERS3. MARKET TRENDS & DRIVERSInherent Benefits of Digital Inspection Technologies over Traditional Inspection Techniques Drives Market GrowthDigital Platforms Find Increasing Adoption to Streamline Facility InspectionsRobust Opportunity for Precision Parts Manufacturing Pushes Up the Importance of Digital Inspection TechnologiesGlobal Parts & Components Market (in US$ Billion) for the Years 2020, 2022 and 2024Digital Inspection Gains Strong Foothold in the Manufacturing IndustryTop 10 Countries in Terms of Manufacturing Output: 2018Growing Adoption of Industrial Automation Solutions Spurs Need for Digital InspectionIndustrial Control & Factory Automation Market Size in US$ Billion for 2019, 2022 and 2025With Manufacturing Moving towards Industry 4.0, Digital Inspections Become Integral to Production ProcessesShift towards Industry 4.0 Drives Opportunities in Digital Inspections Market: Global Industry 4.0 Revenues in US$ Billion for 2019, 2021, 2023 and 2025Ongoing Digitization of Oil & Gas Industry Gives Impetus to Digital Inspection MarketUse of Drones in Oil & Gas Inspections Continues to GrowRapidly Expanding Natural Gas Production & Intensified Shale Gas Programs Spur Demand for Digital Inspections in Oil & Gas SectorWorldwide E&P Capital Spending in $ Billion by Region and Type of Company for the Period 2017-2019Robust Activity in the Renewable Energy Sector Spurs Market Opportunities in 3D Metrology SpaceAutomation and Focus on Improving Productivity and Quality Drive Demand for Digital Inspections in Automotive IndustryGlobal Passenger Car Production (In Million Units) for the Years 2010, 2016, 2020, and 2024Global Passenger Car Sales (In Million Units) for the Years 2010-2024High Growth Opportunities for Digital Inspection in Automotive RepairDigital Inspection Emerges as a Handy Tool for Electronics IndustryAccurate 3D Metrology in Semiconductor and Electronics Industries Necessitates Enhanced CamerasFood & Beverages: A Niche End-Use SectorGlobal Packaged Food Sales in US$ Trillion: 2014-2024Growing Importance of QC in Food & Beverage IndustrySophisticated Inspection Equipment for Inspecting Packaging of Food Products and BeveragesInspections Solutions Gain Traction in Detecting Imperfections in Aerospace MaterialsAerospace Industry Makes Use of Non-Contact MetrologyProgressive Growth in the Commercial Aviation Sector Creates Fertile EnvironmentGlobal Commercial Aircraft Fleet Size (in Units) by Aircraft Type for the Years 2018 and 2038Global Commercial Aircraft Fleet Size (in Units) by Geographic Region for the Years 2018 & 2038Aging Aircraft Widen Addressable Market for NDT TechnologyGlobal Average Aircraft Fleet Age (In Years) by Geographic Region/Country for Cumulative Period 2018-2023 and 2023-2028Metrology: A Key Technology for Digital InspectionsIncreasing Demand for Portable Metrology Solutions Drives the Metrology Software MarketDigital Inspection Technologies Seek to Widen Scope & Span in Machine Vision EcosystemEstablished Role of NDT in Condition Monitoring Bodes Well for the MarketVisual Inspection Testing Exhibits High GrowthEddy Current Testing Holds Immense PotentialUltrasonic NDT Testing Remains a Prominent TechniqueRadiographic Testing Accelerates Market ExpansionInnovative Digital Technologies to Impact Inspection IndustryAI Paves the Way for Digital Solutions in Industrial InspectionInnovative Technologies to Significantly Reduce Inspection Costs in Oil & Gas Sector4. GLOBAL MARKET PERSPECTIVEIII. MARKET ANALYSISIV. COMPETITIONFor more information about this report visit https://www.researchandmarkets.com/r/bbvag0About ResearchAndMarkets.comResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.Media Contact:Research and MarketsLaura Wood, Senior Managerpress@researchandmarkets.comFor E.S.T Office Hours Call +1-917-300-0470For U.S./CAN Toll ours Call +353-1-416-8900U.S. Fax: 646-607-1907Fax (outside U.S.): +353-1-481-1716Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg View original content:https://www.prnewswire.com/news-releases/global-digital-inspection-strategic-business-report-2023-robust-activity-in-the-renewable-energy-sector-spurs-market-opportunities-in-3d-metrology-space-301860988.htmlSOURCE Research and Markets

Commodities

Oil prices steady; traders digest mixed US inventories, weak China data

Published

16 hours ago

January 9, 2025

Investing.com– Oil prices steadied Thursday as traders digested data showing an unexpected increase in US product inventories, while weak economic data from top importer China weighed.

At 05:25 ET (10:25 GMT), expiring in March gained 0.1% to $76.25 a barrel, while rose 0.1% to $73.37 a barrel.

The crude benchmarks had slumped more than 1% on Wednesday, but trading ranges, and volumes, are likely to be limited throughout Thursday with the US market closed to honor former President Jimmy Carter, ahead of a state funeral later in the session.

China inflation muted in December

Chinese inflation, as measured by the , remained unchanged in December, while the shrank for a 27th consecutive month, data showed on Thursday.

The reading pointed to limited improvement in China’s prolonged disinflationary trend, even as the government doled out its most aggressive round of stimulus measures yet through late-2024.

China is the world’s biggest oil importer, and has been a key source of anxiety for crude markets. Traders fear that weak economic growth in the country will eat into oil demand.

