|Cognex Corporation (U.S.)|
|Vitronic GmbH (Germany)|
|Perceptron Inc. (U.S.)|
|Microscan Systems (U.S.)|
|Basler AG (Germany.)|
|National Instruments (U.S.)|
|Optotune AG (Switzerland)|
|USS Vision (U.S.)|
|ViDi Systems SA (Switzerland)|
|Omron Corporation (Japan)|
|Market Driving Forces|
|Rising Need for quality and automation|
The global Machine Vision market was valued at USD 11,997.6 million in 2021 and is expected to reach USD 23,855.7 million by 2030, with a CAGR rate of 8.8% during 2022–2030.
Machine vision is the ability of a computer to see; it employs one or more video cameras, analog-to-digital conversion (ADC) and digital signal processing (DSP). The resulting data goes to a computer or robot controller. Machine vision is sometimes conflated with the term computer vision. The technology is often integrated with artificial intelligence (AI), machine learning and deep learning to accelerate image processing.
This study on the global Machine Vision market provides detailed information on industry trends, market dynamics, market size, competitive landscape, and growth opportunities. This research report categorizes the global Machine Vision market by component, type, application, end-users, and region/country.
Based on component, the Machine Vision market has been divided into hardware and software. The hardware segment dominated the market in 2021 and is estimated to remain the same during the review period, whereas the software segment is expected to register the highest CAGR during the forecast period from 2022 to 2030.
COVID-19 had spread across regions, leading to city shutdowns, border restrictions, and transportation disruptions. International trade, manufacturing operations, and the energy industry were expected to be impacted significantly by this. In the wake of COVID-19, businesses worldwide faced a huge challenge: how to continue operating despite global shutdowns of offices, manufacturing facilities, and other facilities. In the food processing and medicine packaging industries, social distancing norms led to an increase in automation. With artificial intelligence, enterprises can automate inspections that were previously only possible by hand. It efficiently solves complex inspection challenges that are cumbersome or time-consuming to do with traditional rule-based machine vision algorithms. An engineer can use deep learning to train a machine vision system to learn what defects are acceptable or unacceptable from a set of reference pictures rather than programming the vision system to account for thousands of possible defects. In addition to photos and videos, images can also refer to data collected by thermal or infrared sensors. In addition to the vast amount of visual data that is generated every day online (more than 3 billion images), there is now access to more affordable computing power that can analyze this data. Object identification accuracy rates have increased with new hardware and algorithms in the field of computer vision. The IT infrastructure on which they have depended, including data centers, cloud systems, departmental servers, and digital devices, is now remote. A machine vision system uses a dynamic GUI associated with the relevant framework to interact with the standard interfaces. The user interfaces are graphic, "proprietary," and user-friendly so things are kept simple.
However, the use of machine vision in business can help businesses stay on top of, for example, FANUC's ZDT (Zero Down Time) software collects images from robot cameras and sends them to the cloud for processing. As a result, potential problems are identified before they occur by these images and accompanying metadata. Counting tablets or capsules before placing them into containers is essential for pharmaceutical companies. Pharma Packaging Systems, based in England, has developed a solution that can be integrated into existing production lines or run as a standalone application.
Machine Vision Market Dynamics
The market growth is mainly driven by the increasing miniaturization of products, the need for quality inspection, and increasing standardization. Moreover, the trend toward automation will create various opportunities for market growth. However, the complexity of integrating machine vision systems may slow the growth of the machine vision market.
Machine Vision Market Drivers
A miniature electronic device consists of a larger integrated circuit (IC) with more transistor nodes. When assembled, the system can perform the desired function by integrating the IC into its intended system or device. In spite of its size, technology is becoming more powerful. Miniaturization can improve almost anything-from autonomous vehicles and gesture recognition devices to cameras for endoscopes, on-body insulin dispensers, and mechanical valves of every type. Manufacturing engineers and product designers highly value miniaturization. As more functions can be integrated into a given volume, wearables, numerous devices, and wireless communication services will be transformed. Miniaturization is the reduction in size and increase in aptitude. There is a growing trend toward miniaturizing products, and their structures are complex. As a result, these need careful inspection. It will, however, require an advanced system beyond the human eye. Human judgment and visual inspection are replaced by machine vision systems. As a result, it is effective at measuring miniaturized machines, devices, and products. Machine vision systems use cameras with different functionality, sensors, and image processing for inspections and measurements.
Machine Vision Market Opportunity
Recently, it has been observed that automation especially industrial automation is trending in the market. Since its inception, machine vision is constantly advancing in optical technology, processors, and software algorithms and making it easier for end-user to use it. Aside from robotic precision, advances in machine vision have enabled automated machines to perform more complex and precise tasks. In 3-D bin picking, for example, random parts are recognized and picked quickly and easily from a bin through emerging technology. As machine vision technology becomes increasingly integrated with automated machines, benefits such as high speed, accuracy, efficiency, and reduced costs will be recognized. To ensure each operation in the assembly process is completed correctly, SDC uses machine vision in almost every machine it builds. To determine whether a part should be "rejected" or moved forward in the automation process, the vision system sends a "pass/fail" message to the machine. By using machine vision, parts can also be tracked and where they are in the automation process based on their pass/fail results.
Machine Vision Market Segmentation
The Machine Vision Market has been segmented based on component, type, application, end-users, and region.
