Global Machine Vision Market Size, Share, and COVID-19 Impact Analysis, By Component (Hardware, Software, and Services), By System (PC based, Smart Camera, and Others), By Industry (Semiconductor, Healthcare, Automotive, Manufacturing, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030Industry: Electronics, ICT & Media
MACHINE VISION MARKET: OVERVIEW
The Global Machine Vision (MV) Market Size is projected to grow from USD 11.01 billion in 2021 to USD 25.02 billion by 2030 at a CAGR of 7.10% during the forecast period. Digital cameras and image processing are used in machine vision technologies to supplement manual measurements and inspections. By evaluating a picture, it can give the needed information and operate machinery or processes. Different sectors use this technology to automate production, boost productivity, and enhance product quality. A machine vision system operates continually, is faster, and is more objective. Machine systems are better suited for repetitive inspection tasks since they can quickly inspect hundreds or even thousands of items.
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The market is projected to be driven by the rising need for automation and quality inspection across various industrial sectors. Furthermore, the demand for vision-guided robotic systems in the packaging, food and beverage, pharmaceutical, and chemical industries is anticipated to drive market expansion. The adoption of the technology will be aided by the rise in demand for application-oriented machine vision systems during the forecasted period.
The COVID-19 pandemic outbreak resulted in strict lockdown regulations, which disrupted business operations in the manufacturing and retail sectors. The expansion of the machine vision market has been significantly hampered by the worldwide coronavirus outbreak. Businesses are forced to think creatively in order to increase sales and revenue by global issues and laws.
This sector has already shown signs of decline in the fourth and first quarters of 2019 and 2020, respectively. The third and fourth quarters of 2020 and the first quarter of 2021 are when the corporations anticipate the pandemic to have a significantly greater impact. Manufacturer and distributor both agreed that customers anticipate not receiving the products because of stock and supply chain issues. Additionally, the majority of companies believe that sales won't reach pre-crisis levels by the end of 2021 or even one year after the crisis' peak.
MACHINE VISION MARKET: TREND
Development of industry 4.0 Across Production Sector Propel Market Growth
In general, industries are expanding and placing a greater emphasis on their own technological advancement. Industry 4.0, often known as "The Industrial Internet of Things," is an emerging innovation that is helping to change the manufacturing industries. Similar to how the Industrial Internet of Things increases productivity significantly, it also improves product quality, lowers waste, increases manufacturing flexibility, lowers operational costs, and has additional advantages on the factory floor.
The use of Cyber-Physical Systems (CPS) has increased as a result of this breakthrough. CPS components like sensors collect data for manufacturers, enabling them to identify and trace parts and subassemblies. Additionally, this data collection technique makes it possible for devices to communicate, control, and interact on their own. The vast amount of data collected by vision equipment will be used as data analytics capabilities advance in the market. Moreover, machine vision will become an essential component of automation for the manufacturing and production industries as a result, helping to identify and locate defective items and enabling quick and efficient intervention in the industry 4.0 factory.
Global Machine Vision Market Report Coverage
|Market Size in 2021:||USD 11.01 Billion|
|Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||7.10%|
|2030 Value Projection:||USD 25.02 Billion|
|Historical Data for:||2017 to 2020|
|No. of Pages:||195|
|Tables, Charts & Figures:||93|
|Segments covered:||By Component, By System, By Industry, By Region, COVID-19 Impact Analysis|
|Companies Covered:||Cognex Corporation (U.S.), Basler AG (Germany), Omron Corporation (Japan), Keyence (Japan), National Instruments (U.S.), Sony Corporation (Japan), Teledyne Technologies (U.S.), Texas Instruments (U.S.), Intel Corporation (U.S.), ISRA Vision (Germany), Sick AG (Germany), FLIR Systems (U.S.), Optotune AG (Switzerland), USS Vision (U.S.), ViDi Systems SA (Switzerland), Bosch Rexroth (U.S.), Euclid Labs (Italy), Allied Vision (Germany)|
|Growth Drivers:||Increasing Demand for Vision-Guided Robotic System Drive Market Growth|
|Pitfalls & Challenges:||Lack of Skilled Professional across Manufacturing Sector Hamper Market Growth|
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MACHINE VISION MARKET: DRIVERS
Increasing Demand for Vision-Guided Robotic System Drive Market Growth
The MV market has recently seen major transformation as a result of vision-guided robotics technologies. The usage of industrial robots for automation in the automotive and consumer electronics sectors has rapidly increased. The integration of machine vision systems with vision-guided robot controllers is becoming more and more necessary as a result. Robotic efficiency is increased by machine vision systems that enable robots to view and interact with their surroundings. For instance, vision-guided robotics systems can recognize the scenario and assure appropriate vehicle assembly when various automobile models are being constructed on a single production line. A machine vision system can make sure there are no gaps if an adhesive beading application is being carried out by a robot. Without a safety fence, a vision-guided robot can operate among people in a shared workspace since it can avoid any collisions.
