Machine Vision System Market Size Forecast to Reach $16.4 Billion by 2026

Machine Vision System Market Size Forecast to Reach $16.4 Billion by 2026

“Machine Vision System Market”
Growing Demand for Smart Cameras Driving the Growth of Machine Vision System Market.

Machine Vision System Market Size is forecast to reach $16.4 billion by 2026, at a CAGR of 6.9% during forecast period 2021-2026. The need for inspection of flaws and controlling a specific task of industrial operations is motivating the utilization of machine vision systems in process control and quality control applications. Additionally, the growing penetration of automation and robotics across various industries and rapid advancements in industrial technologies along with the need for higher productivity are boosting the deployment of machine vision systems. These systems encounter wide range of applications in various industry verticals including oil& gas, aerospace, transportation, automotive among others and are able to serve their inspection needs with the available types such as PC-based and smart camera based machine vision systems.

Machine Vision System Market Segment Analysis – By Component

Machine Vision System and components market is led by cameras which are estimated to surpass $7.2 billion by 2026 majorly driven by the advancements in imaging technology. The machine vision system industry is expected to grow during the forecast period due to continued evolution of CMOS image sensors, rise in demand for automation in industrial applications and increased investments in R&D of smart camera and software by key players, such as Cognex Corporation, Teledyne Technologies, Inc., Keyence Corporation, and others. The global machine vision systems and components market has increased due to the rapid penetration of automation across several industry verticals. Moreover, the development of advanced sensors and software algorithms capable of offering precise and microscopic inspection in high speed production lines is escalating the growth rate of the market. Machine Vision market is estimated to witness significant growth in the coming years, on account of increased adoption in various industries for automatic inspection and control of machines or processes by capturing and interpreting and analyzing an image.

Machine Vision System Market Segment Analysis – By End Use Industry

Automotive industry is expected to witness a highest CAGR of 9.4% the forecast period, owing to Increasing investments and funds for semiconductors has been providing opportunities for adoption of automation technology which further set to drive the demand of connectors in semiconductor industry. These systems encounter wide range of applications in various industry verticals including oil& gas, aerospace, transportation, automotive among others and are able to serve their inspection needs with the available types such as PC-based and smart camera based machine vision systems. Investments by the U.S automakers for strengthening of the manufacturing of automobiles with increasing integration of recent robotic vision technologies in vehicles is accompanying the growth of the robotic vision market in the U.S. Industry revenue is projected to continue grow due to this development.

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Machine Vision System Market Segment Analysis – By Geography 

Machine Vision System market in Europe region held significant market share of 41% in 2020. The investments are rising for electric, connected and autonomous vehicles and this in turn U.S. accounted a huge market base for Machine Vision due to the growing adoption of machine vision system technology by vision companies continues to witness exploration for new applications in a variety of industries that are driving the machine vision market driven by a push from companies such as Google and Verizon. The rising initiatives in Middle East and Africa for the increasing need of automation is set to propel the machine vision market. The growth of manufacturing industry in Africa and Middle East (AME) is expected to grow at a CAGR of 13.1% between 2019 and 2025 thereby significantly driving the market 

Machine Vision System Market Drivers 

Growing Demand for Smart Cameras

Smart cameras often support a machine vision system by digitizing and transferring frames for computer analysis.  A smart camera has a single embedded image sensor. They are usually tailored-built for specialized applications where space constraints require a compact footprint. Smart cameras are employed for a number of automated functions, whether complementing a multipart machine vision system, or as standalone image-processing units. Smart cameras are considered to be an effective option for streamlining automation methods or integrating vision systems into manufacturing operations as they are cost-efficient and relatively easy to use. There is a huge demand for smart cameras in industrial production as manufacturers often use them for inspection and quality assurance purposes. Thus, increasing demand for smart cameras will drive the machine vision systems market growth in various industrial applications. 

Increasing need for quality products, high manufacturing capacity 

Machine vision systems perform quality tests, guide machines, control processes, identify components, read codes and deliver valuable data for optimizing production. Modern production line are advanced and automated. Machine vision enables manufacturing companies to remain competitive and prevent an exodus of key technologies. Recognizing trends and irregularities in production processes early on machine vision paves the way for realizing the smart factory of the future. Machine vision ensures safety in production process as well as quality in the end product. 

Machine Vision System Market Challenges

Lack of awareness among users and inadequate expertise 

The robotic vision technology is rapidly changing, with new technologies emerging constantly, and new tools coming to market incredibly fast to make tackling automation problems easier. In the past decade alone, the robotic vision market has seen the introduction of more advanced sensors in terms of both smaller pixels and larger sensors, software platforms that continues to be more accurate, and lighting which is growing brighter and becoming more efficient. The high cost of the research and development in robotic vision and the lack of awareness among users about the rapidly advancing robotic vision technology are key factors likely to hinder the market to an extent.

Machine Vision System Market Landscape

Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Machine Vision System market. Machine Vision System top companies include Cognex, Omron Corp., Sony Corp., Panasonic Corp., Microscan, Basler AG, Keyence Corp., National Instruments, Sick AG, Teledyne Technologies, FLIR and others.

Acquisitions/Product Launches

In May 2019, Stemmer Imaging expanded its presence in international markets with the acquisition of Infaimon S.L

In April 2019, JDA Software, Inc. and Panasonic Corporation announced an agreement between JDA Japan and Panasonic to establish a joint venture company to further promote sales of the companies’ joint solutions for the manufacturing, logistics, and retail industries in Japan.

Key Takeaways

The rising need for advanced manufacturing in the U.S have increasingly demanded the use of machine vision systems. 

The market players are majorly opting for various strategies such as product launch, partnership and agreements and collaborations to gain market traction and further penetration to explore the hidden opportunities in upcoming trends including Industry4.0

Recognizing trends and irregularities in production processes early on machine vision paves the way for realizing the smart factory of the future. Machine vision ensures safety in production process as well as quality in the end product.

Related Reports:

A. Robotic Vision Market 

https://www.industryarc.com/Report/15358/robotic-vision-market.html

B. Camera Modules Market 

https://www.industryarc.com/Research/Camera-Modules-Market-Research-505437

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