Based on Component, the global Machine Vision market has been segmented into Hardware and Software)
Based on Type, the global Machine Vision market has been segmented into 1D Machine Vision, 2D Machine Vision, and 3D Machine Vision
Based on Application, the global Machine Vision market has been segmented into Inspection, Gauging, Guidance, Identification, and Others
Based on End-Users the global Machine Vision market has been segmented into Automotive, Electronics & Semiconductor, Healthcare, Food & Packaging, and Others.
Machine Vision Market Regional Analysis
Globally, the Machine Vision market has been categorized into five different regions—North America, Europe, Asia-Pacific, South America, and Middle East & Africa. Asia-Pacific accounted for the largest market share, with a market value of USD 5,009.1 Million in 2020; it is expected to register a CAGR of 9.4% during the forecast period. Europe was the second-largest market in 2021, valued at USD 3,715.7 Million; it is projected to register CAGR of 8.3%. Asia-Pacific holds the largest market share and is expected to grow at highest CAGR in the market of machine vision on the global scale during forecast period. The main factor which is driving the market in this region has been identified as growing manufacturing industry in China, Japan, South Korea, and Taiwan. Also, most of the countries of this region is in developing phase creating heavy demand for automation which is helping the market of machine vision in Asia Pacific. It is also estimated that Asia Pacific is one of the largest suppliers of the components used in the machine vision systems such as cameras, sensors and other hardware equipment’s and as the manufacturing sector along with semiconductor, foods and beverages, security and surveillance are increasing, in future the demand for the machine vision systems is expected to rise simultaneously. Additionally, the market for machine vision systems in Asia Pacific is expanding as a result of a number of important factors, including rising investments in automation and Industry 4.0 technologies, increased need for safety and inspection vision systems, and a high rate of product innovation. Many sectors are adopting machine vision technologies like presence detection to perform real-time inspection and grading duties in challenging conditions. These applications now have a wider range of uses due to COVID-19.
Europe stands as second biggest market for machine vision. Europe's industrial sectors are being transformed by digital technology. It has been putting a lot of effort into moving toward automated, autonomous technologies in order to cut operational costs. Government initiatives that support automation adoption are pushing SMEs businesses in that direction. Additionally, the European Union is incentivizing the manufacturing sector to comply with new safety and environmental laws in order to preserve ecosystem balance, which is promoting the constant deployment of smart factory technologies like machine vision.
GLOBAL MACHINE VISION MARKET, BY REGION, 2021 (% SHARE)Source: Industry Expert, Secondary Research, and MRFR Analysis
North America Region to Bolster the Machine Vision Market
North America is the third largest market share in global market of machine vision. Presence of global players and developed nations such as U.S. and Canada give North America a competitive advantage over other countries. Also factors such as leader in technology development and high investment in the R&D for the development of efficient manufacturing process is driving the market of machine vision in North America. Additionally, due to the early adoption of factory automation and the presence of a sizeable number of market vendors with local roots, the regional market is anticipated to expand significantly over the course of the projection period. During covid, sales of machine vision systems and components that give robots and other machines vision intelligence decreased in the first half of 2020, according to the Association for Advancing Automation, but the market rebounded in North America in the second half of 2020.
Machine Vision Market Competitive Landscape
The global Machine Vision Market has witnessed significant growth over the forecast period due to the growing digital content. There are several domestic, regional, and global players operating in the Machine Vision market who continuously strive to gain a significant share of the overall market. During the study, MRFR has analyzed some of the major players in the global Machine Vision market who have contributed to the market growth. These include Omron Corporation, Keyence Corporation, Cognex Corporation, Teledyne FLIR LLC, Atlas Copco AB, National Instruments Corporation, Vitronic Machine Vision LTD, Basler AG, Optotune, USS Vision LLC, TKH Group, SICK AG, MVTEC Software GMBH, Datalogic S.P.A, and Zebra Technologies Corp
During the study, MRFR has analyzed some of the major players in the global Machine Vision market who have contributed to the global Machine Vision Market growth.
This study estimates revenue growth at global, regional, and country levels and offers an overview of the latest developments in each of the sub-sectors from 2018 to 2030. For this analysis, MRFR segmented the global Machine Vision Market report based on component, type, deployment, application, end-users, and region.
|Market Size||2021: USD 11,997.6 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Components, Application, End Users|
|Geographies Covered||• North America (US, Canada, and Mexico) • Europe (Italy, France, Germany, UK and Rest of Europe) • Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific) • Middle East & Africa • South America|
|Key Vendors||Cognex Corporation (U.S.) Vitronic GmbH (Germany) Perceptron Inc. (U.S.) Microscan Systems (U.S.) Basler AG (Germany.) National Instruments (U.S.) Optotune AG (Switzerland) USS Vision (U.S.) ViDi Systems SA (Switzerland) Keyence (Japan) Omron Corporation (Japan)|
|Key Market Opportunities||• Trend Towards Automation|
|Key Market Drivers||• Increasing Miniaturization of Products • Need for Quality Inspection • Increasing Standardization|
At 8.8% CAGR is expected to transform the market.
The Asia-Pacific regional market is projected to be the major driver of the market.
The segments in the market are Component, type, application, end-users
The key contenders in the market are Omron Corporation, Keyence Corporation, Cognex Corporation, Teledyne FLIR LLC, Atlas Copco AB, National Instruments Corporation, Vitronic Machine Vision LTD, Basler AG, Optotune, USS Vision LLC, TKH Group, SICK AG, MVTEC Software GMBH, Datalogic S.P.A, and Zebra Technologies Corp.