COVID-19 Impact on Surface Inspection in Semiconductors and Electronics Industry
COVID-19 created a major effect on the global impact of surface inspection market, as almost every country across the world opted for a shutdown option in every production facility except the ones involved in producing the essential goods. To prevent the spread of coronavirus disease, the government took some strict actions such as the blocked international trade and freights, the shutdown of production and sale of non-essential goods, and many more. The only business which was dealing in the pandemic situation was the essential services that were only allowed to continue transactions. The companies such as healthcare, pharmaceutical, and chemical, defense, essential logistic, food & beverages, among others, were allowed to continue operation but with certain safety rules.
Impact of surface inspection market is used in various industrial applications with regards to automotive, electronics and electrical, medical and food and beverages, among others, dealing with the impact of surface inspection market. The use of impact of the surface inspection market is to detect cracks, roughness on the surface, polish error, among others.
AFTERMATH OF COVID-19 AND GOVERNMENT INITIATIVE TO BOOST THE MARKET
There has been a rise in government support for research and development in the automation sector for electric vehicles and an increase in subsidies for the electric vehicle charging station. Additionally, there is an increase in R&D in impact on surface inspection market through subsidies and support provided through governments. The confidence is reflected in all markets and recovery of growth rate after strong vaccination drive conducted by the government. In addition, government support for the electric vehicle through a promotional government scheme in the impact of surface inspection equipment market boosting the market. The automobile sector is one of the major end user segments for impact on surface inspection equipment. Growing automation in the automobile sector is increasing possibilities for the impact of surface inspection market.
For instance,
· The Indian Government Department of Heavy Electronics has decided to give 50% higher incentives on two-wheeler electric vehicles in their Faster Adoption And Manufacturing Of Hybrid And Electric (FAME-II) vehicles scheme launched in 2019
STRATEGIC DECISIONS FOR MANUFACTURERS AFTER COVID-19 TO GAIN COMPETITIVE MARKET SHARE
The global impact of surface inspection market faced a significant hardship throughout the prevailed pandemic as its major end user segment, which is the automobile segment, still has not recovered fully. Firstly, it was affected due to COVID, and the second factor which has severely affected the automobile sector is the shortage of silicon chips in the industry. Today growing automation in the vehicle increased its dependency on the silicon chip. Nevertheless, the key vendors are constantly developing new techniques and enhancements in their applications to improve industrial usage like automation in surface inspection, improving the quality of image in surface inspection. Exploration of new sectors for implementation on impact of surface inspection equipment such as latex, fabric, plastic films, and cables for testing is one of the strategic decisions to create more opportunities in the market.
The prime factors responsible for the growth of the global impact of surface inspection market is the requirement of more accuracy in manufacturing, quality product requirement, increase in a luxury product.
Increasing demand for the global impact of surface inspection market across the globe due to the prevailing pandemic situation leads towards the technological expansion of industry 4.0. Industrial revolution 4.0 stands for the digital transformation of industrial manufacturing and production facilities and value creation processes. It adds a new stage in the organization and adds IoT control to the value chain process.
IMPACT ON PRICE
The prices of the impact of surface inspection have remained the same during COVID-19. With the manufacturers already reducing production due to the outburst of COVID-19, the demand for instruments did not fluctuate much, and prices have remained on a competitive edge. The product segment with automation witnessed an increase in price due to technology advancement, quality improvement, and the launch of new products. However, the prices remained the same on the overall average analysis.
IMPACT ON DEMAND AND SUPPLY CHAIN
There is a huge demand for the impact of surface inspection market in various applications such as automobile, healthcare, automotive, electronics and electrical, medical and food and beverages latex, fabric, plastic films, and cables. The expansion of technologies in these industries is said to be the significant trend in the impact of surface inspection. The growth of technology has increased the demand for the impact of surface inspection.
COVID-19 has adversely impacted the supply chain of the impact of surface inspection during the lockdown, thus, in turn, hampering the sales of the impact of surface inspection. The demand was majorly for the healthcare sector industry, which was unaffected during the COVID-19 pandemic.
Supply chain analytics solutions have largely affected the enterprises achieving growth, enhancing profitability, and increasing market shares by utilizing the derived insights for making strategic decisions. These solutions can also offer a holistic view of the supply chain and help enhance sustainability, reduce inventory cost, and accelerate the time-to-market for products in the long run. Factors such as shortening product life cycles, low supply chain visibility, ineffective supplier networks, elevated warehousing costs, redundant forecasts, and fluctuating customer demand also necessitate supply chain optimization, thereby driving the market's growth.
CONCLUSION
With COVID-19 affecting every country at different times and rates, it has affected access to global demand through open markets. On the other hand, the pandemic situation created by COVID-19 has a major impact on the impact of surface inspection as it has lowered its supply owing to the shutdown of manufacturing facilities and supply facilities of the impact of surface inspection equipment across the globe. However, constant improvement in healthcare and strong government commitment to facilitate market reopening have led to strong industrial growth. However, the market saw a positive side after the reopening of the economies and increased demand for end user products among the public after COVID-19. The government's increased awareness and strict measures to follow the COVID guidelines have significantly helped markets recover. It is expected that there would be considerable growth in the sector due to increasing digitalization in the industries, and the demand for accuracy and preciseness will drive the market growth.
