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The Automated Industrial Quality Control (QC) Market is projected to grow by USD 269.5 million (2024-2028), driven by the need for accuracy in quality control, with AI redefining the market landscape – Technavio

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NEW YORK, Oct. 9, 2024 /PRNewswire/ — Report with market evolution powered by AI – The Global Automated Industrial Quality Control (QC) Market  size is estimated to grow by USD 269.5 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  5.97%  during the forecast period. Growing importance of accuracy in quality control processes is driving market growth, with a trend towards reshoring of manufacturing industry. However, lack of effective interoperability  poses a challenge – Key market players include ABB Ltd., ATS Automation Tooling Systems Inc., Carl Zeiss Stiftung, Emerson Electric Co., General Electric Co., Honeywell International Inc., IVISYS, KEYENCE CORP., MasterControl Solutions Inc., Mitsubishi Electric Corp., NANOTRONICS IMAGING INC., OMRON Corp., Renishaw Plc, RNA Automation Ltd., Rockwell Automation Inc., Schneider Electric SE, Shelton Machines Ltd., Siemens AG, Texas Instruments Inc., and Yokogawa Electric Corp..

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

End-user (Automotive industry, Metal industry, Electronics industry, and Others), Solution (Hardware and software and Service), and Geography (Europe, North America, APAC, South America, and Middle East and Africa)

Region Covered

Europe, North America, APAC, South America, and Middle East and Africa

Key companies profiled

ABB Ltd., ATS Automation Tooling Systems Inc., Carl Zeiss Stiftung, Emerson Electric Co., General Electric Co., Honeywell International Inc., IVISYS, KEYENCE CORP., MasterControl Solutions Inc., Mitsubishi Electric Corp., NANOTRONICS IMAGING INC., OMRON Corp., Renishaw Plc, RNA Automation Ltd., Rockwell Automation Inc., Schneider Electric SE, Shelton Machines Ltd., Siemens AG, Texas Instruments Inc., and Yokogawa Electric Corp.

Key Market Trends Fueling Growth

The reshoring trend, which involves bringing production back to a company’s home country, is gaining momentum due to rising labor costs in Eastern Europe and Asia Pacific. Manufacturers, particularly in developed countries, have expanded their manufacturing bases in these regions since the year 2000. However, increasing wages in these countries are eroding profit margins. Consequently, many manufacturers are considering shifting their production back to their home countries. With the implementation of automation in manufacturing, these restored markets are adopting automated industrial quality control systems. These systems offer enhanced precision and accuracy in complex inspections, boosting productivity in the plants. The global automated industrial quality control market is poised to benefit from this trend, as the demand for advanced quality control solutions increases in developed countries. 

The Automated Industrial Quality Control (QC) market is experiencing significant growth due to the integration of advanced technologies like Augmented Reality (AR), Machine Learning, Physics-based Modeling, Cloud Computing, SCADA, and HMI in industrial automation. Industrial sensors play a crucial role in this market, providing real-time data for quality control in sectors like Defense, In Vitro Diagnostics, Immunochemistry, Molecular Diagnostics, Hospital, Home Care, and Pharmaceuticals. Key industries, such as Defense, HIV testing, and Autoimmune Disorders, require fast and accurate diagnosis systems for chronic diseases like Cancer. Quality control products and data management solutions are in high demand for sectors dealing with burdensome diseases, including Antiretroviral Medication and Infectious Illnesses. Industrial control systems are being transformed through automation devices, digital technology, and industrial robots. Cloud-based services enable remote supervision and data analysis, benefiting industries like Pharmaceuticals, Oil and Gas, and Electrical Power. The integration of AR and Machine Learning in QC processes enhances efficiency and accuracy, while Physics-based Modeling ensures product consistency. The future of QC lies in digital transformation, with self-testing kits, IVD devices, reagent kits, and clinical chemistry analysis tools leading the way. 

