Machine vision market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
Machine Vision Market Experiences Tailwinds from Rapid Expanse of Industry 4.0
The rise of Industry 4.0, and deepedning penetration of machine learning, AI, and IoT across industries predominantly drive the growth of machine vision market. Additionally, rising demand for automation, and quality control is a major driver anticipated to propel revenue growth in the global machine vision market during the forecast period. The rising need for vision-guided robotics systems is another factor anticipated contributing to the revenue growth of machine vision market. Machine vision, in a sense, enables the robot to see what it is doing. Another element anticipated to contribute toward the growth of machine vision market is manufacturers' adoption of cutting-edge technologies. Several governments have also focused on encouraging the use of Industry 4.0, and smart factories, favoring the growth of machine vision market. For instance, the Indian government had in 2019 presented a program that aims to overhaul the existing sector and encourage acceptance of current-edge technology like AI, and robotics.
Market vendors have engaged in strategic procedures like acquisition, mergers, collaboration, facility expansion, and more to gain a competitive edge in the international sector. The machine vision software suite's most recent update, HALCON 2105, was made available, according to MVTec Software GmbH. Two new tools and improvements to the present tools are reportedly included in the revised version. For instance, Keyence Corporation announced in 2019 that it would be working with CVD Equipment and Dymax Corporation to hasten the development of the company's innovative ECMO platform.
Machine Vision Market: COVID-19 Impact
Due to the simultaneous disruptions in supply and demand caused by business closures, exceptionally severe slumps occurred. It is anticipated that this pandemic's effects will cause crises among various sub-sectors. Since demand comes from different industries, machinery and industrial automation are not projected to be affected equally by the crisis. However, the COVID-19 pandemic outbreak is anticipated to hasten the advancement and application of automation technology due to stronger incentives to replace capital with labour. Robots and intelligent systems promise disease surveillance and contact tracking, diagnosing COVID-19 without contact, and cleaning up contaminated areas like hospitals, and public places. The manufacturers of machine vision software and image associations anticipate a positive situation, and a quick rebound is anticipated by 2021–2022. Due to the rise in demand for vision technology, particularly in consumer electronics for new applications, China has also reasonably recovered after restrictions.
Advancements in Industry 4.0 Across Manufacturing Sector to Drive Machine Vision Market Growth
In general, industries are expanding and concentrating more on advancing their technology. The manufacturing industries are changing due to innovations like Industry 4.0, also known as the Industrial Internet of Things (IIoT). Like the consumer internet of things, the industrial internet of things significantly increases productivity while improving product quality, cutting waste, increasing manufacturing flexibility, lowering operational costs, and providing other advantages on the factory floor. This development has increased the use of cyber-physical systems (CPS), where components like sensors collect data for manufacturers to help them identify and trace parts and subassemblies. Devices can communicate information, control, and interact autonomously due to this data collection procedure. The vast amount of data collected by vision equipment will be used as data analytics capabilities advance in machine vision market. Machine vision will become an essential component of automation for the manufacturing and production industries, helping to identify and locate defective items and enabling quick and efficient intervention in Industry 4.0.
Rising Demand for Vision-enabled Robotics Systems to Fuel Machine Vision Market Growth
Robotics and automation technologies have seen a considerable transformation in the industry. Machine vision technology is now a crucial component of industrial automation thanks to robotics, and smart manufacturing. The use of industrial robots in the automotive and consumer electronics industries has also significantly increased. Due to this, there is an increase in demand for integrated MV systems with vision-guided robot controllers. This vision technology has increased their efficiency by enabling robots to perceive and act. Additionally, this system's vision-enabled capability is helpful in the pharmaceutical business because it meticulously collects data for close examination and captures the entire procedure. For instance, a significant company like Cognex, with headquarters in Massachusetts, United States, has already established its position in this business by producing devices & components equipped with cutting-edge robotics and automation, enabling them to be used in the production process.
Routine Maintenance, and Lack of Skilled Professionals Continue to Limit Expansion of Machine Vision Market
Machine vision systems enable quick, decisive, and specific control with efficient manufacturing and better delivery reliability. These machines and devices frequently require careful attention and regular maintenance to maintain this reliability because the operation of these systems depends on their aftercare. The expenditure required for upkeep is fairly expensive because this equipment is highly automated and sophisticated. Installation fees and purchase fees are among these expenses. Another constraining element in this sector is the loss of knowledgeable personnel. Due to a shortage of professionals in the industry, operators and staff receive training. Similar challenges arise when inspecting many items with a single smart camera. The need for skilled workers thus prevails, influencing the growth of machine visison market. The operation of an MV system requires a specialized and detailed understanding of the equipment. However, due to the increase in penetration in various industries, it is anticipated that this restraint will be reduced during the forecast period.
