Machine Vision Market worth $15.5 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 6, 2021 /PRNewswire/ -- According to the 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, and Region - Forecast till 2026", published by MarketsandMarkets™, the Machine Vision Market is estimated to be valued at USD 11.0 billion in 2021 and reach USD 15.5 billion by 2026, at a CAGR of 7.0%. The growing need for quality inspection and automation, increasing demand for machine vision systems in non-traditional and emerging applications, and rising need for vision-guided robots are the key factors driving the growth of the market. Likewise, government initiatives to support industrial automation and the integration of AI into edge devices are expected to create lucrative opportunities for the players in the machine vision market. However, rising security concerns related to industrial machine robots and devices are expected to restraint market growth.
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Software is projected to witness the highest CAGR for the forecast period
Software is expected to grow at a higher CAGR during the forecast period. It is segmented into traditional software and deep learning software. Software tools in a suite of industrial machine vision software provide an interface for production lines and cameras. Typically, older cameras use closed systems, meaning only the software from the same supplier could be deployed. This approach directly contrasts with modern automation goals that call for customization, flexibility, and scalability. By deploying smart cameras with Linux OS, the programmer can maximize the productivity of a vision system at a lower price.
In deployment, the general machine vision system is expected to account for a larger share of the market by 2026
General machine vision system takes pictures automatically and accurately to inspect materials as they come down the assembly line. These cameras can be fixed on assembly lines are typically used for quality assurance, sorting, and material handling in various industries, including electronics, food processing, pharmaceuticals, packaging, and automotive. They offer an economical way of rejecting substandard products. Machine vision cameras are used to inspect several product parameters, including geometry, placement, packaging, labeling, seal integrity, finishing, color, pattern, and bar code.
The market for smart camera-based machine vision systems is projected to grow higher by 2026
PC-based systems dominate the market as PC-based machine vision systems have greater processing power than smart camera-based systems and can handle complex operations relatively quickly. Also, unlike smart camera-based systems, PC-based machine vision systems are highly upgradeable, and one can swap the components easily.
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. The system can also inspect the completeness of the production in many sectors such as ensuring a match between a product and its package in the food and pharmaceutical industries and checking safety seals, caps, and rings on bottles. However, Semiconductor and electronics companies are highly dependent on vision inspection technology to check their product quality as well as to speed up their production processes.
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The food and packaging industry is expected to hold the largest share in 2026
Dairy is the most automated industry in the food sector. The raw material, i.e., milk, can be handled in bulk. Therefore, this industry demands greater use of machine vision systems to minimize the possibilities of human errors in dry ingredients adding processes. Also, the food industry is highly labor-intensive. Which can leads to poor quality control and accidents. To provide quality assurance and inspection, minimize the labor cost, and increase efficiency, machine vision systems are being deployed at the highest rate in the food and packaging industry. After COVID 19 the demand for packaged food has increased so to maintain the supply of food industry is adapting moire machine vision system as per of their production.
APAC held the largest market share in the machine vision market during the forecast period
APAC is expected to grow at the highest CAGR in the AI in computer vision market. Countries such China, Japan, and South Korea are expected to be the major contributors to the market in APAC. Increased manufacturing operations contribute mainly to the economic development in China, while the rising demand to incorporate Industry 4.0 and advanced manufacturing techniques for increasing automation across various applications in India is contributing to the tremendous growth of machine vision in APAC. In addition, strong competition among consumer electronics companies in APAC is likely to boost the adoption of machine vision systems in the region.
Key Market Players in the machine vision market are Cognex Corporation (US), Basler AG (Germany), Omron Corporation (Japan), Keyence (Japan), National Instruments(US), Sony Corporation (Japan), Teledyne Technologies (US), Texas Instruments (US), Intel Corporation (US), ISRA Vision (Germany), Sick AG (Germany) and FLIR Systems (US).
Related Reports:
Vision Sensor Market by Sensor Type (Less than 3D, 3D), Application (Inspection, Gauging, Code Reading & Localization), End-User Industry (Automotive, Electronics & Semiconductor, Pharmaceuticals, Food & Packaging), and Geography - Global Forecast to 2023
Industrial Control & Factory Automation Market by Solution (SCADA, PLC, DCS, MES, Industrial Safety, PAM), Component (Industrial Robots, Industrial 3D Printing, Process Analyzer, Machine Vision, HMI), Industry, Region - Global Forecast to 2026
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