The country is also facing potential economic headwinds from the incoming Donald Trump administration in the US, as Trump has vowed to impose steep trade tariffs on Beijing.

US oil product inventories rise sharply

U.S. gasoline and distillate inventories grew substantially more than expected in the week to January 3, government data showed on Wednesday.

inventories grew 6.3 million barrels against expectations of 0.5 mb, while grew 6.1 mb on expectations of 0.5 mb.

Overall crude also shrank less than expected, at 0.96 mb, against expectations of 1.8 mb.

The build in product inventories marked an eighth straight week of outsized product builds, and spurred concerns that demand in the world’s biggest fuel consumer was cooling.

While cold weather in the country spurred some demand for heating, it also disrupted holiday travel in several areas.

EIA data also showed that US imports from Canada rose last week to the highest on record, ahead of incoming U.S. president Donald Trump’s plans to levy a 25% tariff on Canadian imports.

Canada has been the top source of U.S. oil imports for many years, and supplied more than half of the total U.S. crude imports in 2023.

Strength in the also weighed on crude prices, as the greenback shot back up to more than two-year highs on hawkish signals from the Federal Reserve.

A strong dollar pressures oil demand by making crude more expensive for international buyers.

(Ambar Warrick contributed to this article.)

Commodities

Trump’s possible tariffs could put downward pressure on oil prices – RBC

Published

16 hours ago

January 9, 2025

Investing.com – President-elect Donald Trump’s plan to implement sweeping import tariffs during his second term in the White House is potentially the “most bearish” policy development for the energy sector this year, according to analysts at RBC Capital Markets.

Trump, who is set to come to power in less than two weeks, has vowed to impose tariffs of as much as 10% on global imports into the US and 60% on items coming from China. He has also pledged to slap a 25% surcharge on products from Canada and Mexico.

Economists have flagged that the proposal would not only rattle global trade activity, but also threaten to reignite inflationary pressures and spark possible retaliation.

The uncertainty in markets was heightened on Wednesday after CNN reported that Trump is mulling declaring a national economic emergency in order to provide the legal underpinning for the tariffs. Earlier this week, Trump also denied a separate report that his team was mulling scaling back the levies to cover only critical goods.

In a note to clients on Thursday, analysts at RBC led by Helima Croft said that while the ultimate scope of the tariffs remains unclear, the headline duties on China could soften demand in the country and place downward pressure on oil prices. China is the world’s largest crude importer.

Business leaders with significant ties to China may advise Trump to stay away from instituting strict tariffs on the country, Croft predicted.

“We have also heard a view in Washington that President Trump could be amenable to a deal with China if Beijing offered to make large headline purchases of US goods, such as aircraft or even US [liquefied natural gas] imports,” Croft wrote.

“Beijing could also potentially seek to trade a reduction in Iranian crude imports for a tariff reprieve.”

However, Croft flagged that the overall market effect of the tariffs is still “challenging to forecast” because the Trump administration — unlike a prior round of trade tensions in 2018 — will have to weight the impact of the policies with broader macroeconomic worries “still front of mind for many in Washington”.

(Reuters contributed reporting.)

Commodities

Gold prices edge higher; demand boosted by Trump-inspired uncertainty

Published

16 hours ago

January 9, 2025

Investing.com– Gold prices edged higher Thursday, continuing the recent gains, as heightened uncertainty over a hawkish Federal Reserve and President-elect Donald Trump’s plan for trade tariffs fueled some safe haven demand.

At 06:15 ET (11:15 GMT), {68|Spot gold}} rose 0.4% to $2,683.84 an ounce, while expiring in February rose 0.3% to $2,668.60 an ounce.

Trading activity is likely to be limited Thursday, with US traders on holiday to honor former President Jimmy Carter, with a state funeral due later in the session.

Safe haven demand on economic uncertainty

Bullion prices benefited from some safe haven demand this week, as uncertainty over Trump’s trade and immigration policies dented risk appetite.

A CNN report said Trump could declare a national economic emergency to legally justify his plans to impose universal trade tariffs.

Concerns over Trump’s policies also came into focus after the of the Fed’s December meeting showed policymakers expressing some concerns over sticky inflation.

Specifically, Fed officials were growing concerned that Trump’s expansionary and protectionist policies could underpin inflation in the long term.

The minutes also largely reiterated the Fed’s plans to cut interest rates at a slower pace in 2025, after the central bank effectively halved its projected rate cuts to two from four in 2025.

Treasury yields shot up after the Fed’s minutes, as did the dollar.

Higher for longer rates bode poorly for non-yielding assets such as metals, given that they increase the opportunity cost of investing in the sector.

Other precious metals were edged higher Thursday. fell 0.1% to $983.85 an ounce, while rose 0.8% to $30.930 an ounce.

Copper rises as weak China inflation fuels stimulus hopes

Benchmark on the London Metal Exchange rose 0.7% to $9,093.0 a ton, while March rose 1.2% to $4.3115 a pound.

Chinese were flat in December, while shrank for a 27th consecutive month, indicating little improvement in disinflation.

Inflation remained weak even as Beijing doled out its most aggressive round of stimulus measures through late-2024.

But Thursday’s inflation data fueled increased bets that Beijing will do more to shore up Chinese growth, especially on the fiscal front.

(Ambar Warrick contributed to this article.)

Among industrial metals, copper prices firmed as weak inflation data from top importer China spurred bets on more stimulus measures from Beijing.

But metal markets remained under pressure from strength in the dollar, which came back in sight of over two-year highs on hawkish signals from the Fed.