Machine Vision Market Worth $13.0 Billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 1, 2020 /PRNewswire/ -- According to the new market research report "Machine Vision Market with COVID-19 impact, by Deployment (General & Robotic cell), Component (Hardware and Software), Product (PC-based and Smart camera-based), Application, End-user Industry & Region - Forecast to 2025", published by MarketsandMarkets™, the global Machine Vision Market size was valued at USD 9.6 billion in 2020 and is projected to reach USD 13.0 billion by 2025; it is expected to grow at a CAGR of 6.1% during the forecast period. With the COVID-19 crisis, the world is witnessing health, as well as an economic pandemic. This has led a number of businesses to shut down their manufacturing plants and halt most of their operations. The major driving factors in the machine vision market is the increasing need for quality inspection and automation. The other drivers include rapid growth in the use of industrial robots for automation in the automotive and consumer electronics sectors. The market penetration of the machine vision market is also analyzed for both pre-and post-COVID-19 scenarios.
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General machine vision market expected to hold the largest share in the machine vision market
Based on deployment, the machine vision market has been segmented into a general machine vision system and robotic cell. The robot keeps moving due which might result in blurred images. The cost of robotic cell is much higher than the general machine vision deployment. Therefore, general machine vision system is more widely being deployed as compared to the robotic cell.
Software machine vision is expected to grow at a faster rate during the forecast period
The integration of AI in industrial machine vision software is expected to fuel the growth of the industrial machine vision market for software during the forecasted period as deep learning enables machines to recognize objects. Also, deep learning-based machine vision software helps in minimizing human intervention and provide a real-time solution by distinguishing the acceptable variations in products and the defects in manufacturing industries.
PC based machine vision system to hold the largest market share in the machine vision market during the forecast period
The PC based machine vision system is expected to hold a major share in the future as these systems are simple to handle and have faster processing power units compared to smart camera-based systems. Also, unlike smart camera-based PCs are highly upgradeable and can swap the components easily. However, it is only suitable where space is not an issue. Though smart camera-based systems have several advantages over computer-based systems, the PC-based machine vision systems dominate the market, but this trend is changing with the advancements in smart camera technology, and IoT, which can be easily be integrated with smart cameras, and the pentration of the smart camera-based machine vision systems is likely to dominate in the next few years.
Quality Assurance and Inspection to hold the largest market share in the machine vision market during the forecast period
The key factors driving the growth of the industrial machine vision market for quality assurance and inspection applications include the increasing demand for quality products, growing manufacturing capacity, and shortage of skilled labor. Semiconductor and electronics companies are highly dependent on the vision inspection technology to check their product quality as well to speed-up their production processes.
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Food and packaging industry to grow at the fastest rate in the machine vision market during the forecast period
The food industry is highly labor-intensive. Labor cost is approximately 50% of the product cost, and most of it is repetitive work. This leads to poor quality control and accidents. If the labor cost is reduced by automation by using machine vision systems, the overall cost is likely to be reduced, including labor and medical costs. The post-COVID-19 scenario is expected to witness high demand for automation in the food industry to ensure minimum human intervention during the manufacturing and the processing of food items.
APAC held the largest market share in the machine vision market between 2020 and 2025
The machine vision market in APAC is expected to hold a major market share during the forecast period as countries in APAC such as China, Japan, India, and South Korea have some of the largest manufacturing facilities wherein automation of manufacturing processes has been taken as the highest priority. The decrease in the number of COVID-19 patients in China is slowly leading to normal manufacturing activities in the country. This, in turn, is expected to drive the growth of the machine vision market in APAC, but it is expected that this growth will not be as significant as it would have been in the pre-COVID-19 era.
Key Market Players
The key market players in the market are Cognex Corporation (US), Basler AG (Germany), Omron Corporation (Japan), Keyence (Japan), National Instruments (US), Sony Corporation (Japan), Teledyne Technologies (US), TKH Group (The Netherlands),Texas Instruments (US), Intel Corporation (US), ISRA Vision (Germany), Sick AG (Germany) and FLIR Systems (US).
These players are increasingly undertaking product launches, acquisitions, partnerships, and agreements to develop and introduce new machine vision solutions in the market.
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