Machine Vision Systems and Components Market - Forecast(2021 - 2026)

The global machine vision system and components market generated a revenue of $7882.5 million and expected to rise with a CAGR of 8.64% during 2018-2023. The hardware component of the machine vision market which generated a revenue of $5043.2 million in 2017 is estimated to grow at a higher CAGR of 9.20% when compared to software component. The global machine vision camera market has increased due to increase in automation in several industries. The development of advanced sensors and software algorithms for machine vision systems is one of the factors driving the market.

What are Machine Vision systems and components?

Machine vision system consist of a combination of hardware and software to provide operational guidance to devices to capture and process the images. These systems rely on sensors with specialized optics to process analyze and measure various characteristics for decision making. A machine vision system helps to inspect object details too small to be seen by the human eye.

The major components of a machine vision system include the lighting, lens, image sensor, vision processing, and communications. The sensor in a machine vision camera converts this light into a digital image which is then sent to the processor for analysis. Machine vision systems are robust, reliable, more stable and less cost.

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What are the applications of Machine Vision systems?

Machine Vision Cameras are used in various industries such as Electronics and semiconductor, healthcare, automotive, food and beverage, pharmaceuticals, packaging and printing. It has wide applications in location analysis, inspection, and pattern recognition. In locating applications, the purpose of the vision system is to find the object and report its position and orientation. In inspection applications the purpose of the vision system is to validate certain features, for example presence or absence of a correct label on a bottle, screws in an assembly, chocolates in a box, or defects. In an identification application the vision system reads various codes and alphanumeric characters.

Market Research and Market Trends of Machine Vision system and components:

• The miniaturization of machine vision system is one of the latest trends in market. Researchers have developed a microchip which consumes extremely low power to capture visual details from video frames. According to the researchers, the chip's video feature uses 20 times less power when compared to the existing best-in-class chips. One of such chips is called EQSCALE, which could reduce the size of smart vision systems down to the millimeter range.
  
• The decrease in the cost of robots now enables the development of less expensive, yet more flexible, vision systems to be developed. Such vision-based robotic work cells consists of one or more robots with cameras and lighting mounted on their end effectors. This system can inspect different variants of products and can be reprogrammed quickly. The system’s software can be programmed to inspect the locations on any subsequent product presented to it.
  
• Advances in 3D Machine Vision is becoming more flexible in automation and smart manufacturing. In the near future, such machine vision innovations will allow 3D scene analysis, 2D processing on a 3D image. It will also enable machine learning applications where a robot will be able to learn in real time. For example, the technology will be used for inspection purposes for identifying defects in products and robotic guidance so that the robots can identify human counterparts and collaborate with them in common tasks. 
  
• SV Global and BMT have entered into a partnership for a new £1.2million research project to enhance the safety and reliability of autonomous navigation. The project will involve the use of deep learning machine vision systems along with a combination of simulated and real-world data. Until today, human supervisor and AIS are used to classify objects and ensure safe operations. The use of machine vision system detects and classifies objects and thus advancing the autonomous navigation which further reduces the supervisor workload. This development will play a vital role to accelerate the adoption of unmanned systems and increase trust in their feasibility by mariners around the world.
  

Who are the Major Players in Machine Vision Systems and Components market?

The companies referred in the market research report are Sony Corporation (Japan), Omron Corporation (Japan), Sick AG (Germany), National Instruments Corporation (U.S), Hitachi Ltd. (Japan) and 10 others.

What is our report scope?

The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2023.

All our reports are customizable to your company needs to a certain extent, we do provide 20 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report to your needs.

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Key Takeaways from this Report

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