Machine Vision System Market

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. 

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.

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. 

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.

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.

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.

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.

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