The global industrial vision market is anticipated to reach approximately USD 11 billion at phenomenal CAGR of 14% during the forecast period (2017-2023), confirms Market Research Future (MRFR) in its detailed report. Machine vision technology has made its presence felt in various industries and has grown into a sizable global market. The primary factor responsible for this growth is the ability of machine vision systems to process a vast amount of information in a fraction of seconds. This ability encourages manufacturers to make concerted efforts to enhance their products without any defects. Industrial machine vision systems offer high reliability, stability, and accuracy as compared to the systems used in institutional or educational applications. They cost significantly lesser than their counterparts used in military, aerospace, defense, and government applications. On account of these pros, the demand for these systems is massive and is expected to result in greater adaptability of the technology in industrial applications. Also, the growing adoption of Industrial 4.0 and artificial intelligence (AI) will create huge growth opportunities for the industrial vision market.
On the flip side, restraining factors negatively affecting the market growth include the changing requirements of end users with respect to industrial machine vision applications. Despite the restraining factors, the market size is expanding due to industries realizing the importance of quality assurance in manufacturing processes, leading to widespread acceptance of machine vision as an integral part of long-term automation development process.
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Major Key Players:
The players competing in the industrial vision market include LMI Technologies (U.S), Adept Technologies Inc. (U.S), Teledyne Dalsa (U.S), Cognex Corporation (U.S), Basler AG (Germany), and Pixelink (U.S).
Basler AG has signed a joint venture agreement with its distributor, Beijing Sanbao Xingye (MVLZ) Image Tech. Co. Limited. Beijing. Sanbao Xingye (MVLZ) Image Tech. Co. distributes image processing components and also consults its customers in machine vision and scientific imaging. Both companies have decided to transfer the machine vision division to the newly established Beijing-based Basler China.
According to MRFR, the global Industrial Vision Market is growing rapidly over 14% of CAGR and is expected to reach at USD 11 billion by the end of forecast period.
The industrial vision market is geographically segmented on the basis of Asia Pacific, North America, Europe and Rest of the World (RoW).
MRFR notes that North America has the largest market share in global industrial vision market, due to advanced technology being implemented in industries. The market in North America is fuelled by an augmented need for quality inspection and growing demand from multiple end-user industries for vision machine technology. Moreover, presence of well-established companies and continuous mergers and other business strategies adopted by them buoys the market trajectory in the region.
On the other hand, Asia-Pacific is surging with a high growth rate in the market on account of major revenue generating countries such as China, Japan, India and South Korea in the region. Also, the Asia-Pacific region is a major supplier of components such as sensors, cameras, and other hardware generally used in machine vision. Demand for machine vision will increase in coming years in sectors like foods and beverages, semiconductor, security, and surveillance. These factors prove fruitful for the market growth in this region.
Europe is also one of the top players in the global market due to the presence of major automotive manufacturers in the region. The Europe market is flourishing owing to growing need for quality inspection and the prevalent trend of product miniaturization in the region. Increasing investment for both research and product innovation by manufacturers has been noted in the region due to which the market is poised for long-term growth. Moreover, strong economic state and high disposable income of the large population in the region also affect long-term market expansion.
The global industrial vision market is segmented on the basis of products, technology and verticals.
The products segment is sub-segmented into personal computer-based and embedded. Embedded system is useful for performing same basic tasks and rarely need any hardware changes such as adding extra storage space. They also perform a simple role that is constant, which is the requirement for the operating system. These systems can also run on less sophisticated operating system and never require updating. Some examples of embedded devices are automatic teller machines (ATMs) and airplane seat-back entertainment displays. These advantages have propelled the embedded system market growth immensely.
By technology, the market is segmented on the basis of laser, imaging and augmented. Laser-based machine vision is a valuable tool for industries looking to improve various areas of production such as prototyping, assembly, and inspection. The technology enables better 3-dimension visualization throughout the manufacturing process. Hence, the laser-based industrial vision segment has risen considerably owing to the advantages it provides to several industries.
Various verticals in the global industrial vision market are automotive, food & packaging, pharmaceuticals, healthcare, consumer electronics, metals, and others. Artificial intelligence which is a part of industrial machine vision is a useful tool used to detect breast cancer, colon cancer, and lung cancer. It reduces the time a medical professional spends training the machine and is extensively used by radiologists and oncologists. For instance, in 2016, Boston Children’s Hospital developed an app for Amazon Alexa which gives basic health information as well as advice to parents of ill children.
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- Investors and consultants
- System Integrators
- Government Organizations
- Research/Consultancy firms
- Technology solution providers
- IT Solution Providers
- Automotive Manufacturers
- Original Equipment Manufacturers
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