Status : Published Published On : Nov, 2020 Report Code : VRSME9030 Industry : Semiconductor & Electronics Available Format : Page : 165

Global Machine Vision Market – Analysis and Forecast (2020–2025)

Industry Insights by Offering (Hardware, Software), by Product (PC Based, Smart-Camera Based), by Application (Quality Assurance and Inspection, Positioning and Guidance, Measurement, Identification), by End User (Automotive, Pharmaceuticals & Chemicals, Electronics & Semiconductor, Pulp & Paper, Printing & Labeling, Food & Beverage [Packaging and Bottling], Glass & Metal, Postal & Logistics, Others)

Industry Overview

The global machine vision market is estimated to be USD 9.5 billion in 2020 and is predicted to reach USD 12.9 billion by 2025, growing at a CAGR of 6.0% during the forecast period. The factors responsible for the growth of machine vision across the globe are growing demand for quality inspection and automation in various industrial verticals, rising demand for vision-guided robotic systems across the various industries such as chemical, food & beverage, pharmaceutical, packaging, and automotive industries.

Machine Vision Market Highlights

Market Segmentation

Insight by Offering

Based on offering, the global machine vision market is categorized into hardware and software. In 2019, the hardware segment is expected to dominate the machine vision market. The segment is also expected to grow at a faster rate during the forecast period. 

Insight by Product

On the basis of product, the global machine vision market is bifurcated into PC based, and smart-camera based. In 2020, the PC based segment is expected to be largest among all the segments and is projected to maintain its dominance, over the study period. However, smart camera-based system is expected to experience fastest growth rate during the forecast period. This is owing to the increasing adoption of cameras in 3D imaging.

Insight by Application

On the basis of application, the global machine vision market is categorized into quality assurance & inspection, positioning & guidance, measurement, and identification. In 2020, the quality assurance and inspection segment is expected to be largest among all the segments and is projected to maintain its dominance, over the study period. However, identification segment is expected to experience fastest growth rate during the forecast period. This is owing to various advantages and opportunities offered by the technology globally.

Insight by End User

On the basis of end user, the global machine vision market is categorized into automotive, pharmaceuticals & chemicals, electronics & semiconductor, pulp & paper, printing & labeling, food & beverage (packaging and bottling), glass & metal, postal & logistics, and others. In 2020, the automotive industry segment is expected to be largest among all the segments and is projected to maintain its dominance, over the study period. 
Machine vision in the automotive industry is majorly utilized for inspection purposes such as absence or presence checking, error proofing, assembly verification, and final inspection. Besides, machine vision systems are also used for robotic guidance, dimensional gauging, and testing automation purposes, which come under the measure, gauge, and guide applications.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2015–2025

Historical Period

2015–2019

Base Year

2019

Forecast Period

2020–2025

Segments Covered in the Study

Offering, Product, Application, End User, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

 Companies Covered in the Study

Microscan Systems, Inc., Basler AG, OMRON Corporation, Keyence Corporation, Cognex Corporation, National Instruments Corporation, Intel Corporation, ISRA Vision, Sick AG, and FLIR Systems

Industry Dynamics

Growth Drivers

The primary factors driving the growth of the global machine vision market are:

•    Growing adoption of 3D machine vision systems
•    Growing need for quality inspection and automation
•    Rising demand for vision-guided robotics systems
•    Rising need for inspection in food and packaging industries
•    Increasing need for ASICs

The global pandemic of COVID-19 has sidelined main-stream manual workers, tightening labor industry and increased unemployment rate. Globally, manufacturing companies are planning to invest more on automation post COVID-19 also the need for automated quality assurance has increased as industries have realized its importance in manufacturing processes. Due to the COVID-19 outbreak, adoption of automation is boosted due to less intervention by human involved in the process. This in turn, increase the acceptance of machine vision as an integral part of long-term automation development processes.

Challenges

Lack of flexible machine vision solutions and lack of skilled professionals in manufacturing factories is probably the greatest obstacle confronting machine vision producers. 

Opportunities

•    Growing demand for artificial intelligence (AI) in machine vision
•    Growing manufacturing of hybrid and electric cars
•    Government initiatives to boost AI-related technologies

Geographic Overview

Geographically, Asia-Pacific is the largest revenue contributor in the machine vision market. The Asia-Pacific region, in particular countries such as China, Taiwan, Japan, South Korea, and India, are experiencing increase in terms of adoption of machine vision products and solutions compared with other regions. Growing research and development investments, and increasing manufacturing and electronics industries are expected to accelerate the growth of the machine vision market in Asia-Pacific.

Competitive Insight

Key players operating in the global machine vision market include Microscan Systems, Inc., Basler AG, OMRON Corporation, Keyence Corporation, Cognex Corporation, National Instruments Corporation, Intel Corporation, ISRA Vision, Sick AG, and FLIR Systems.

Forecast Parameters

•    Identifying variables and establishing market impact.
•    Establishing market trends regionally.
•    Analyzing opportunities and market penetration rates by understanding product commercialization, regional expansion.
•    Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
•    Analyzing sustainability strategies adhered by market participants in an attempt to determine future course of the market.
•    Analyzing historical market trends and super-imposing them on the current and future variables to determine year-on-year trend.
•    Understanding adoption, development, distribution and regulatory framework.
Data Validation
•    Estimated and forecasted data was validated through industry experts.
•    Apart from industry experts, data triangulation methods were used for validation.
•    Bottom up and top down approach has been used for estimation and forecast of market data, whereas top down approach was used for validation.
•    Demand as well as supply side surveys were conducted in order to understand the industry dynamics and data validation.

Research Phases

Machine Vision Market Research Phase

Primary Research

VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behavior.

Machine Vision Market Size

Source: VynZ Research

Machine Vision Market Analysis

Source: VynZ Research

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Research Methodology

  •  Desk Research / Pilot Interviews
  •  Build Market Size Model
  •  Research and Analysis
  •  Final Deliverabvle
Machine Vision Market