The global Machine Vision Market size is expected to value at USD 19.22 billion by 2025. The machine vision industry is subject to witness a substantial growth due to the growing demand for quality inspection and automation across various industrial segment. Furthermore, increasing demand for the vision-guided robotic systems across automobile, electronic, packaging, food & beverage, pharmaceutical, chemical industries is anticipated to boost the market growth over the forecast period. Globally, the machine vision market is predicted to grow at CAGR of 8.5% in the forecast period, providing numerous opportunities for market players to invest in research and development in the machine vision industry.
Rising popularity of application-oriented machine vision systems in automotive sector is expected to foster market demand for machine vision systems in upcoming years. Machine vision system is capable of understanding, inspecting, and responding with the help of multiple video cameras that are employed on the site. Machine vision uses digital signal processing and analog to digital conversion to achieve desired output. The captured data is sent to the main processing unit that coverts raw information into the desired output. Resolution and sensitivity is considered vital that is responsible for precise results. Higher resolution helps in identifying two distinctive objects, while superior sensitivity allows a machine to detect an object or a weak signal.
Machine vision are extremely influential in managing work environments. Machine vision contains features like process control, automated guidance system, and automated inspection that are vital in number of industrial applications. Increasing complexities involved with production activities on day-to-day basis, leading to human errors and fallibility to identify, monitor, and inspect faults during various manufacturing activities.
The recent technological advancement and development in the machine vision is estimated to amplify its demand in various industrial operations in years to come. Machine vision systems are increasingly substituting manual inspection and measurement techniques, thus providing a required efficiency and reliability during inspection and measurement processes. Machine vision systems constitutes intelligent cameras and image processing to carry out automated inspection and implement process control.
Robust growth in automotive industry in both developed and developing economies are enlarging the market demand for machine vision systems in near future. Additionally, increasing focus towards developments of advanced quality control techniques attributed to increasing demand from consumers and manufacturers are driving the market growth, in recent years. Rise in the laws and regulation by regional governments directed towards prescribed standards are expected to boost the market growth.
Increasing application of machine vision systems in food & beverages industry, packaging, and pharmaceutical sector are some of the key factors positively affecting market growth over the forecast period. Growing popularity of machine vision systems in food & beverages industry and packaging sector is credited to enhanced detection of objects, better analysis, monitoring tolerance, and precision during component measurement.
Machine vision systems are capable of performing both industrial and non-industrial applications with a mixture of hardware and software techniques thus offering functional guidance to devices for the execution of their functions such as the capture and processing of digital data and images. Machine vision systems encompasses cost-effective salutations with high-degree of precision, improved robustness, high reliability, and high mechanical, and temperature stability.
The machine vision market is divided by region such as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the adoption of latest technologies and existence of global manufacturing hub. Asia-Pacific region is predicted to hold major market share in the machine vision industry with massive growth in forecast period.
Countries such as South Korea, India, Taiwan, and Singapore are leading the Asia-Pacific market with increasing research & development activities, number of initiatives undertaken by local governments, and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the machine vision market are Basler AG, Cognex Co., Keyence Co., Microscan Systems Incorporations, National Instruments Co., and OMRON Co.
Machine Vision Offering Outlook (Revenue, USD Million; 2014 - 2025)
Machine Vision Product Outlook (Revenue, USD Million; 2014 - 2025)
• PC Based
• Smart Camera Based
Machine Vision Application Outlook (Revenue, USD Million; 2014 - 2025)
• Quality Assurance and Inspection
• Positioning and Guidance
Machine Vision Regional Outlook (Revenue, USD Million; 2014 - 2025)
• North America
• Asia Pacific
• South America
• Middle East & Africa
Research Support Specialist, USA