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The global machine vision market size was USD 7.85 billion in 2020 and is projected to grow from USD 8.39 billion in 2021 to USD 14.18 billion in 2028, at a CAGR of 7.8% during the 2021-2028 period. Based on our analysis, the global market exhibited a huge decline of -5.5% in 2020. The global impact of COVID-19 has been unprecedented and staggering, with machine vision technology witnessing a negative demand shock across all regions amid the pandemic. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
Machine vision encompasses the ability to inspect, observe, & scrutinize work performance by installing one/ more than one video camera, analog to digital conversion, and digital signal consumer electronics. The data is then transferred to a computer to analyze the desired output. MV systems have two important aspects, i.e., resolution and sensitivity. Resolution is installed for separating between objects. On the other hand, sensitivity provides the ability to detect objects in dim lights/ dark environments.
MV systems particularly assist in administering the work environment. These systems offer features such as automatic inspection, robotic guidance, and process control in industrial applications. This enables observing difficult and unreliable situations difficult for the human eye to observe, detect & examine during the production activity.
COVID-19 Pandemic: Halted Manufacturing Activities to Hamper Market Growth
The outbreak of the COVID-19 pandemic led to strict lockdown restrictions, causing disruptions in manufacturing and sales activity. The global outbreak of coronavirus has considerably impacted manufacturing industries, including the machine vision market growth. Global concerns and regulations force businesses to think aggressively in order to boost sales and revenue.
This industry has already exhibited contraction in the 2019 fourth quarter & 2020 first quarter. Furthermore, the companies expect a much stronger impact from the pandemic during the 3rd & 4th quarters of 2020 and the first quarter of 2021. The manufacturer and distributor shared this opinion that the customers expect not to get the products due to stock and supply chain concerns. Furthermore, most businesses anticipate that revenue will not return to pre-crisis levels by the end of 2021, or even one year after the peak crisis.
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Advancements in Industry 4.0 are Expanding Opportunities across Manufacturing Sector
Generally, industries are growing, and they are more focused on developing themselves in advanced technology. Innovations like Industry 4.0, or “The Industrial Internet of Things” are emerging and contributing towards transforming the manufacturing industries. Likewise, the Industrial Internet of Things exhibits substantial growth in productivity, refining product quality, reducing waste, enhancing manufacturing flexibility, decreasing operational costs, and other benefits on the factory floor.
This innovation has boosted the use of Cyber-Physical System (CPS), components like sensors accumulate the data for producers so that it helps them identify and trace parts and subassemblies. Furthermore, this process of data collection enables devices to exchange information and control and interact independently. As data analytics capabilities are progressing in the market, the huge volume of data analyzed through vision equipment will be utilized.
This will help discover and indicate the defective products and enable fast & effective intervention in the industry 4.0 factory, thus making machine vision a crucial part of automation for manufacture & production industries.
Increasing Demand in Vision Enabled Robotics Systems to Boost Market Demand
Lately, this market has witnessed a significant change with respect to automation & robotics systems. Robotics & smart manufacturing is making machine vision technology a necessary tool for industrial automation. Likewise, there has been major growth in the use of industrial robots in the automotive & consumer electronic sectors. This has led to the rise in requirement for the integrated MV systems with vision-guided robot controllers. This vision system has augmented the efficiency of robots by enabling them to see & respond.
Furthermore, the vision enabled feature of this system is an aid in the pharmaceutical industry also, as it diligently captures the whole process & records data for careful inspection. For instance, a major player like Cognex, headquartered in Massachusetts, U.S, is already making their presence in this industry by manufacturing devices & components enabled with advanced robotics & automation, making them usable in the manufacturing process.
Daily Required Maintenance and Lack of Skilled Professionals to Hamper Growth
Machine vision system empowers a rapid, definitive & specific control with effective production & increased delivery reliability. To continue this reliability, these machines & devices often need careful attention & daily maintenance as the functionality of these systems' functionality relies on their aftercare. These machines are advanced & well equipped with automation; therefore, the investment involved in the maintenance is quite high. These costs include installation costs, purchasing costs.
Furthermore, the death of skilled professionals is also a restraining factor in this market. There is a lack of professionals in the market, therefore training is provided to employees & operators. Likewise, it is often difficult to inspect multiple products on the same smart camera. Hence there is a necessity for capable workers. A specialized & specific knowledge of equipment is required for the execution of an MV system. However, this restraint is projected to get controlled in the forecast period, owing to the rise in the penetration in different industries.
2-D Vision System Segment to Hold Dominant Market Share
Based on type, the market is divided into 1-D vision system, 2-D vision system, and 3-D vision system.
The 2-D vision system segment is slated to dominate the market share during the projected period. This is due to its use in a digital camera that captures images of an object. 2D vision systems, a 2-dimensional map with (X, Y) coordinate, the reflected image light is captured and processed. Traditionally these 2-D systems were used for label orientation, printing verification, and barcode reading.
