Machine Vision Market Size, Share & COVID-19 Impact Analysis, By Type (1-D Vision System, 2-D Vision System, and 3-D Vision System), By System (PC based, Smart Camera, and Others), By Industry (Semiconductor, Healthcare, Automotive, Manufacturing, and Others), and Regional Forecast, 2023-2030

The global machine vision market size was valued at USD 9.01 billion in 2022 and is projected to grow from USD 9.68 billion in 2023 to USD 16.82 billion by 2030, exhibiting a CAGR of 8.2% during the forecast period of 2023-2030. The North America dominated the machine vision market with a share of 38.62% in 2022.

Machine vision (MV) includes the installation of one or more video cameras, analog to digital conversion, and digital signal consumer electronics to allow for the inspection, observation, and scrutiny of work performance. The data is then sent to a computer for analysis to produce the desired results. There are two key components to MV systems, i.e., resolution and sensitivity. Resolution is set up to distinguish between objects. On the other hand, sensitivity makes it possible to find objects in environments with low light or complete darkness.

Particularly useful are MV systems for managing the workplace. Automatic inspection, robotic guidance, and process control are just a few of the features that these systems provide for industrial applications. This enables the observation of challenging and unreliable circumstances that are challenging to observe and detect with the human eye.

COVID-19 IMPACT

Healthcare Sector Experienced Major Surge During COVID-19 Pandemic

Given that most areas were under lockdown due to the epidemic, there was a significant decline in auctions for the market. Several manufacturing and industrial sectors were shut down as a result of the lockdown. Manufacturers and consumers halted all operations for several months as a result of the lockdown. However, a gradual increase in demand for the implementation of techniques in the healthcare industry were also witnessed, such as camera-based vision systems that aided hospital administration in tracking patients' health and other constantly monitored variables. The government is enticing businesses to gradually unlock their potential as things become more routine. Currently, the market is experiencing increased demand as businesses rapidly automate more and more of their operational procedures due to COVID which is contributing to growth in this market.

LATEST TRENDS

3D-Imaging Components Are Accelerating Market Growth 

A technology and application base are both involved in one of the more obvious technological trends. Robotics that are guided by 3D vision are the technology and the application. The continued advancement of 3D imaging system capabilities is paving the way for the growth of vision-guided robotics solutions across a wide range of industrial markets, even though this vision has been an important aspect of robotic automation for a variety of use cases. The most notable development has been the emergence of standard solutions that combine 3D imaging technology, cutting-edge software, a robot, and related components in integrated systems that hold the promise of wider and simpler integration & implementation in applications requiring 3D location and part handling, and even random object pick and place.

Logistics and distribution, as well as machine tending, are some use cases that can immediately see the advantages of these systems. Related application-focused robotic solutions are also utilizing 2D or 3D imaging for a variety of flexible inspection applications, with at least one system notably incorporating the study of a CAD model to spontaneously direct an imaging system to review points on an object without robot programming.

DRIVING FACTORS

Increasing Demand for Quality Inspection & Automation to Bolster Market Growth

The market is probably going to be driven by the increasing demand for quality inspection & automation across various industrial sectors. The requirement for vision-guided robotic systems in the food and beverage, automotive, packaging & pharmaceutical, and chemical sectors is also expected to boost machine vision market growth. The implementation of the technology is also expected to increase during the forecast period due to the surge in demand for application-focused vision systems.

By using one or more digital signal processing, analog-to-digital conversion, MV systems & video cameras give computers the ability to watch, examine, and scrutinize how work is being done. The computer will then analyze the data after it has been captured and produce the desired output. Any MV system should prioritize resolution and sensitivity. In contrast to sensitivity, which is the machine's capacity to identify objects or weak impulses in the presence of low light or invisible wavelengths, resolution is responsible for distinguishing between objects.

