Global Multi-camera Vision Inspection Systems Market Outlook - 2031
The Global Multi-camera Vision Inspection Systems Market was valued at $3.2 billion in 2021 and is projected to reach $9.95 billion by 2031, growing at a CAGR of 12% from 2022 to 2031
According to Himanshu Jangra Lead Analyst, Semiconductor and Electronics, at Allied Market Research, the global multi-camera vision inspection systems market is expected to showcase remarkable growth during the forecast period of 2022-2031. The report contains a thorough examination of the market size, multi-camera vision inspection systems market trends, key market players, sales analysis, major driving factors, and key investment pockets. The report on the global multi-camera vision inspection system market provides an overview of the market as well as market definition and scope. The ongoing technological advancements and surge in demand have an impact on market growth. Furthermore, the report provides a quantitative and qualitative analysis of the multi-camera vision inspection systems market, as well as a breakdown of the pain points, value chain analysis, and key regulations.
Over the past decade, the vision systems for in-line quality inspection have evolved significantly, allowing manufacturers to move beyond mechanical and tactile solutions such as CMMs, checking fixtures, and gauges. By incorporating powerful machine vision and advanced photogrammetric algorithms, multi-camera inspection technology eliminates traditional in-line inspection challenges. The vision inspection system is equipped with advanced multi-camera, video, and audio solutions. Multi-Camera vision systems can measure, verify, and recognize the shape and correct position of equipment. Moreover, to capture data, computer software processes images captured during the process you are attempting to evaluate. The vision system can be intelligent enough to make decisions that affect the function being evaluated, often in a pass/fail capacity to prompt an operator to act.
The multi camera vision inspection systems market share is expected to witness notable growth during the forecast period, owing to the rise in demand for industrial applications. Furthermore, the rise in demand for vision-guided robotics systems in highly regulated sectors has driven the multi camera vision inspection systems market growth. Moreover, the rise in advancement in industry 4.0 is expanding opportunities across the manufacturing sector and is expected to propel the multi camera vision inspection systems market growth during the forecast period.
However, the high cost of maintenance and lack of skilled professionals is one of the prime factors that restrain the multi camera vision inspection system market outlook. On the contrary, the rising need for quality inspection and automation is expected to provide lucrative opportunities for the growth of multi camera vision inspection system market during the forecast period.
Segment Overview
The multi camera vision inspection systems market forecast is segmented into Product Type and End User.
Based on product type, the multi camera vision inspection systems market size is divided into fully automatic and semi-automatic. The semi-automatic segment dominated the market, in terms of revenue, in 2021, and is expected to follow the same trend during the forecast period, owing to the technological advancements and rise in industrial automation solutions in prime sectors such as pharmaceuticals, medical, automotive, and manufacturing sectors are significantly propelling the market growth.
Based on application, the market is bifurcated into automotive, healthcare, manufacturing, industrial, and others. The manufacturing segment acquired the largest share in 2021, and the automotive segment is expected to grow at a high CAGR from 2022 to 2031. This segment accounted for 32.28% of the multi-camera vision inspection systems market in 2021. The manufacturing sector witnessed significant growth in the adoption of vision inspection systems and solutions, owing to high development in industry 4.0 initiatives in developed and developing countries in recent years.
Region-wise, the multi camera vision inspection systems market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and the rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and the rest of the Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific, specifically China, remains a significant participant in the global multi camera vision inspection systems industry. Major organizations and government institutions in the country are intensely putting resources into the technology to develop and deploy advanced vision inspection systems in the automotive, healthcare, and manufacturing sectors.
Competition Analysis
Competitive analysis and profiles of the major multi camera vision inspection systems market players that have been provided in the report include, such as Teledyne Imaging, Cognex Corporation, Omron Corporation, Basler AG, Nextsense GmbH, Keyence Corporation, NOVASIS, Industrial Vision Systems, Optex FA, and Estes Engineering.
Country Analysis
Country-wise, the U.S. acquired a prime share in the multi camera vision inspection systems market overview in the North American region and is expected to grow at a high CAGR of 8.3%during the forecast period of 2022-2031. The U.S., holds a dominant position in the multi camera vision inspection systems industry deployment module, owing to the rise in investment by prime vendors to boost the smart infrastructure solutions.
In Europe, the UK, dominated the multi-camera vision inspection systems market, in terms of revenue, in 2021 and is expected to follow the same trend during the forecast period. However, Germany is expected to emerge as the fastest-growing country in Europe's multi-camera vision inspection system with a CAGR of 12.5%, owing to a significant development in industry 4.0 initiatives in industrial, automotive, and other sectors in the country.
In Asia-Pacific, Japan is expected to emerge as a significant market for the multi-camera vision inspection system industry, owing to a significant rise in investment by prime players and government institutions in next-generation vision inspection and machine vision systems to boost smart infrastructure across industrial and manufacturing sectors.
By LAMEA region, the Latin America country garner significant market share in 2021 due to the Adoption of new technologies such as the internet of things, vision inspection system, machine vision camera solutions, big data, and cognitive intelligence, and uptake in cloud-managed services are the main factors that boost the growth of the multi-camera vision inspection systems market in Latin America. Moreover, the Middle East region is expected to grow at a high CAGR of 13.7% from 2022 to 2031, owing to shifts in artificial intelligence, industry 4.0, machine vision system, and smart technological changes in recent years, which is expected to reshape the growth of multi-camera vision inspection system market in the Middle East.