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Market Challenges

Automated Industrial Quality Control (QC) market growth may be hindered due to interoperability challenges. With increasing complexity in modern industrial systems, integrating various devices and systems with different configurations becomes a significant hurdle for end-users. This is particularly true in industries such as automotive, electronics, metal, and food and beverage, which heavily rely on legacy systems. Interoperability issues prevent automated industrial QC vendors from providing software upgrades, affecting both system performance and field instrument responses. Replacing legacy systems can also be costly, making it essential for vendors to find interoperability solutions to expand their market reach.The Automated Industrial Quality Control (QC) market is experiencing significant growth due to the increasing demand for fast and accurate diagnosis in industries dealing with infectious illnesses, autoimmune disorders, chronic diseases, and cancer. Quality Control Products, such as self-testing kits, IVD devices, reagent kits, and clinical chemistry equipment, play a crucial role in this market. Data management solutions and quality assurance services ensure efficient data handling and analysis. The burden of diseases in sectors like Pharmaceutical, Oil and Gas, Electrical Power, and others necessitates automation through industrial control systems, automation devices, digital technology, industrial robots, cloud-based services, and remote supervision. Technologies like fast diagnosis systems, antiretroviral medication, and hematology, coagulation and hemostasis, microbiology, and sensors are essential for industries dealing with complex diseases. The integration of human machine interfaces and remote terminal units enhances operational efficiency. Digital transformation is key to addressing the challenges posed by the increasing prevalence of diseases and the need for remote monitoring and automation.

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Segment Overview 

This automated industrial quality control (qc) market report extensively covers market segmentation by

End-user 1.1 Automotive industry1.2 Metal industry1.3 Electronics industry1.4 OthersSolution 2.1 Hardware and software2.2 ServiceGeography 3.1 Europe3.2 North America3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Automotive industry-  The automotive industry relies heavily on continuous production to meet demand, reduce waste, and maintain machine performance. This requires significant investment and presents potential safety risks. To optimize manufacturing processes, automakers incorporate automated industrial quality control systems. These systems enhance the performance of assembly and material handling equipment, conveyor systems, industrial robots, and welding equipment. By increasing accuracy in traditional manufacturing processes, automated industrial quality control enables streamlined methods and higher productivity. With growing demand for automobiles in oil-importing countries like India and China, the global automated industrial quality control market will see increased opportunities. The expanding automotive industry, driven by population growth and rising disposable income levels in developing countries, will necessitate increased production capacity. Additionally, the shift towards electric vehicles and the need for efficient, high-performing vehicles will fuel demand for automated industrial quality control systems in the automotive sector during the forecast period.

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Research Analysis

The Automated Industrial Quality Control (QC) market is experiencing significant growth due to the integration of advanced technologies such as Augmented Reality (AR), Machine Learning, Physics-based Modeling, and Cloud Computing. These technologies enable real-time monitoring and analysis of industrial processes, improving efficiency and accuracy in quality control. SCADA and HMI systems facilitate the monitoring and control of industrial automation market processes, while industrial sensors provide critical data for analysis. Digital technology, including in vitro diagnostics, immunochemistry, molecular diagnostics, and even applications in hospitals and home care, are also driving the market’s expansion. The market encompasses various industries, including HIV, infectious illnesses, autoimmune disorders, chronic diseases, and cancer. Quality Control Products, industrial control systems, automation devices, and cloud-based services are essential components of this market, which caters to various sectors, including hospital, home care, and industrial automation. Industrial robots are also playing a crucial role in the market’s growth by automating repetitive tasks and enhancing productivity.