3D vision systems usually include multiple camera system. This enables capturing the true and exact orientation of the product and its dimension for smooth operation. Hence, the segment is expected to exhibit strong growth in the coming years. These systems involve multiple cameras fixed at different locations for the objective position of the product in 3-D space. Furthermore, 1D vision systems usually classify defects on products manufactured in a cycle/ continuous process, for instance, metals, paper and plastics, along with other sheet or rolled products.
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PC Based Segment to Remain at Forefront through 2028
By system, the market is segregated into PC based, smart camera, and others (Compact, etc.).
PC based MV systems were the most prominent product segment in the market. The segment is anticipated to maintain its position in the global market throughout the forecast period. Further, smart camera systems are projected to exhibit a substantial growth rate over the forecast period. The growth is attributed to the increasing implementation of cameras in 3D sensing and imaging.
MV systems, also known as vision systems, consist of several cameras. Depending upon system, these cameras are fixed over the assembly line to detect and scan products and capture the data. This is expected to lead to increased adoption of these cameras in the industry.
Automotive Segment to Exhibit Robust CAGR over 2021-2028
The Industry is classified as semiconductor, healthcare, automotive, manufacturing, and others (retail, banking, etc.).
The automotive industry is the leading end-use segment of machine vision systems globally. The sector is predicted to experience strong growth in the coming years.
MV systems installed in the automotive sector are widely used for scrutiny purposes, including assembly verification, error proofing, presence/absence checking, and during the final inspection. Further, these MV systems in the automotive sector are also installed for robotic guidance, testing automation purposes, and dimensional gauging.
The food & beverage industry is poised to exhibit the highest CAGR during the forecast period. MV systems in the manufacturing industry are prominently used in packaging and bottling operations. Healthcare, and others including retail, banking, food & beverage, agriculture, solar paneling, security & surveillance, and rubber and plastic processing, are also predicted to develop at a substantial CAGR in the coming years.
North America Machine Vision Market Size, 2020 (USD billion)
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North America to Dominate Market Share Led by Ongoing Technological Advances
North America is considered to be among the growing revenue generators in the global market. This is owed to the dominant presence of the semiconductor industry in the region, an important segment for MV systems. Further, MV technologies are becoming smaller and smarter to fit, in automation applications, for instance, autonomous vehicles, AI-driven bin picking, advanced inspection technologies, etc. All these are expected to enhance the demand for MV systems in the region.
U.S. to Witness Highest CAGR Owing to its Competitive Advantage
The United States 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 US is among the leaders in R&D activities for technology development, developing efficient engineering processes. All these factors act as a driver for this market in the United States.
Asia Pacific is anticipated to exhibit high growth in the coming years. Countries such as China, South Korea, Japan, India, and other countries play a major role in the market opportunity during the forecast period. The market in this region is still in its nascent stage and expected to grow at a noteworthy rate driven by the increasing number of new entrants. Some of the Asian vendors, such as Keyence and Panasonic, have a strong market presence.
Meanwhile, Europe will witness substantial growth in the forthcoming years. 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 for the growth of this market in the region.
The market in the Middle East & Africa grow 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 machine vision systems.
MV in Latin America is predicted to experience steady growth mostly owed to the convenience of smart cameras. Some of the industries driving the market in South America are automotive, pharmaceutical & health care, packaging, and electronics.
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 around 62%-67%. These players are focusing on offering specialized and varied products to cater to specific system requirements. To illustrate, Omron, Panasonic & Toshiba are offering MV systems to perform character inspections, appearance inspections, defect inspections, and positioning inspections. Likewise, Sony is offering CMOS image sensors, which facilitates 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.
An Infographic Representation of Machine Vision Market
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The market research report provides a detailed analysis of the market. It focuses on key aspects, such as competitive landscape, leading companies, product/service types, and leading product applications. Besides, the report offers insights into the current machine vision market trends and highlights key industry developments resulting from primary and secondary research studies. In addition to the factors mentioned above, the report encompasses the analysis of several key factors that have contributed to the growth of the market over recent years.
Value (USD billion)
Type, System, Industry, Region
Fortune Business Insights says that the market value stood at USD 7.85 billion in 2020.
In 2028, the market is expected to be worth USD 14.18 billion.
The market will exhibit a steady CAGR of 7.8% during the forecast period.
North America stood at USD 3.01 billion in 2020.
Based on type, the 2D vision system segment is expected to lead the market segment during the forecast period.
Increasing demand in vision enabled robotics systems to boost the market demand will boost the growth of the market.
Cognex Corporation, Basler AG, Omron Corporation, Keyence, National Instruments, and Sony Corporation are the key market players.
Based on System, the PC-based segment is expected to hold the highest share in the market.
The need for daily maintenance of machines & the lack of skilled professional will hamper market growth during the forecast period.
Adoption of industry 4.0, automation and technological advancements in manufacturing industries is the latest market trend.
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