Machine Vision Market - Forecast(2021 - 2026)
Machine Vision Market Overview:
According to market research by IndustryARC, the global automation market was valued at a massive $129.45 billion in 2017, and is projected to grow at a CAGR of 4.8% through to 2022. This is reflective of the colossal technological development that has taken place in nearly all industries of the world pertaining to automation and instrumentation. To cut down on costs, reduce manual labor, and make products with minimal defects, the electronics industry has started using machine vision technology for manufacturing. Machine vision can be used by a plethora of industries including by the military, defense, manufacturers, and most importantly, the automotive industry. During the forecast period 2019-2025, the global machine vision market is projected to grow at a robust CAGR of 9.20%. This will be considerable development over its 2018 market size which stood at $8.59 billion.
Machine Vision Market Outlook:
As an innovative technology for electronics, machine vision encompasses all industrial applications wherein a product has to be scanned and observed, using image processing, for any defects before being released into the market. The technology makes use of components such as cameras, frame grabbers, optics, processors, PC systems and smart camera systems. On the basis of application, the market can be bifurcated into quality assurance and inspection, positioning and guidance, measurement, identification, pattern recognition, and others. Quality assurance and inspection forms the most important segment of the market and is expected to grow at a CAGR of 9.48% during the forecast period 2019-2025. Europe, as the most industrially developed continent, led the global machine vision market with a regional share of 39.26% in the year 2018.
Machine Vision Market Growth Drivers And Trends
Ø Growing Demand From Automotive Industry
Machine vision is capable of enabling inspection of components moving at extremely high speeds, which would be nearly impossible even with a trained operator’s vision. Machine vision, therefore, helps in massively improving production efficiency. Other benefits to the automotive industry through this technology include minimized human labor, lowered costs, and improved quality of final parts.
Ø Use Of Machine Vision In Outdoor Applications
While machine vision is now being extensively used for indoor activities such as analyzing possible system failures, manufacturers have now started testing it for outdoor applications as well. This is particularly challenging in light of parameters such as lighting, temperature, weather, and motion, which can hinder its application. Researchers are working on this technology consistently in order to make potential industries like automotives adopt machine vision technology, thereby growing its global market.
Machine Vision Market Challenges:
Since machine vision is a relatively new technology, it is witnessing challenges at the development stage. Some inspections are quite difficult to program due to parameters such as lighting, curvatures and others. A possible way to combat this challenge is to accentuate coding techniques and spend a higher amount of time on the theoretical aspects.
Machine Vision Market Key Players Perspective:
Key market players of the market include Cognex Corp., Omron Corp., Sony Corp., Panasonic Corp., Microscan (Spectris plc), Baumer, Keyence Corp., Basler AG, National Instruments Corp., and Texas Instruments.
Cognex Corporation, a global leader in machine vision, has developed industrial barcode reader systems that are adept at delivering instant improvements. This has enabled products to be developed and manufactured at a much higher speed without encountering any defects, at a minimal cost.
Machine Vision Market Research Scope
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Machine Vision Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing key challenges and possible threats. The key areas of focus include the types of segments in the Machine Vision Market, and their specific applications in different areas.
Machine Vision Market Report: Industry Coverage
The machine vision market can be segmented on the basis of component, product, application, and end user industry. Based on component, the market can be divided into hardware and software. By product, the market can be divided into PC-based and camera-based. On the basis of application, the market can be bifurcated into quality assurance and inspection, positioning and guidance, measurement, identification, pattern recognition, and others.
The Machine Vision Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
• North America: The U.S., Canada, Mexico
• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
• Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
• Middle East and Africa: Israel, South Africa, Saudi Arabia
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