Industrial Machine Vision Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2442
Industrial Machine Vision Market size is expected to witness growth owing to the rising demand for automated quality inspection across various industries. With the rising number of manufacturing plants & facilities across the globe, manufacturers are focusing increasingly on quality assurance in the production process. It has resulted in the increasing adoption of machine vision technology as an internal part of the automation development process. Traditional manufacturing procedures relied on human element at the inspection stage, which proved to be less efficient.
Increasing demand for Industrial Internet of Things (IoT) and Artificial Intelligence (AI) infused machine vision systems is anticipated to boost the industrial machine vision market over the forecast timespan. AI’s capability to make intelligent decisions in the real-time in uncertain environments and to combat cybersecurity threats is fueling the industry demand. In addition, the miniaturization of electronic hardware components and the development of enhanced AI-based software algorithms have led to an increasing integration of machine vision and IIoT.
Rising government initiatives to encourage the growth of smart factories are propelling the industrial machine vision market growth. Governments across various emerging economies are investing in the development of smart manufacturing techniques to support the industrial sector. For instance, the government of China’s Made in China 2025 policy for the integration of digital technologies and industrialization is providing an impetus to the industrial machine vision market.
Unpredictable end-user demands pertaining to industrial machine vision applications are major factors restricting the industrial machine vision market growth. The requirement of the type of machine vision technology changes depending on the manufacturing industry under consideration. These changing requirements require enhanced software algorithms for inspection or manufacturing procedures. Furthermore, the lack of flexible machine vision solutions coupled with increasing complexities of integrating machine vision solutions poses significant challenges to the industrial machine vision market.
The industrial machine vision market is segmented into the component, product, application, end-use, and region. Based on the component, the market can be segmented into hardware and software. The hardware segment encompasses LEDs, optics, processors, and cameras while the software segment includes application-specific software and deep learning. Growing significance of AI-infused machine vision software is anticipated to fuel the industrial machine vision market. Capabilities of deep learning to provide real-time solutions facilitate the detection of faults during the manufacturing process and aid the technology to gain popularity.
Based on application, the industrial machine vision market can be classified into identification, measurement, positioning & guidance, and quality assurance & inspection. The quality assurance & inspection segment will witness growth owing to the increasing demand for high-quality products in less amount of time. Utilization of machine vision enhances the automation process by identifying problems in a short span of time. In addition, the rising requirement of industries to reduce operational costs and improve the response time is contributing to the industry demand.
By end-use, the industrial machine vision market can be categorized into solar panel manufacturing, machinery, glass, pharmaceuticals, rubber & plastics, food & packaging, wood & paper, metals, printing, electronics & semiconductor, consumer electronics, and automotive. Food & packaging involves a range of processes that include portioning, sorting, grading, processing, quality checking, and packaging. These processes require machine vision technology for the smooth operation of the manufacturing process. Stringent government regulations pertaining to the quality of food products are further fueling the adoption of the technology in the food & packaging sector.
Asia Pacific industrial machine vision market is predicted to witness a significant growth over the forecast timespan. The growth can be accredited to the increasing number of industries in emerging economies including China, India, Japan, and South Korea. An increase in the demand for consumer products in China is providing growth opportunities to the industrial machine vision market. The growing trend of the drift toward 3D-based industrial machine vision systems is expected to propel the regional market growth.
Key players operating in the industrial machine vision market include Omron Corporation, Teledyne Technologies, Keyence Corporation, MVTec Software GmbH, National Instruments, Texas Instruments, Baumer Optronic, Qualitas Technologies, Sick AG, and ISRA Vision AG. Companies operating in the industry are trying to strengthen their market presence in emerging economies with the launch of advanced solutions and by involving in merger & acquisition activities. For instance, in April 2017, Omron Corporation announced that the company will be acquiring industrial camera firm Sentech Co., Ltd. to provide enhanced solutions to customers.
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