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2020

Machine Vision System Market

Machine Vision System Market By Type (1D Vision, 2D Vision, and 3D Vision), Product (PC-Based Machine Vision System, Vision Controllers, Standalone Vision System, Vision Sensors & Image-Based Bar Code Readers, and Others), and Application (Identification, Inspection, Gauging, Positioning, and Others), and End Use (Automotive, Healthcare, Manufacturing, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027

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Author's: Divyanshi Tewari | Vineet Kumar
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Machine Vision System Market Outlook – 2027 

The global machine vision system market size was valued at $29.7 billion in 2019, and is projected to reach $74.9 billion by 2027, registering a CAGR of 11.3% from 2020 to 2027. Machine vision technology substitutes human visual sense and judgment capabilities with digital cameras and image processing to complement manual inspections and measurements. Different industries incorporate this technology to automate their production and improve product quality and speed. 

Machine-Vision-System-Market,-2020-2027

According to machine vision system market trends, machine vision system automatically acquires and analyzes an image to deliver desired information and control machines or processes. It is the automatic extraction of information from digital images for process or quality control. Most manufacturers use automated machine vision instead of human inspectors as it is better suited to repetitive inspection tasks. It is faster, more objective, and works continuously. Machine vision can inspect hundreds or even thousands of parts per minute and provides more consistent and reliable inspection results. 

This system carries out an automatic analysis and inspection of production line, on the basis of imaging, used in process control, verification, measurements, robot guidance, and other functions. Machine vision includes a complete solution starting from acquiring an image to interacting to a management information system. These systems replace incapability of human inspector to maintain a high level of error recognition for a long period.

Rise in demand for industrial applications and growth in demand for vision guided robotics systems are the major factors that boost the global machine vision system market growth. However, lack of skilled professionals in manufacturing units is expected to hamper the machine vision system market share to a certain extent. Furthermore, growth in demand for AI and rise in adoption of industry 4.0 is expected to offer lucrative machine vision system market opportunity globally.

Machine Vision System Market
By Type
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3D Vision segment will grow at a highest rate of 13.1% during 2020-2027

Segmentation

The report segments the global machine vision system market size on the basis of type, product, application, end use, and region. The type segment is analyzed across 1D Vision, 2D Vision, and 3D Vision. By product, the machine vision system market is studied across PC-based machine vision system, vision controllers, standalone vision system, vision sensors & image-based bar code readers, and others. 

Machine Vision System Market
By Product
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Vision Sensors and Image Based Bar Code Readers segment is projected to be the most lucrative segment

By application, it is divided into identification, inspection, gauging, positioning, and others. By end use, it is segmented into automotive, healthcare, manufacturing, industrial, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA, along with its prominent countries.

Machine Vision System Market
By Application
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Gauging segment holds a dominant position in 2019 and would maintain the lead during 2020-2027

The key machine vision system industry leaders profiled in the report include Baumer Ltd., Cgnex Corporation, Canon Inc., FLIR System, Intel Corporation, Keyence Corporation, National Instrument Corporation, Omron Corporation, Texas Instrument, and SICK AG. These key players have adopted various strategies such as product expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to enhance their market penetration and strengthen their foothold in the industry.

Machine Vision System Market
By End Use
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Manufacturing segment is expected to secure the leading position throughout the forecast period

Top Impacting Factors

Increase in demand for industrial applications and rise in demand for vision guided robotics systems are the major factors which drives the machine vision system market growth. However, lack of skilled professional in manufacturing units acts as a major barrier for its adoption, which, in turn, hampers growth of the market. On the contrary, growth in trends toward adoption of internet of things (IoT) and AI (Artificial Intelligence) and rise in adoption of industry 4.0 are anticipated to provide lucrative opportunities for the machine vision system market during the forecast period.