Top Impacting Factors
Significant factors that impact the growth of the global multi camera vision inspection system industry include the rise in demand for industrial applications coupled with the rise in advancement in industry 4.0 expanding opportunities across the manufacturing sector. Moreover, the rise in demand for vision-guided robotics systems in highly regulated sectors is expected to drive the market opportunity. However, the high cost of maintenance and lack of skilled professionals is acting as a prime barrier to early adoption, which hampers the growth of the market. On the contrary, the rising need for quality inspection and automation is expected to offer potential growth opportunities for the multi-camera vision inspection systems market during the forecast period.
Historical Data & Information
The global multi camera vision inspection systems market is highly competitive, owing to the strong presence of existing vendors. Vendors of multi camera vision inspection systems 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 worsen as technological innovations, product extensions, and different strategies adopted by key vendors increase.
Key Developments/ Strategies
Teledyne Imaging, Cognex Corporation, Omron Corporation, Basler AG, and Keyence Corporation are the top 5 companies holding a prime share in the multi camera vision inspection systems market. Top market players have adopted various strategies, such as product launch, branding, innovation, and acquisition, to expand their foothold in the multi camera vision inspection systems market.
In July 2020, Omron Automation Americas, an industry leader in complete automation solutions for manufacturing and related industries, is releasing an update to its FS Series GigE Vision line scan cameras. This new line scan camera enables more precise multi-camera triggering over an entire system by lowering the latency when multiple cameras on the same system are triggered simultaneously.
In August 2021, Cobot Nation announced a partnership with Cognex for machine vision with collaborative robots. This new partnership is anticipated to develop next-generation vision inspection solutions while maintaining the versatility and customization to deliver on clients' full range of needs. Further, the collaboration of Cobot Nation industrial automation solution and Cognex machine vision system is expected to develop next-generation vision inspection solutions.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the multi camera vision inspection systems market analysis from 2021 to 2031 to identify the prevailing multi camera vision inspection systems market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the multi camera vision inspection systems market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global multi camera vision inspection systems market trends, key players, market segments, application areas, and market growth strategies.
Multi Camera Vision Inspection Systems Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 10 billion |
 Growth Rate | CAGR of 12% |
 Forecast period | 2021 - 2031 |
 Report Pages | 194 |
 By Product Type |
|
 By End User |
|
 By Region |
|
 Key Market Players | Teledyne Imaging, Omron Corporation, Cognex Corporation, Novasis Innovazione, KEYENCE CORPORATION, OPTEX FA CO.,LTD(OPTEX GROUP), Industrial Vision Systems, Nextsense GMBH, basler ag, Estes Engineering |
Analyst Review
Multi-camera vision inspection system technology is witnessing a significant rise in industrial, manufacturing, and healthcare sectors applications. The advantages of vision inspection systems are not limited to increased productivity or cost savings but conducting 100% inspections of parts for quality control to ensure the quality so that the products meet the specifications of the customers. In addition, the rise in demand for industry 4.0 initiatives in emerging economies such as India, Japan, and Brazil are expected to drive the growth of the multi-camera vision inspection system market in the coming years.
The global multi-camera vision inspection system market is highly competitive, owing to the strong presence of existing vendors. Multi-camera vision inspection system vendors, who have access to extensive technical and financial resources, are anticipated to gain a competitive edge over their rivals, as they have the capacity to cater to market requirements. The competitive environment in this market is expected to further intensify with an increase in technological innovations, product extensions, and different strategies adopted by key vendors.
The rise in demand for foods & beverages and manufacturing solutions globally drives the need to enhance multi camera vision inspection systems such as fully automatic and semi-automatic vision inspection systems. Moreover, prime economies, such as the U.S., China, South Korea, and Japan plan to develop and deploy next-generation multi camera vision inspection system-based applications across various sectors, which is anticipated to provide lucrative opportunities for market growth.
Among the analyzed regions, Asia-Pacific exhibits the highest adoption rate of multi camera vision inspection systems and has experienced massive expansion of the market. On the other hand, North America is expected to grow at a faster pace, predicting lucrative growth due to emerging countries, such as the U.S., Canada, and Mexico, investing in these technologies. Regions, such as the Middle East and Latin America, are also expected to offer new opportunities in the multi camera vision inspection system market. Globally, various key players and government agencies have invested in multi camera vision inspection system market to make them compatible with various industrial platforms??????.
Asia-Pacific, specifically China, remains a significant participant in the global multi-camera vision inspection system industry.
The manufacturing segment acquired the largest share in 2021, and the automotive segment is expected to grow at a high CAGR from 2022 to 2031. This segment accounted for 32.28% of the multi-camera visions inspection system market in 2021. The manufacturing sector witnessed significant growth in the adoption of vision inspection systems and solutions, owing to high development in industry 4.0 initiatives in developed and developing countries in recent years.
The global multi camera vision inspection system market was valued at $3.16 billion in 2021 and is projected to reach $9.95 billion by 2031.
Significant factors that impact the growth of the global multi camera vision inspection system industry include the rise in demand for industrial applications coupled with the rise in advancement in industry 4.0 are expanding opportunities across manufacturing sector. Moreover, the rise in demand for vision-guided robotics systems in highly regulated sectors is expected to drive the market opportunity.
Cognex Corporation, Teledyne Imaging, Nextsense GmbH, Keyence Corporation, and NOVASIS are the top companies to hold the market share in Multi-Camera Vision Inspection Systems.
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