Machine Vision and Vision Guided Robotics Market is anticipated to reach US$ 29,705.2 Mn by 2030 | CAGR: 8.22% | Astute Analytica
NEW DELHI, Jan. 24, 2022 /PRNewswire/ -- Astute Analytica studied machine vision and vision guided robotics industry and the potential for old and new players to grow over the next decade. The Global Machine Vision and Vision Guided Robotics Market is anticipated to reach US$ 29,705.2 Mn by 2030 from US$ 14,970.1 Mn in 2021, registering a CAGR of 8.22% during the forecast period. In terms of volume, the market was valued at 1,88,907 units in 2021 and is projected to reach 3,71,080 units by 2030. The growing impetus of the global machine vision and vision guided robotics industry is attributed to rising demand for quality inspection and automation.
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Significance of the Global Machine Vision and Vision Guided Robotics Market
Machine Vision systems have come a long way since their conception, from standalone proprietary box modules to modular vision components and 3D displacement sensors. These systems are used to analyze and interpret sections of real-world models using non-contact optical sensing. Machine vision systems are proving to be beneficial to manufacturing companies all over the world, particularly in areas where redundant operations, such as inspection, must be completed with precision. In high-speed production lines and hazardous situations, they perform a critical role. Increased productivity, less machine downtime, and tighter process control are just a few of the key advantages given by these systems.
The automotive sector is on the edge of a revolution, to move towards autonomous vehicles to meet the demands of an increasingly connected and fast-paced world. Majority of the automotive OEMs are investing heavily in developing autonomous vehicles. Machine vision cameras and associated technology will play a critical role in the safety of autonomous cars, by assisting the car in identifying and recognizing potential hazards, as well as how to avoid them.
The growing need for better inspection and increased automation are two significant influencing elements that are paving the way for machine vision technology to become more widely adopted. Furthermore, the demand for enhanced quality control among customers and manufacturers, as well as government regulations requiring compliance with specified requirements, is projected to propel machine vision technology adoption.
Challenges Ahead
Cyberattacks are becoming more vulnerable as people become more reliant on internet and IoT devices like AI embedded gadgets. Surging risk of cyber-attacks on industrial machine robots and devices is a challenge for the global machine vision and vision guided robotics market. Manufacturers can benefit from AI machine vision and automation, but they must also keep an eye on the fundamentals of cyber security. Downloading and installing the most recent software and updates, as well as educating employees on the latest cybersecurity safeguards, are all part of cyber defense.
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Impact of COVID-19
The implementation of lockdown due to COVID-19 in several regions resulted in the prohibition of import and export, which further led to a sharp decline in its consumption. Disruption in Chinese chemical exports, large scale manufacturing interruptions in Europe, and the shutdown of production plants in the United States has placed intense pressure on the industry. However, the adoption of automation to ensure quality production and meet market demand, and the growing demand from small- and medium-scale enterprises in developing countries is fueling the growth of machine vision and vision guided robotics market globally.
Vision Guided Robots to grow at the fastest CAGR during the forecast period
Vision guided robots are anticipated to grow at the fastest CAGR of 8.49% during the forecast period. The huge advantages of vision guided robots over conventional robots in terms of relative accuracy and precision in operations are leading to growing adoption of the former across a variety of application areas.
2D Type holds the highest market share in 2021
2D type holds the highest market share of 51.8% of the Global Machine Vision and Vision Guided Robotics Market. This is because these systems are compatible with most software packages and are the default technology used for most machine vision applications.
Automotive Industry to record a tremendous growth in revenue by 2030
The automotive industry is expected to register the highest CAGR of 8.94 % during the forecast period. Machine vision cameras and associated technology will play a critical role in the safety of autonomous cars, by assisting the car in identifying and recognizing potential hazards, as well as how to avoid them.
Asia Pacific to be the gamechanger for the Global Machine Vision and Vision Guided Robotics Market
Asia Pacific is projected to be a gamechanger in the region with a CAGR of 9.18% during the forecast period. Asia Pacific revenue was valued at US$ 4,846.7 Mn in 2021 and is estimated to reach US$ 10,423.6 Mn by 2030. This growth is attributed to enormous increase in industrial spending and the adoption of new technology. In addition, China is the world's top producer of passenger cars, followed by Japan, India, and South Korea, all of which are major vehicle manufacturers.
A glance at the Competitors
- Cognex Corporation is an American manufacturer of machine vision systems, software and sensors used in automated manufacturing to inspect and identify parts, detect defects, verify product assembly, and guide assembly robots.
- Basler is a manufacturer of imaging components for computer vision applications such as cameras, lenses, frame grabbers, software as well as embedded vision solutions, customized products, and consulting services.
- ISRA Vision AG (ISRA Vision), a subsidiary of Atlas Copco AB provides vision solutions for automation of tasks in the areas of robot vision, surface vision and quality inspection.
- STEMMER Imaging is a machine vision technology provider. It provides world-leading vision technologies and services, extensive knowledge, and outstanding customer service.
- Eastman Kodak company is an American manufacturer of film and photographic supplies and provider of digital imaging services and products.
- OMRON Industrial Automation functions as a partner to help innovate worldwide manufacturing through their expertise in sensing and control technology.
Segmentation Overview of the Global Machine Vision and Vision Guided Robotics Market
- Component Segment of the Global Machine Vision and Vision Guided Robotics Market is Sub-Segmented into:
- Hardware
- Software
- Services
- Platform Segment of the Global Machine Vision and Vision Guided Robotics Market is Sub-Segmented into:
- PC Based
- Camera Based
- Vision Guided Robots
- Type Segment of the Global Machine Vision and Vision Guided Robotics Market is Sub-Segmented into:
- 1D
- 2D
- 3D
- Application Segment of the Global Machine Vision and Vision Guided Robotics Market is Sub-Segmented into:
- Positioning/guidance/location
- Identification
- Inspection and verification
- Gauging/measurement
- Soldering and welding
- Material Handling
- Assembling and disassembling
- Painting and dispensing
- Others
- Industry Segment of the Global Machine Vision and Vision Guided Robotics Market is Sub-Segmented into:
- Automotive
- Electrical & electronics
- Aerospace & Defense
- Food & Beverage
- Healthcare & Pharmaceutical
- Metal processing
- Warehouse & logistics
- Retail & E-commerce
- Others
- By Region
- North America
- The US
- Canada
- Mexico
- Europe
- The UK
- Germany
- France
- Italy
- Spain
- Poland
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- South Korea
- ASEAN
- Rest of APAC
- South America
- Argentina
- Brazil
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
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