Market Research Overview

The Automated Industrial Quality Control (QC) market is experiencing significant growth due to the integration of advanced technologies such as Augmented Reality (AR), Machine Learning, Physics-based Modeling, and Cloud Computing. These technologies enable real-time monitoring and analysis of industrial processes, ensuring optimal performance and reducing human error. SCADA and HMI systems play a crucial role in Industrial Automation Market by providing a centralized platform for controlling and monitoring industrial processes. Industrial sensors are essential components of automated QC systems, providing real-time data on various parameters. The Defense Industry, In Vitro Diagnostics, Pharmaceutical, Oil and Gas, and Electrical Power sectors are major consumers of automated QC solutions. Digital technology, including industrial robots and cloud-based services, is driving automation and digital transformation in various industries. Remote supervision and self-testing kits are becoming increasingly popular for quality assurance services in various sectors, including HIV, Infectious Illnesses, Autoimmune Disorders, Chronic Diseases, and Cancer. Quality Control Products and Data Management Solutions are key offerings in this market, with IVD Devices, Reagent Kits, Clinical Chemistry, Immunochemistry/Immunoassay, Hematology, Coagulation and Hemostasis, Microbiology, and Burden of Diseases being major application areas. Antiretroviral Medication and Fast Diagnosis Systems are critical components of QC solutions in the Healthcare sector. The market for automated QC solutions is expected to grow significantly due to the increasing demand for fast and accurate diagnosis systems and the need for remote monitoring and control in various industries.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

End-userAutomotive IndustryMetal IndustryElectronics IndustryOthersSolutionHardware And SoftwareServiceGeographyEuropeNorth AmericaAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Toss Securities Announces Appointment of Gyubin Kim as New CEO

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Gyubin Kim steps into new role as CEO of Toss SecuritiesPart of the strategy to strengthen the company’s investment platformDongwan Ko appointed as the new Head of Product… Strengthening product-centric operation

SEOUL, South Korea, Oct. 9, 2024 /PRNewswire/ — Toss Securities announced today that Gyubin Kim, the former Head of Product, has been appointed as the new CEO. The decision, made during a general shareholders’ meeting on the 10th, is part of a strategy to bolster Toss Securities’ standing as an investment platform and broaden its range of services.

Kim has been instrumental in driving service innovation since joining Toss Securities as a Product Owner (PO) in January 2022. His accomplishments include launching real-time fractional overseas stock trading and enhancing the investor community. Kim also contributed to the company’s first quarterly profit in 2023. He has laid the groundwork for Toss Securities services, such as launching overseas bonds, diversifying products, and introducing Toss Securities PC (Web Trading System).

Prior to joining Toss Securities, Kim honed his tech-based service planning skills at Toss (Viva Republica) and eBay Korea.

Following the recent executive appointments, Dongwan Ko, former PO, has assumed the position of the new Head of Product. Since joining Toss Securities, Ko has contributed in spearheading the company’s growth in overseas stock services.

Toss Securities, which began as an easy-to-use mobile stock trading service in March 2021, has grown into a brokerage firm with 6.3 million customers as of September 2024. The company has expanded its scope to cater not only to novice investors but also to professional investors. Focused on overseas stock brokerage services, Toss Securities turned a profit last year and is projected to continue its growth trajectory this year.

[Biography] Gyubin Kim, CEO of Toss Securities

Career Details:2022 – Present: Toss Securities2020 – 2022: Viva Republica2015 – 2020: eBay Korea2012 – 2013: Nanojo (Co-founder)Education: Graduated from Carnegie Mellon University / Electrical and Computer Engineering

About Toss Securities

Toss Securities, a subsidiary company of Viva Republica, which operates the financial super app Toss, launched its customer service in March 2021. As a newly licensed securities company after 13 years in South Korea, it provides user-centered services with UX/UI optimized for the mobile environment. In particular, it is the first in the industry to introduce an integrated account service that allows customers to conveniently trade multiple financial instruments from one account without installing a separate app, and as of September 2024, more than 6.3 million customers have used Toss Securities. Monthly Active Users (MAU) reach over 3.3 million to date. In addition to real-time overseas decimal stock trading, the company offers a variety of services such as community and customized content and is evolving into a data-driven investment platform.

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SOURCE Toss Securities

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Kehua Tech Ranked No. 1 in China and No. 3 Worldwide for Energy Storage Inverter Market Share

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XIAMEN, China, Oct. 9, 2024 /PRNewswire/ — According to the report from S&P Global Commodity Insights, based on the 2023 PCS shipment volume statistics, Kehua is ranked as the No.3 energy storage inverter supplier globally and the No.1 energy storage supplier in China. Kehua‘s consistent growth and strong performance in the storage inverter market highlight the leading position in the industry.

