ID: MRFR/ICT/0981-CR | February 2020 | Region: Global | 90 pages
Market Research Future (MRFR) expects the Global Machine Vision Market size to reach USD 15.46 Billion with an 8.18% CAGR from 2017-2022 (forecast period). Miniaturization can be seen as a trend in the manufacture of smaller, optical and electronic products or devices. Miniaturization can be referred to as a reduction in size but an increase in aptitude. Considering the current scenario, we can see that the trend towards small gadgets is gradually growing. Miniaturization of machines is taking rapid steps. These miniaturized products have a very intricate structure. There is a need to inspect these miniaturized products. But the inspection of these miniaturized products goes beyond the human visual sense. The machine vision system successfully replaces human visual inspection and judgment capabilities. Machine vision systems use cameras with various features, sensors, and image processing for inspection and measurement. Miniaturized products, devices, machines are inspected and measured efficiently using machine vision systems.
COVID-19 Impact on the Global Machine Vision Market
Human vision is limited to a specific electromagnetic wavelength, i.e., 390 to 770 nanometers (nm), which varies greatly from the functionality of video cameras. Industrial automation is now increasingly gaining popularity in manufacturing as well as in other related operations. Manufacturing firms are introducing automation to improve operating efficiency in their day-to-day functions. In terms of the production of products during the pandemic, where human interactions have limited, machine vision technology has helped ensure continuity of production. In addition, the machine vision industry plays a vital role in the battle against coronavirus through automated lab systems that process and test vaccines, thermal imaging to detect body temperature in crowded locations, inspection systems, pharmaceuticals, and medical products. However, the pharmaceutical industry is stated to be an early adopter of this technology as it provides product safety assurance as well as integrity to the current digital infrastructure.
The demand for machine vision technology is on the rise during the ongoing COVID-19 pandemic. However, this demand is expected to be hindered by the reduction in IT expenditure budgets as a result of the lockdowns imposed, as well as the serious losses incurred by companies worldwide. While relaxation in the lockdowns is expected to improve demand for machine vision infrastructure, the market is recovering at a significant pace, mainly due to the remote work policy adopted by most companies to stop the spread of COVID-19 in their workplaces. In addition, technology providers assist and support their clients' operations with their expertise in remote engineering services in order to ensure the continuity of their business. These industries belong to a number of sectors, such as textiles, agriculture, pharmaceuticals, and other mass-production industries, which need quality assurance. As a result, the demand for machine vision technology and its related infrastructure is expected to increase due to the growing adoption of digital assurance mechanisms that offer higher accuracy and operational efficiency compared to human beings.
Manufacturing companies across the globe are preparing to invest more in automation post-COVID-19, and the need for automated quality assurance has also increased as businesses have recognized its significance in manufacturing processes. However, this need is further increased due to the outbreak of COVID-19 due to less human involvement in the process. This culminated in widespread recognition of machine vision as an integral part of the long-term automation development processes.
The significance of machine vision is likely to rise in the manufacturing sector as the industry is experiencing a gradual transformation from product standardization to product customization. It is difficult to create a standard machine vision system since there are many manufacturing sectors to be covered, and the specifications vary on the basis of individual customer requirements.
Global Machine Vision Industry has been segmented into Type, Application, Components, and End-User.
The Asia Pacific is dominating the global market with more than 30% of the market share, followed by Europe, which is the second-largest market due to the strong demand from the automotive and healthcare industries. North America is the third-largest market. APAC's machine vision market is projected to hold a substantial market share during the forecast period, as APAC countries such as India, China, Japan, and South Korea have the largest manufacturing facilities where automation of manufacturing processes has been given the highest priority. In addition, strong competition between consumer electronics companies in APAC is likely to fuel the adoption of machine vision systems in the region. However, the outbreak of COVID-19 has had a major effect on the manufacturing sector of APAC. As the neighbouring countries are interconnected through trade relations and the supply chain, the entire region is affected by the outbreak of COVID-19, which will have a major effect on the demand in the region during the forecast period.
Prominent players continue to strive for new product innovations and venture capital investments to gain market share. In addition, growing investment in R&D activities to enhance machine vision technology and related technologies will open up growth opportunities for the industry. Prominent players are undertaking strategic initiatives such as distribution alliances, partnerships, mergers, and acquisitions to improve their market position.
Notable players in the market of Machine Vision market are – 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), among others.
This research report examines crucial factors, constraints, and obstacles in the global machine vision market, regional and segment revenue forecasts, and assessments. The base year is 2017; the projection is 2017-2022. The segmentation of the market is described in the following manner.
Frequently Asked Questions (FAQ) :
2020-2027 is the growth period of the market
The market will be rising at 8.18% CAGR in the coming years
Vitronic GmbH (Germany), Cognex Corporation (U.S.), Microscan Systems (U.S.), Basler AG (Germany.), Perceptron, Inc. (U.S.) are the leading companies actively participating in the growth of the market globally
The market will be gaining a valuation of USD 15.46 billion by the end of 2022
The swelling application areas every year and advancement in technology and integration are mainly driving the market on globally.
Asia Pacific is leading the global market with more than 30% of market share.
Europe stands as second biggest market in the market share for having heavy demand from automotive and healthcare industry.