RESTRAINING FACTORS

Lack of Skilled Professionals Across Industries to Hinder Market Growth

Machine vision systems facilitate efficient manufacturing, quicker, more accurate, and more reliable deliveries. However, it necessitates significant financial outlays for the education and training of the operators, which is essential for the technology's development into new markets. It is often difficult to inspect a large number of items with a single smart camera, but the method makes it possible.

It takes specialized equipment knowledge to implement a machine vision system. This limitation is estimated to be overcome throughout the projected period due to ongoing R&D by major players and the mounting implementation of machine vision systems across industries.

SEGMENTATION

By Type Analysis:

2-D Vision System Segment to Be Dominant As It is Used to Take Pictures Of Objects With A Digital Camera

Based on type, the market is divided into 1-D vision system, 2-D vision system, and 3-D vision system.

During the anticipated period, the 2-D vision system segment is expected to hold a dominant market share. This is because it is used to take pictures of objects with a digital camera. In 2D vision systems, the reflected image light is captured and processed onto a 2-dimensional map with (X, Y) coordinates. These 2-D systems were traditionally employed for barcode reading, printing verification, and label orientation.

Multiple camera systems are typically used in 3D vision systems. This makes it possible to accurately and fully capture the product's orientation and dimensions for efficient operation. Consequently, the sector is anticipated to experience rapid growth in the years to come. These systems use multiple cameras fixed to various locations to determine the product's objective position in three dimensions.

Furthermore, 1D vision systems typically classify flaws on goods produced using a cycle or continuous process, such as metals, paper, and plastics, along with other sheet or rolled goods.

By System Analysis

PC Based Industry to Remain at the Forefront in the Coming Years

By system, the market is segregated into PC based, smart camera, and others (Compact, etc.).

The most popular product category on the market was PC-based MV systems. Throughout the forecast period, it is anticipated that the segment will continue to hold its position in the global market.

Furthermore, over the course of the forecast period, smart camera systems are expected to grow at a significant rate. The growth is attributed to the expanding use of cameras in 3D sensing and imaging. Multi-camera systems, or MV systems for short, are also known as vision systems. These cameras are fixed above the assembly line, depending on the system, to detect and scan products and collect data. This is anticipated to increase the industry's use of these cameras.

By Industry Analysis

Automotive Sector to Lead As These Systems Are Used Commonly in the Sector

The industry is classified as semiconductor, healthcare, automotive, manufacturing, and others (retail, banking, etc.).

Machine vision systems are most commonly used in the automotive sector. In the upcoming years, the sector is anticipated to grow rapidly. Presence/absence checking, error proofing, assemblage verification, and final inspection all involve the use of MV systems installed in the automotive sector. Additionally, in the automotive industry, these MV systems are installed for testing automation, dimensional gauging, and robotic guidance.

The semiconductor & electronics industry is poised to exhibit the highest CAGR during the forecast period owing to the offering of lower-cost solution portfolios and cutting-edge business models that have an advantage due to the expanding need to automate high-quality inspection tasks in the electronics and semiconductor space.

Healthcare, including manufacturing & others such as banking, food & beverage, retail, solar paneling, agriculture, security & surveillance, and rubber and plastic processing, are also predicted to develop at a substantial CAGR in the coming years.

REGIONAL INSIGHTS

North America to Dominate Market Share led by Ongoing Technological Advances

North America is a sizable market and is expected to dominate machine vision market share as it is region for providers of machine vision solutions. The regional market is expected to grow significantly over the course of the forecast period as a result of manufacturing automation's early adoption and the presence of a sizable number of vendors with regional roots. Due to the dominance of the semiconductor industry, a key industry for MV systems, in the North American region, this market is dominated by this region. MV technologies are also becoming more sophisticated and compact to fit into automation applications such as autonomous vehicles, AI-driven bin selection, etc.

The U.S. will showcase the highest growth because North America has a competitive edge over other regions. This is owed to the presence of many international players in the region. Also, the U.S. is among the leaders in R&D activities for technology development, developing efficient engineering processes. All these factors act as drivers for the MV systems market in the United States.

