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The global machine vision system market
is estimated to reach $16.4 billion by 2026 growing at CAGR 6.9% during 2021-2026
owing to the wide scale adoption of these systems for robotics and automated
inline inspection systems. The market is analyzed to be in its growth stage with
significant adoption in electronics and semiconductor industry which is
estimated to witness the highest growth of CAGR 10.5% during 2021-2026. This is followed by machine vision systems and
components market for automotive, consumer electronics, food beverage and
packaging industry which is set to experience growth of CAGR 9.7%, 9.4%, 8.1%
respectively from 2021 to 2026 owing to the adoption of high-end machine vision
for various applications for achieving high production quality and throughput.
The use of machine vision in medical and healthcare sector is still at its
early growth stage and the presence of stringent industry regulations is also
analyzed to be one the growth inhibitors in the market. However, the growing
investment towards development of vision guided medical robots is set to avail
significant growth opportunity to the market during the later stages of the
forecast period 2021-2026
The
shifts towards high Driving Automation (level 4) and Full Driving Automation (level
5) will have significant ramifications for the machine vision system market. Machine
vision systems will play an important role in safety of these autonomous
vehicles by assisting a vehicle in identifying and recognizing potential
hazards. With the emergence of this technology, governments of several
countries are planning to invest heavily in R&D. In 2019, government of
U.S. has invested $4 billion to accelerate the development and
adoption of fully autonomous vehicles across the country over period
of 10 years. In 2019, U.K. government and technology companies have invested
$520 million into R&D and testing of connected and fully autonomous
Vehicles. Similarly, several companies are planning to launch fully autonomous
vehicles by 2025. Zoox has started developing fully autonomous vehicles
with machine vision in order to launch its own ride-hailing service by 2022.
The
introduction of the automation has revolutionized the manufacturing in which
complex operations have been broken-down into simple step-by-step instruction
that can be repeated by a machine. Machine vision system is used for industrial
automation applications, such as product quality stain inspection, exterior
size measurement, finished products count, identification check and other
industrial automation related processes. In the automotive, machine vision
systems are used in control systems for industrial robots, inspection of
painted surfaces, welding quality control, rapid-prototyping checking the
engine block or detect defects of various components. Similarly, Advanced
Driver Assistance Systems (ADAS), vehicle infotainment and telematics
technology are the most recent technologies perusing in automotive segment. Emergency
braking assistance, adaptive speed control, blind spot detection, rear
cross-traffic warning and road sign recognition are some of the features which
require the applications of machine vision systems.
Machine Vision System Market Growth Drivers:
Demand for Vision Guided Robots
The burgeoning
Industry 4.0 systems rely on machine vision-enabled devices for from the cloud
so artificial intelligence can make informed decisions. This has resulted in
the evolution of robotic systems for further mobility. The growing need for
advanced robotic system will fuel the demand for more intelligent and faster 3D
measurement and guidance systems. This will also include complex algorithms
that can be used in 3D imaging systems for processing images in real-time.
Thus, the increasing use of 3D imaging systems for applications like the bin
picking of randomly oriented, homogenous objects will further leverage the
machine vision system market. Moreover,
the implementation of vision guided robots provides the ability to see and
respond flexibly to its surroundings without changing its position. The vision guided robotic camera can also
carry out quality inspection of various locations with the help of a single
camera placed in it. Vision-based robotic assembly and quality control systems,
that have been a topic of continued research interest for almost four decades,
have now matured to a point where they can be effectively applied to advanced
robot-based assembly and quality control tasks. This improvement in technology
has led to the rising use of the vision guided robots in several applications
such as differing part orientations, enabling applications like random bin
picking which will lead to leverage growing opportunities for machine vision
systems.
The Major
Players in this Market Include
Major players in Machine Vision System include Cognex, Omron Corp., Sony Corp., Panasonic Corp., Microscan, Basler AG, Keyence Corp., National Instruments, Sick AG, Teledyne Technologies and FLIR among others. In October 2019, Teledyne announced the release of its second-generation Calibir DXM640 camera for Machine Vision market.