Machine Vision Technology Market Size, Share, Growth, and Industry Analysis, By Type (PC Based Machine Vision Technology, Embedded Machine Vision Technology, Smart Cameras Based Machine Vision Technology and Others), By Application (Industrial Applications, Non-Industrial Applications and Others), Regional Insights, and Forecast From 2024 To 2031

Updated On: 08 July 2024

Machine Vision Technology Market Report Overview

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The global machine vision technology market size was USD 19680 million in 2022 and is projected to touch USD 29949.61 million by 2031, at a CAGR of 4.8% during the forecast period.

Machine vision (MV) refers to the technology and methods used in industry to provide imaging-based automatic inspection and analysis for applications such as automatic inspection, process control, and robot navigation. The eye of industrial automation is machine vision. Machine vision approaches use cameras, sensors, and computer power to attempt to analyse images and enable machines (robots or other industrial instruments) to fulfil industrial activities such as production and quality assurance. The machine vision working principle consists of three distinct steps: capture, processing, and action.

COVID-19 Impact: The COVID-19 Underlying Condition Downfall the Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The effects of COVID-19 were catastrophic for the machine vision technology market growth. The outbreak of COVID-19 has had a negative impact on the economy due to government actions such as lockdown and border closures, which have caused delays in procurement, manufacturing, and delivery. China, being one of the first Asian countries to begin economic activity, has seen a recovery trend in its economic advancement. While the United States and Europe were experiencing a promising rebound, the overall economic trend remained sluggish.

 LATEST TRENDS

"Industry 4.O and the 3D Machine Vision Rising Trend  to Boost Market Growth"

Industry 4.0, the most recent industrial revolution, has fuelled the development of new technologies such as robotics, which play an important part in industrial automation, with robots managing many essential processes in industries. Vision-guided robots (machine vision) that use vision systems and image processing technology to accomplish jobs efficiently and productively are gaining popularity. Cognex Machine vision software, for example, is used by an automated robot device in an automotive assembly line to position and assemble engine block components.

3D machine vision is a growing trend that provides precise and real-time data to boost application performance. It detects items regardless of their location. 3D vision enables robots to see what is in front of them and react appropriately. Robotic Vision Technologies, for example, released their collaborative 3D vision guidance software, cVF, in 2017. cVF is very useful in collaborative assembly, handling, and packaging. The company anticipates that this software will be primarily used in the electronics, automotive, metal, and machining industries.

Machine Vision Technology Market Segmentation

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• By Type

Based on type the market is classified as PC based machine vision technology, embedded machine vision technology, smart cameras based machine vision technology and others.

• By Application

Based on application the market is classified as industrial applications, non-industrial applications and others.

DRIVING FACTORS

"The Automotive Sector to Hold a Significant Share and Decipher the Market Share"

The fundamental purpose of machine vision technology systems in the automotive industry is to improve product production and quality. Quality inspections and machine guiding are two major applications of these systems in this industry. Machine vision, on the other hand, improves the speed and precision of assembly robots and automated material handling equipment in machine guidance systems, which plays a crucial part in engine chassis marriage operations. The automobile industry is on the verge of a revolution as it transitions to autonomous vehicles to satisfy the expectations of an increasingly connected and fast-paced world. Machine vision cameras and accompanying equipment will play a vital part in the safety of self-driving cars by assisting the car in finding and recognising potential risks, as well as how to avoid them.

"The Rising Adoption of Robots in Various Sectors to Inflate Market Share"

The rising deployment of robots across industrial sectors is driving the use of vision-guided robotic systems. Industrial verticals such as automotive, pharmaceutical, packaging, and food & beverage are important areas where robotic systems are deployed, ultimately boosting demand for machine vision systems.

RESTRAINING FACTORS

"Lack of Efficient System Operators and Skilled Personnels to Restrain the Market Growth"

Because of capabilities such as improved item detection, increased analysis, monitoring tolerance, and accurate component measuring, the technology is gaining popularity in the food and packaging, automotive, pharmaceutical, and other industrial sectors. All of these factors are projected to drive market expansion throughout the forecast period. However, a lack of effective system operators due to insufficient training is a negative factor that is projected to impede the machine vision technology market growth.

Machine Vision Technology Market Regional Insights

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"Asia Pacific region to Lead the Market With Presence of Major Players and Automation"

Asia-Pacific is a major revenue-generating area in the machine vision technology market share. Asia-Pacific countries such as China and South Korea, among others, have some of the most extensive industrial facilities, with increasing automation. The region is rapidly adopting robots, which is projected to have an impact on the region's machine vision industry. Favorable government actions are also projected to boost automation in the region. Furthermore, labour costs in China are rising year after year. As a result, businesses in the country are focusing on employing automation technology to save manufacturing costs. These factors are also propelling the region's machine vision technology market forward.

KEY INDUSTRY PLAYERS

"Prominent Manufacturers to Contribute Towards Expansion of Market"

The report is an extensive research which presents the historic and futuristic performance of industry with competitive landscape analysis which incorporates prominent key players ,and revenue trends of industry. The report provides substantial analysis of company profiling, growth insights, supply-demand chain, production and consumption demand, business expansion strategies adopted by top key players. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and other factors.

List of Market Players Profiled

• Allied Vision Technologies (U.S.A)
• Basler (Germany)
• Adept Technology (U.S.A)
• Cognex (U.S.A)
• Keyence (Japan)
• ISRA Vision (Germany)
• Microscan Systems (U.S.A)
• Electro Scientific Industries (U.S.A)
• OMRON (japan)
• Seeing Machines (Australia).

INDUSTRY DEVELOPMENT

• "November 2018:" S70, an autonomous machine vision system, was launched by Inspekto. The S70 system may be implemented more rapidly (30 to 60 minutes) and at a lower cost than a standard machine vision solution. Because of its low cost and ease of deployment, industrial plants may instal it at any point on a production line and shift it from one line to another in minutes.
• "August 2018:" Atlas Copco has purchased the German company QUISS Qualitäts-Inspektionssysteme und Service AG, which provides machine vision systems for quality inspection and robot navigation primarily in the automobile industry. This acquisition increases the company's expertise in vision systems for robot guiding and quality inspections, allowing it to give additional client value in the field of automation.

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the segmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Analysis of sales, the impact of the market players,  recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.