According to a recent report published by Allied Market Research, titled, “Machine Vision System Market By Type, Product, Application, and End Use: Opportunity Analysis and Industry Forecast, 2020-2027”, the global machine vision system market 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.
The machine vision system market forecast holds a high potential in industrial and automotive sectors. Current business scenario experiences rapid development in smart infrastructure and industry 4.0, 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
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. Machine vision features enhance functionality & accuracy and facilitate quick and cost-effective inspection procedures. It is incorporated for different manufacturing challenges aimed to improve quality and productivity in a manufacturing process.
Machine vision systems and services have uses in a wide range of industries, such as industrial, healthcare, electronics, automotive, and aerospace & defense. Manufacturers of automated guided robots and vehicles incorporate advanced machine vision systems for applications such as positioning and identification in their manufacturing and production units to maintain a competitive advantage over other production processes. Healthcare is expected to grow at a faster pace, with a CAGR of 15.3%, owing to increase in investments in developing machine vision systems by players for applications such as clinical diagnostics, in vitro diagnostics, and surgical lab automation, thus, enabling complex workflows.
According to machine vision system market trends, automotive is a major contributor in the manufacturing sector in the U.S., Japan, South Korea, Germany, and other countries. Machine vision finds its applications in autonomous vehicles, robots for construction, and automated guidance of unmanned aerial vehicles. The industry is characterized by highly automated mass production, which incorporates machine vision systems. Recently, ON Semiconductor signed a licensing agreement with CEVA to incorporate imaging and vision signal processing platform in automotive applications. Machine vision system enables rapid and unambiguous detection of objects, resulting in automation and acceleration of production processes in the automotive industry.
U.S. is the fastest adopter of this technology, which boosts growth of consumer electronics devices and upcoming automobile technology such as electric & hybrid vehicles, healthcare monitoring systems. Increase in disposable income of people in the U.S. also drives sales of machine vision system in the region. In addition, growth in the semiconductor industry, paired with the rise in trends of advanced devices among industries propels U.S. machine vision system market growth.
The COVID-19 crisis is expected to accelerate automation and the adoption of Industry 4.0 technologies. Remote manufacturing, diagnostics, and maintenance could all become permanent features in the manufacturing units among various industry verticals. Semiconductor companies might become smart workspaces, with technologies that facilitate remote work for most employees. These companies are also expected to adopt and encourage a hybrid model in their manufacturing processes in which a certain number of employees work remotely and rest remain on site. The efficiencies gained through such changes as well as their start-up costs influence future semiconductor revenues.
Key Findings of the Study
- By type, the 2D vision segment generated the highest revenue in 2019.
- By product, the PC-based vision system segment generated the highest revenue in 2019.
- By application, the gauging segment generated the highest revenue in 2019.
- By end use, the manufacturing segment generated the highest revenue in 2019.
- By region, Asia-Pacific generated the highest revenue in 2019.
The key machine vision system market 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 adopt several strategies such as new product launch & development, acquisition, partnership & collaboration, and business expansion to increase the global machine vision system market share during the forecast period.