Machine Vision System Market
By Region
2027
Asia-pacific 
North America
Europe
LAMEA

Asia-Pacific region would exhibit the highest CAGR of 12.4% during 2020-2027

Increase in Demand For Automation in Industrial Applications

Machine vision effectively replaces human experts for visual inspection and quality control as it is the best solution in case of tedious inspection, where precise information can be quickly extracted. According to machine vision system market analysis, advances in machine vision technology and related software tools have enabled manufacturers to deploy visual inspections that require high-speed, high-magnification, 24-hour operation, and repeatability of measurements. Therefore, rise in demand for automation in industrial applications drive growth of the machine vision system market. 

Lack of Skilled Professionals in Manufacturing Units

Machine vision system enables fast, reliable & precise control, effective production, and increased delivery reliability. However, it incurs high investments in training and education of operators, which is essential to help the technology enter new markets. The system enables flexibility to inspect multiple products on the same smart camera, which is often difficult. Specialized knowledge of equipment is required for implementation of machine vision system. However, this restraint is expected to overcome during the forecast period, owing to constant research activities by key players in the market and increase in penetration of machine vision system in different industries.

Growth in Demand For Industry 4.0

Increase in networking of industrial production requires more intelligent solutions in the field of manufacturing and logistics. Industry 4.0 into logistics and warehousing is on the rise, owing to automation and ubiquity of computing power. Emergence of industry 4.0 harnesses inter-connectivity of machines and its processing. It also enables autonomous production methods powered by internet of things (IoT). 

For instance, according to an online portal PICK-PLACE, it is estimated that by 2020, 55% of the 200-leading global-commerce companies would deploy robotics systems in their order fulfillment, warehouse, and delivery operations. Therefore, emergence of industry 4.0 represents a giant leap in forming connectivity with machines, physical environment, and people, which offers lucrative opportunities for growth of the machine vision system market globally. 

COVID-19 Impact

The economic impact of coronavirus pandemic has been largely disruptive, globally. Companies operating in the semiconductor industry are facing temporarily shut downs of production sites, which has led to decline in revenues for the financial year 2020-2021. COVID-19 has negatively impacted the overall machine vision system market globally, owing to shutdown of manufacturing and production units globally.

In addition, there is a halt in production and adoption of these systems. In addition, owing to disruptions in supply chain of raw materials, especially in Asia-Pacific, the machine vision system market experienced a decline in its revenue, mostly due to drop in its adoption among various industries. The manufacturing industry vertical, which is one of the most prominent user of machine vision systems, is also kept on halt, owing to which the machine vision system market revenue is expected decline.

Competitive analysis

Competitive analysis and profiles of the major global machine vision system market players that have been provided in the report include Baumer Ltd., Cgnex Corporation, Canon Inc., FLIR System, Intel Corporation, Keyence Corporation, National Instrument Corporation, Omron Corporation, Texas Instrument, and SICK AG. The key strategies adopted by the major players of the machine vision system market are product launch and product development

Historical Data & Information

The global machine vision system market is highly competitive, owing to the strong presence of existing vendors. Vendors of the machine vision system market with extensive technical and financial resources are expected to gain a competitive advantage over their competitors because they can cater to market demands. The competitive environment in this market is expected to increase owing to technological innovations, product extensions, and different strategies adopted by key vendors.

Key Developments/ Strategies

Baumer Ltd., Cgnex Corporation, Canon Inc., FLIR System, Intel Corporation, Keyence Corporation, National Instrument Corporation, Omron Corporation, Texas Instrument, and SICK AG. are the top companies holding a prime share in the machine vision system market. Top market players have adopted various strategies, such as product launch and product development to expand their foothold in the machine vision system market.

  • In July 2022- Omron Automation Americas, a pioneer in delivering cutting-edge automation solutions for sensing, control, safety, and vision technology, launched some of its most advanced machine vision cameras at the A3 Vision Show 2022 in Boston. With the use of this technology, a system can be built to match the needs of an application without the need for expensive computing gear or specialized engineers.
  • In September 2021, KEYANCE launched High-resolution Camera, CV-X/XG-X Series of ultrahigh resolution cameras, 64 MP camera that significantly improves accuracy in conventional inspection. Furthermore, the camera’s built-in angle sensor facilitates camera installation and detects camera misalignment during operation.