Kehua’s rise to the top three global energy storage inverter suppliers is a reflection of the unwavering focus on meeting the evolving needs of customers and industry demands. Kehua’s ongoing technological innovations, especially breakthroughs in liquid cooling technology and grid-forming energy storage solutions, highlight its advanced capabilities and commitment to excellence. As Kehua continues to expand its presence in the global energy storage inverter market, it remains committed to driving innovation and setting new benchmarks for excellence.

In the future, Kehua will strengthen the cooperation with global partners to jointly promote the sustainable development of the energy industry and contribute to build a clean, efficient and sustainable energy ecosystem for the world.

About Kehua
Based on 36 years of experience in power electronic technology, Kehua has diversified solutions and rich project experience in the fields of photovoltaic, energy storage, micro-grids and integrated energy services. By the end of 2023, Kehua´s PV installation has exceeded 46GW and its energy storage installation has exceeded 15.2GW/8.2GWh globally. Presently, Kehua has become the world’s third largest PCS supplier (S&P), a Tier 1 energy storage supplier and a Top 10 solar inverter manufacturer (BloombergNEF). As a reliable PV and ESS expert, Kehua is dedicated to enabling a zero-carbon lifestyle for individuals worldwide.

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SOURCE Kehua Tech

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HD Hyundai Heavy Industries Develops Eco-Friendly Ammonia Duel-fuel Engine

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World’s first high-pressure ammonia direct injection engine receives model-based class approval from seven major classification societiesSuitable for marine power generation and propulsion, and land-based power generation, ready to be soonly commercialized for the market”We aim to enhance our advanced technology and take the lead in shipbuilding market”

SEOUL, South Korea, Oct. 9, 2024 /PRNewswire/ — HD Hyundai Heavy Industries aims to lead the eco-friendly shipbuilding market with the development of a zero-carbon ammonia dual-fuel (DF) engine. This is the first ammonia engine in the world, applied with a high-pressure ammonia direct injection method.

On October 7, HD Hyundai Heavy Industries announced that it had completed the model-based class approval testing for the “HiMSEN Ammonia Dual-Fuel Engine,” (model: H22CDF-LA) at its Engine Technology Center in the Ulsan Headquarters. The testing was attended by representatives from seven classification societies including ABS (USA), DNV (Norway), LR (UK), BV (France), RINA (Italy), NK (Japan), and KR (Korea).

HD Hyundai Heavy Industries shared that it will soon start commercialization of the HiMSEN ammonia engine as the detailed examination and compliance review has been finalized with the model-based class approval.

The ammonia engine developed by HD Hyundai Heavy Industries is suitable not only for ammonia carriers, but also for marine power generation and propulsion purposes. The company also plans to supply the engine to land-based power generation markets.

Until now, ammonia engines were based on a “low-pressure premixed combustion method” which burns a mixture of ammonia and air, which has been provided to the engine combustion chamber, through compression. The newly developed “high-pressure direct injection method” compresses air in the engine combustion chamber and then burns it by injecting ammonia with high pressure.

Despite its benefits of having great output and fuel efficiency, along with the mitigation of greenhouse gases such as nitrogen dioxide (N2O), engine companies around the world had difficulty developing this method due to its high technological complexity.

While setting up an optimized fuel spraying time and period to maximize burning rate, HD Hyundai Heavy Industries also utilized the selective catalytic reduction (SCR) system to minimize the amount of nitrogen oxide and unburned ammonia. In addition, the Integrated Scrubber developed independently by HD Korea Shipbuilding & Offshore Engineering, has been widely applied resulting in a drastic reduction of ammonia concentrations.

“The development of this ammonia engine has great meaning as it will be an opportunity for us to lead the market while providing an expanded eco-friendly duel-duel engine lineup,” said an official of HD Hyundai Heavy Industries. “We aim to enhance our advanced technology and take the lead in the future eco-friendly ship market.”

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SOURCE HD Hyundai

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