PC-based Cameras Remain the Most Sought-after in Machine Vision Market
Based on product, machine vision market is segmented into PC-based, and smart cameras. The PC-based category dominated the market over the forecast period. The most popular product category was PC-based MV systems. It is anticipated that the category will continue to hold its position in the global machine vision market throughout the projected period. Additionally, a significant growth rate is anticipated for smart camera systems during the forecast period. The increase in the use of cameras for 3D sensing and imaging is blamed for the surge. In contrast, MV systems, usually called vision systems, are made up of numerous cameras. Depending on the system, these cameras are positioned above the assembly line to identify and scan goods and collect data. This is expected to push the usage of these cameras in the sector.
Automotive Applications Key Revenue Generator for Machine Vision Market
Based on application, the machine vision market is segmented into automotive, pharmaceuticals & chemicals, electronics & semiconductor, pulp & paper, printing & labeling, food & beverage (packaging and bottling), glass & metal, postal & logistics and others (agriculture, security & surveillance, rubber, plastics, solar paneling, machinery, and others). The automotive category held the largest market share in 2021 and is anticipated to increase significantly over the next several years due to the industry's greater emphasis on automation. Barcodes, 2D data matrix codes, and characters written on vehicle parts, labels, and packaging can all be scanned by machine vision systems. The identification of elements and patterns, as well as the provision of unit-level data for error-proofing, process control, and quality-control metrics tracking, are all made possible by this cutting-edge technology.
On the other hand, due to increased automated production in factories, the pharmaceuticals & chemicals segment is anticipated to experience steady revenue growth during the projection period. Industrial automation, which is essential for large-scale pharmaceutical production lines that demand highly scalable assembly techniques and precise quality control, can be aided by machine vision. Businesses can increase supply chain transparency by automating the scanning and logging of data on packaging and any supporting documents before they are used in the production process. These elements are helping the segment's revenue to increase.
North America to Dominate Machine Vision Market on the Back of Mounting R&D Expenditure, and Technical Breakthroughs
Over the forecast period, it is anticipated that the North American market will account for the largest revenue share. This is explained by the region's governments' rising R&D expenditures and technical breakthroughs. The US is a world leader in R&D for technical advancements and effective engineering techniques. The dominance of the semiconductor industry in the area is another factor anticipated to boost revenue growth of machine vision market. Machine vision technologies are becoming smaller and smarter to be integrated into automation applications like driverless cars, AI-driven bin picking, improved inspection technologies, and others. The market in the region develop in revenue due to all these factors. Furthermore, North America has a competitive advantage over other regions. Hence the United States will exhibit the strongest growth. The presence of so many foreign players in the area is to blame for this. Additionally, the US is a pioneer in engineering process efficiency and research and development (R&D) for technology development. All of these elements drive the market in the United States.
The Asia Pacific machine vision market is anticipated to experience stable revenue growth throughout the forecast period due to the expansion of manufacturing operations and innovative manufacturing methods in the region. The Chinese government and industry are also making significant investments in vision technology. In 2020, over 18% of machine vision revenue went toward R&D, according to a poll by the China Machine Vision Union (CMVU). Over the forecast period, it is predicted that the technology will gain substantial traction as the region establishes itself as a center for global manufacturing. China and Japan are two notable nations with the potential to present several opportunities for developing and establishing technology, such as machine vision. The diverse manufacturing sectors are boosting the regional economy's growth and prosperity. Additionally, rising funds are being invested in R&D operations to advance machine vision technology and related advancements, which has prompted major firms to launch strategic initiatives such as distribution partnerships, mergers, and acquisitions. Therefore, all of these factors will be anticipated to fuel the expansion of machine vision in the Asia Pacific region.
Global Machine Vision Market: Competitive Landscape
In August 2021, The new "VT-S10 Series" PCB inspection system from OMRON Corporation automated the high-precision inspection process for electronic substrates while obviating the need for specialized knowledge. It uses industry-first imaging technology and artificial intelligence. Similarly, in January 2021, Cognex Corporation unveiled the embedded vision system 3D-L4000 In-Sight®. Engineers can now quickly, precisely, and affordably carry out various checks on automated manufacturing lines thanks to this industry-first smart camera that leverages 3D laser displacement technology.
A few players in the machine vision market include Allied Vision Technologies GmbH, Basler AG, Cognex Corporation, Keyence Corporation, LMI Technologies, Inc., Microscan Systems, Inc., National Instruments Corporation., OMRON Corporation, Sick AG, Tordivel AS.
Regional Classification of the Global Machine Vision Market is Listed Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Machine Vision Market
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