 

Key Benefits For Stakeholders

  • This study includes analytical depiction of the machine vision system market forecast along with current trends and future estimations to determine imminent investment pockets.
  • The report presents information regarding the key drivers, restraints, and opportunities in the market.
  • The market growth is quantitatively analyzed from 2019 to 2027 to highlight financial competency of the industry.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Machine Vision System Market Report Highlights

Aspects Details
Machine Vision System Market By Type
By Type
  • 1D Vision
  • 2D Vision
  • 3D Vision
Machine Vision System Market By Product
By Product
  • PC Based Machine Vision System
  • Vision Controllers
  • Standalone Vision System
  • Vision Sensors & Image Based bar code readers
  • Others
Machine Vision System Market By Application
By Application
  • Identification
  • Inspection
  • Gauging
  • Positioning
  • Others
Machine Vision System Market By End Use
By End Use
  • Automotive
  • Healthcare
  • Manufacturing
  • Industrial
  • Others
Machine Vision System Market By Region
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (UK, Germany, France, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players
Key Market Players

KEYENCE CORPORATION, BAUMER LTD., FLIR SYSTEMS, INC., NATIONAL INSTRUMENT CORPORATION, TEXAS INSTRUMENTS, CANON, INC., SICK AG, COGNEX CORPORATION, INTEL CORPORATION, OMRON CORPORATION

Analyst Review

The machine vision market holds high potential in the healthcare, industrial, and automotive sector. The current business scenario experiences rapid development in smart infrastructure and smart devices leading to readiness for adoption of this technology, particularly in developed and developing regions such as North America, Asia-Pacific, and Europe. Companies in this industry adopt various innovative techniques to provide customers with advanced and innovative features.

The machine vision system market holds high potential in automotive, industrial, and manufacturing sectors. Machine vision system effectively replaces human experts for visual inspection and quality control as it provides precise information and can be quickly extracted. Advances in machine vision technology and related software tools have enabled manufacturers to deploy visual inspections that require high-speed, high-magnification, 24-hour operation, and repeatability of measurements. Therefore, rise in demand of automation in various industry verticals drive the growth of machine vision system market. 

Rise in demand for higher quality, less machine downtime, reduced setup time, increased productivity, and production flexibility in applications such as inspection, measurement, gauging, and assembly verification boosts the market growth. Major disadvantages of human inspection, such as long-term inconsistency, need of rest period, slower speed than machines, and variation among different inspectors also boost growth of the market.

Continued evolution of complementary metal oxide semiconductor (CMOS) image sensors and rise in demand for automation in industrial applications supplement the market growth. Machine vision facilitates cost-effective, faster, and high functionality & accuracy for inspection procedure. Machine vision system maintains a high level of error recognition for a long period of time, thus, enabling high-speed production lines, clean room environments, microscopic inspection, closed-loop process control, robot guidance, and precise non-contact measurement.
 

Author Name(s) : Divyanshi Tewari | Vineet Kumar
Frequently Asked Questions?

The Machine Vision System Market is expected to grow at a CAGR of 11.3% from 2020 to 2027.

The Machine Vision System Market is projected to reach $74.9 billion by 2027.

To get the latest version of sample report

Increase in demand for industrial applications and rise in demand for vision guided robotics systems boosts the Machine Vision System market growth.

The key players profiled in the report include Baumer Ltd., Cgnex Corporation, Canon Inc., FLIR System, Intel Corporation, Keyence Corporation, National Instrument Corporation, and many more.

On the basis of top growing big corporations, we select top 10 players.

The Machine Vision System Market is segmented on the basis of type, product, application, end use, and region.

The key growth strategies of Machine Vision System market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.

Vision Sensors and Image Based Bar Code Readers segment is projected to be the most lucrative segment.

Manufacturing segment is expected to secure the leading position throughout the forecast period.

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Machine Vision System Market

Global Opportunity Analysis and Industry Forecast, 2020-2027