Machine Vision Industry Overview
The global machine vision market size was valued at 13.23 billion in 2021 and is expected to reach USD 25.92 billion by 2030, expanding at a compound annual growth rate (CAGR) of 7.7% over the forecast period. The increasing demand for quality inspection and automation in different industrial verticals is likely to drive the market. Additionally, the need for vision-guided robotic systems across the automotive, food and beverage, pharmaceutical and chemical, and packaging segments is expected to fuel the market growth. The surge in demand for application-oriented machine vision systems is also boosting the adoption of the technology over the forecast period.
MV systems involve the ability of a computer to observe, inspect, and scrutinize the work performance by employing one or more video cameras, digital signal processing, and analog to digital conversion. The captured data is then transferred to the computer to analyze and provide the desired output. Resolution and sensitivity are two important aspects of any MV system. Resolution is responsible for differentiating between objects, whereas sensitivity is the machine’s ability to detect objects or weak impulses despite dim lights or invisible wavelengths.
Gather more insights about the market drivers, restrains and growth of the Global Machine Vision market
These systems particularly assist in supervising work environments. It offers features such as process control, robotic guidance, and automatic inspection in industrial applications. Industrial production and manufacturing activities are becoming increasingly complicated day by day, creating difficulties and increasing unreliability for the human eye to keenly detect, observe, and examine production activities.
The technology is witnessing high adoption in industrial operations and is significantly replacing manual inspection and measurements owing to the increasing necessity for efficient and reliable inspection and measurements. Machine vision systems deploy smart cameras and image processing to perform measurements and inspections.
The intensifying need for superior inspection and increasing automation are the key influencing factors paving the way for the notable adoption of machine vision technology. Furthermore, the need for increased quality control by consumers and manufacturers, coupled with government regulations to abide by the prescribed specifications, is expected to catapult the adoption of machine vision technology.
The technology is gaining considerable traction across food and packaging, automotive, pharmaceutical, and other industrial verticals owing to abilities such as improved detection of objects, enhanced analysis, monitoring tolerance, and accurate component measuring.
All these factors are expected to boost the market growth over the forecast period. However, the lack of efficient system operators due to inadequate training is a restraining factor that is likely to obstruct the smooth growth of the market.
The outbreak of COVID-19 has adversely impacted the economic condition due to government measures such as lockdown and border closures leading to delays in procurement, manufacturing, and delivery. China being one of the first countries in Asia to start its economic activity has seen a recovery trend in its economic progress. On the other hand, while the U.S. and Europe were having a positive turnaround, the economic trend remained sluggish.
Machine Vision Market Segmentation
Based on the Offering Insights, the market is segmented into Hardware, Software and Services.
Based on the Product Insights, the market is segmented into PC Based and Smart Camera Based.
Based on the Application Insights, the market is segmented into Quality Assurance And Inspection, Positioning And Guidance, Measurement, And Identification.
Based on the Machine Vision Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Market Share Insights:
• May 2021: National Instruments procured MonoDrive, who is an ultra-high fidelity simulation software for advanced driver-assistance systems (ADAS) frontrunner and independent vehicle researcher.
• April 2019: JDA Software, Inc. and Panasonic Corporation announced an agreement between JDA Japan and Panasonic to establish a joint venture company to further promote sales of the companies’ joint solutions for the manufacturing, logistics, and retail industries in Japan.
Key Companies Profile:
Some prominent players in the global machine vision market include
With greater opportunities being offered by both developing and developed nations such as the U.S., Germany, the U.K., China, Japan, Australia, and Brazil, the prominent players are continuously striving for new product developments and venture capital investments to acquire market presence.
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