MACHINE VISION MARKET: RESTRAINT
Lack of Skilled Professional across Manufacturing Sector Hamper Market Growth
Machine vision systems enable quick, dependable, and precise control, effective manufacturing, and increased delivery reliability. However, it requires significant financial outlays for the operators' education and training, which is crucial for the technology's expansion into new markets. The method makes it flexible to inspect many items with a single smart camera, which is frequently challenging. Implementing a machine vision system requires specialized equipment knowledge. Due to ongoing market research by major players and growing adoption of machine vision systems across industries, this restraint is anticipated to be overcome throughout the projected period.
MACHINE VISION MARKET: SEGMENTATION INSIGHT
The Global Machine Vision Market is segmented by Component, System, Industry, and Region. Based on the Component, the market is categorized into Hardware, Software, and Services. Based on System, the market is categorized into PC based, Smart Camera, and Others. Based on Industry, the market is categorized into Semiconductor, Healthcare, Automotive, Manufacturing, and Others. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
MACHINE VISION MARKET: REGIONAL INSIGHTS
The Global Machine Vision Market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
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The North America region dominates the market share of the global machine vision market owing to the region's predominant presence of the semiconductor industry, a crucial sector for MV systems. Additionally, MV technologies are getting more advanced and smaller to fit in automation applications like autonomous vehicles, AI-driven bin selection, etc. All of them are anticipated to increase the region's demand for MV systems. However, Europe will experience significant growth in the upcoming years. MV systems rely on the impressive advancements in automation and technology. Additionally, it is anticipated that the key factor driving this market's growth in the region would be the requirement for quality control and automation inside of manufacturing facilities.
Asia Pacific region is expected to witness the highest growth rate due to the nations like China, South Korea, Japan, India, and other nations will have a significant impact on the market opportunity. The market in this area is still in its infancy but is predicted to grow at a notable rate because of the rising number of new competitors. Asian vendors with a significant market presence include Keyence and Panasonic.
MACHINE VISION MARKET KEY
- Cognex Corporation (U.S.)
- Basler AG (Germany)
- Omron Corporation (Japan)
- Keyence (Japan)
- National Instruments (U.S.)
- Sony Corporation (Japan)
- Teledyne Technologies (U.S.)
- Texas Instruments (U.S.)
- Intel Corporation (U.S.)
- ISRA Vision (Germany)
- Sick AG (Germany)
- FLIR Systems (U.S.)
- Optotune AG (Switzerland)
- USS Vision (U.S.)
- ViDi Systems SA (Switzerland)
- Bosch Rexroth (U.S.)
- Euclid Labs (Italy)
- Allied Vision (Germany)
MACHINE VISION MARKET: KEY INDUSTRY DEVELOPMENTS
- August 2021- OMRON Corporation has introduced the cutting-edge "VT-S10 Series" PCB inspection system. This system automates the high-precision inspection process for electronic substrates while obviating the requirement for specialist knowledge.
- March 2021- The DataMan 8700 Series, the newest generation of handheld barcode scanners built on an entirely new platform, was introduced by Cognex. With no need for tweaking or operator training beforehand, the device provides cutting-edge performance and is incredibly simple to operate.
IT SERVICES MARKET: REPORT OVERVIEW
The scope of the report includes a detailed study of regional markets for Global Machine Vision Market. The Global Machine Vision Market is segmented by Component, System, Industry, and Region. It reveals the market situation and future forecast. The study also covers the significant data presented with the help of graphs and tables. The report covers information regarding the competitive outlook including the market share and company profiles of the key participants operating in the Global Machine Vision Market.
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