Asia Pacific is anticipated to exhibit high growth in the coming years. For providers, the expansion of the regional market can be attributed to the major nations, including China, Japan, India, and South Korea, which have the biggest factories and where the automation of manufacturing processes has been prioritized above all else. The region's quick industrial growth has greatly aided in the development and success of numerous innovations through the adoption of various technologies.

Meanwhile, Europe will witness substantial growth in the forthcoming years. It is attributed to the impressive developments in automation and technology that are essential to MV systems. The requirement for quality control and automation inside manufacturing facilities is also anticipated to play a significant role in this market's growth in the region. Also, MV systems are relying on the remarkable movement of progress in technology and automation. Also, the need for quality inspection and automation inside manufacturing facilities is expected to be the main aspect driving the growth of the MV market in the region.

The market in the Middle East & Africa grows at a slower pace owing to the slow pace of economic development. The region is progressively moving from the oil & gas sector to other services & manufacturing sectors. So, there is scope for increasing investments in the process and manufacturing industries in the region, thus increasing the demand for these systems.

MV in Latin America is predicted to experience steady growth, mostly owing to the convenience of smart cameras. Some of the industries driving the MV market in South America are automotive, pharmaceutical & health care, packaging, and electronics.

KEY INDUSTRY PLAYERS

Key Players Launch New Product to Expand Market Presence 

Market players are constantly investing in product innovation to boost their market presence.  The prominent players hold a dominant share of the market of around 62%-67%. These players are focusing on offering specialized and varied products to cater to specific system requirements. To illustrate, Omron, Panasonic, and Toshiba are offering MV systems to perform character inspections, appearance inspections, defect inspections, and positioning inspections. Likewise, Sony is offering CMOS image sensors, which facilitate the automation process in manufacturing.

Meanwhile, other industry participants are adopting partnership and collaboration strategies to expand their market presence. In addition, they are emphasizing waste reduction by recycling waste products and lowering the usage of raw materials.

LIST OF KEY COMPANIES PROFILED:

• Cognex Corporation (U.S.)


• Basler AG (Germany)


• Omron Corporation (Japan)


• Keyence (Japan)


• National Instruments (U.S.)


• Sony Corporation (Japan)


• Teledyne Technologies (U.S.)


• Texas Instruments (U.S.)


• Intel Corporation (U.S.)


• ViDi Systems SA (Switzerland)

KEY INDUSTRY DEVELOPMENTS:

• December 2022 - German innovator in lighting technology SAC Sirius Advanced Cybernetics GmbH ("SAC") has been acquired by Cognex. The acquisition broadens Cognex's reach into sectors like automotive and consumer electronics that produce products quickly and with little tolerance for failures that endanger safety.


• September 2022 - To support the NVIDIA® Jetson OrinTM Nano system-on-modules (SOMs), which have raised the bar for entry-level edge Artificial Intelligence (AI) and robotics, Basler introduced add-on camera kits with 5 and 13 MP.


• September 2022 - The 2-megapixel Optimom from Teledyne e2v is a collection of turnkey optical modules that can be "instantly" integrated into embedded-vision systems. It has a compact board, an FPC connector that is widely used in the industry, an integrated low-noise global shutter image sensor from Teledyne e2v, and supplemental lenses.


• August 2021- The innovative "VT-S10 Series" PCB inspection system has been released by OMRON Corporation. With the help of this system, high-precision inspection of electronic substrates is automated without the need for specialized knowledge.


• March 2021- Cognex unveiled its newest line of portable barcode scanners, the DataMan 8700 Series, which is based on a brand-new technology platform. The apparatus offers state-of-the-art performance and is incredibly easy to use, requiring no prior tuning or operator training.

REPORT COVERAGE

The report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product/service types, and leading applications of the product. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the growth of the market in recent years.

Report Scope & Segmentation