Machine Vision Market is valued at USD 10.79 Billion in 2020 and expected to reach USD 16.55 Billion by 2027 with the CAGR of 6.30% over the forecast period.
Global Machine Vision Market: Global Size, Trends, Competitive, Historical &Forecast Analysis, 2020-2026– Rising need for automation and quality inspection demand for robotic systems across the pharmaceutical & chemical are expected to boost the growth of machine vision market over forecast period.
Machine vision refers to methods and technology that is used to extract information from an image in a way that is automated. This process differs from image processing since image processing results in another image while machine vision involves the extraction of the data from an image. Machine vision involves the methods as well as technology that are used to provide services such as image-based automatic analysis as well as inspection. These services are provided to areas such as process control, robotic guidance, and automatic inspection. Machine vision involves the incorporation of software, technology as well as hardware products. Moreover, the Machine vision has become a key technology in the area of manufacturing and quality control due to the increasing quality demands of manufacturers and customers. Machine vision utilizes industrial image processing through the use of cameras mounted over production lines and cells in order to visually inspect products, read or direct products and guide robots in real time without operator intervention.
Global machine vision market report is segmented on the basis of type, application, component, end-users and by regional & country level. Based on product type, global machine vision market is classified as the 1D, 2D, 3D and others. Based upon application, global machine vision market is classified into inspection, gauging, guidance, identification and others. Based upon component global machine vision market is classified into hardware and software. Based upon end-users global machine vision market is classified into automotive, electronics and semiconductor, healthcare, food and packaging and others.
The regions covered in this machine vision market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of machine vision is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Some major key players for Global Machine Vision Market are Cognex Corporation, Vitronic GmbH, Perceptron, Inc., Microscan Systems, Basler AG (Germany.), National Instruments, Optotune AG, USS Vision, ViDi Systems SA, Keyence, Omron Corporation, and others.
Cognex Acquires SUALAB to Advance its Leadership in Deep Learning-Based Machine Vision.
Oct 16, 2019: - Cognex Corporation leader in machine vision for factory automation and industrial barcode reading has announced the acquisition of SUALAB a leading Korean-based developer of vision software using deep learning for industrial applications. The count of SUALAB’s engineering team and intellectual property is expected to enhance Cognex’s existing deep learning capabilities based on technology acquired from ViDi Systems in April of 2017. However, the deep learning enables Cognex to solve many challenging inspection applications in factories, which, until now, could only be done by large teams of human visual inspectors said Robert J Willett, President and CEO of Cognex. Hence, the SUALAB’s considerable IP, engineering expertise, and extensive market coverage will help them to serve a fast-growing market, primarily in Asia. Cognex Corporation has tens of thousands of people perform difficult tedious and error-prone visual inspections for flaws and defects on electronic components and subsystems which will be done more reliably and at lower cost in the future with deep learning-based machine vision.
The need for quality inspection and automation inside factories, growing demand for AI and IoT integrated systems that depend on machine vision, increasing adoption of Industrial 4.0 technology that uses vision to improve the productivity of robotic automation, and government initiatives to support smart factories across the globe are driving the machine vision market. According to the International Federation of Robotics (IFR), the global average for industrial robots per 10,000 manufacturing workers grew from 66 in 2015 to 85 in 2017. With integration of artificial intelligence and other improvements in robotics (e.g., better machine vision, better sensors, etc.), robotics promises to see significantly improved pricing and performance over the next decade. However, changing requirements of end-user and lacking flexible machine vision solutions are some of the major restraining factors that may hamper the growth of the market.
According International Federation of Robotics (IFR) in 2021, the annual number of robots supplied to factories around the world will reach about 630,000 units. In addition, the mature vision systems require the support from faster hardware, advanced PC-based vision systems and plug-in vision engines, which eventually ensure ease of use and deployment. Moreover, these will be permitting a real-time multitasking operating system, which allows deterministic performance in all image-acquisition, vision-processing and input/output operations. Custom vision-processing hardware also allows robust vision functionality, in less complex and lower cost configurations, closer to the manufacturing process. Moreover, the PCs running under the Microsoft Windows NT operating system are becoming a dominant platform for delivering factory-floor monitoring and control applications. However, the innovative technology that addresses current PC-based vision systems’ limitations includes next-generation, single-board, PC plug-in vision engines and powerful, component-based software environments for vision application development and deployment. Moreover, the integration of AI in machine vision coupled with the rising demand for the Miniaturization of cameras and processors is expected to provide lucrative opportunity for the grow market.
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2027|
|Market Size in 2020:||USD 10.79 Billion|
|Base year considered||2020|
|Forecast Period CAGR %:||6.30 %|
|Market Size Expected in 2027:||USD 16.55 Billion|
|Tables, Charts & Figures:||175|
|Key Players/Companies||Cognex Corporation, Vitronic GmbH, Perceptron, Inc., Microscan Systems, Basler AG (Germany.), National Instruments, Optotune AG, USS Vision, ViDi Systems SA, Keyence, Omron Corporation, and others|
|Segments Covered||By Type, By Component, By Application, By End-user|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
North America is estimated to be the leading machine vision market during the forecast period. In addition, being the leader in technology development and high investment in the research and development for developing efficient manufacturing processes acts as a driver for the MV market in North America. According International Federation of Robotics (IFR) The U.S. had a stock of 0.49 robots per thousand workers in 1995, which rose to 1.79 robots per thousand workers in 2017.Furthermore; the increased focus on robotics has growth potential during the forecasted period. According to International Federation of Robotics (IFR) in 2017, the automotive industry remains the largest adopter of robots globally with a share of 33 percent of the total supply in 2017 sales increased by 22 % in 2020. Also, Asia Pacific market is expected to witness substantial growth over the next decade. This growth is witnessed in the wake of ample opportunities offered due to presence of large manufacturing hubs across the food and packaging, automotive, pharmaceutical, industrial, and consumer electronic sectors. China and Japan are prominent countries having the potential to offer extensive opportunities to emerging as well as mature technologies such as machine vision. Numerous manufacturing industries are contributing to the growth and prosperity of the region’s overall economic development.
By Regional & Country Analysis:
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