Market Overview

Machine Vision Market Size to Gain USD 15.46 Billion by 2022 Growing at 8.18% CAGR

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Pune, Aug. 30, 2018 (GLOBE NEWSWIRE) -- Market Research Future's in-depth market study on the Global Machine Vision Market, By Type (1D Machine, 2D Machine Vision, 3D Machine Vision), By Application (Inspection, Gauging, Guidance, Identification), By Components (Hardware, Software), By End Users (Automotive, Electronics & Semiconductor, Healthcare, Food & Packaging) - Forecast 2022.

The integration of automation in the assembly lines of manufacturing units has expedited the production rate. Machine vision (MV) systems comprise an array of methods and technologies for automated inspection and analysis of goods. It is also known as image processing. Some major applications include robot guidance and process control. The miniaturization of devices has created the need for quality checks at a such a diminutive level which can be done by MV systems.

Market Scope

The global machine vision market size is projected to nearly double to USD 15.46 billion by 2022, as per an up-to-date comprehensive report by Market Research Future (MRFR). It had an estimated valuation of USD 9,454.5 million in 2017. The quick processing ability of MV systems to check for defects in products is expected to drive market growth over the forecast period (2017-2022). Technological breakthroughs in artificial intelligence (AI) and demand for vision-guided robotic systems can bolster its demand in the forthcoming years.

The market can exhibit an 8.18% CAGR over the forecast period owing to its rapid adoption in industrial operations. Stringent government regulations prioritizing on quality and safety checks of products has spurred the need for MV systems. Lack of qualified personnel to handle these systems can act as a deterrent against market growth.

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Competition Analysis

Notable players in the machine vision market include Optotune AG, National Instruments, ViDi Systems SA, Omron Corporation, Vitronic GmbH, Perceptron, Inc., Basler AG, Keyence, Microscan Systems, Cognex Corporation, USS Vision, and others. Mergers and acquisitions, investments in research and development, and developments of novel products are strategies being employed by these players to increase market share. In 2016, Google acquired Moodstocks, a French firm which had developed software in smartphones to recognize innumerous objects the camera was aimed at.

Robotics, development of collaboration robots, and improvements in industrial automation are areas which are being pursued by players to gain better clients.

Segmentation Analysis

The Machine Vision Market is segmented by type, application, end-user, and component.

By type, the market is segmented into 1D machine, 2D machine vision, and 3D machine vision. The 2D machine vision segment is expected to reach an estimated worth of USD 6.31 million by 2022. The ever-expanding industries of automotive and healthcare can boost its usage in the forthcoming years. The 3D machine vision segment, on the other hand, is touted to grow at a rapid pace and nearly double its valuation to 5.73 million by 2022 driven by advances in automation.

Major applications include identification, gauging, inspection, guidance, and others. The inspection segment is currently leading the machine vision market in terms of revenue and may continue its dominance over the forecast period. Stringent regulations regarding quality by various regulatory bodies can fuel its growth rate to 11.39% till 2022. Seals and caps of packages and bottles in the pharmaceutical industry will definitely benefit from MV systems to prevent leakage of chemicals.

By component, the market is segmented into hardware and software. The hardware segment had dominated the market in 2016. This can be credited to its role in integrating smart components and other devices in machine vision systems to enhance its efficiency. The software segment is anticipated to grow at a robust CAGR of 11.69% owing to evolution of deep learning and machine learning.

End-users in the machine vision market include food & packaging, electronics & semiconductor, healthcare, automotive, and others. The automotive sector is touted to grow the fastest at a 9.13% CAGR over the forecast period thanks to the rapid growth witnessed in the automotive industry. Lightweighting of components combined with rigorous quality checks to ensure its long shelf-life is anticipated to bolster the demand for MV systems in this sector. The electronics & semiconductor segment can grow at a 9.83% CAGR during the forecast period.

Regional Analysis

Geographically, the machine vision market is segmented into Asia Pacific, North America, Europe, and Rest-of-the-World (RoW).

The APAC region has dominated the machine vision system market with nearly 30% share in 2017. The manufacture of semiconductor chips in China coupled with the booming manufacturing industry in Taiwan, Japan, and South Korea can drive regional market growth. The demand for automation across various industrial sectors is likely to fuel the demand in the APAC machine vision market.

Europe can assume the second position owing to demand from automotive and healthcare sectors. Emergence of 3D sensors and advent of multispectral imaging solutions can extend the application of MV systems in entertainment, surveillance, and traffic. Production of flat panel displays owing to changing consumer preferences for home entertainment is one of the biggest factors driving the market. Within Europe, Germany can generate revenues at an 8.23% CAGR during the forecast period.

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Industry News

Recently, Opto Engineering has designed ALBERT, a MV system for visual inspection which can exclusively be used in the food & beverage sector. It can recognize products through a set of parameters and pass quality checks successfully as other trained human operators.

In 2018, Facebook partnered with New York University (NYU) to reduce the duration taken by MRI scanners and make it comfortable for patients. It harnessed the power of AI to expedite the scanning process and recommend a prognosis in case of life-threatening conditions.

Related Reports

3D Machine Vision Market research report by component (hardware, software), product (smart camera based, PC based), application (measurement, quality assurance & inspection), vertical (automotive, healthcare, defense) – Forecast till 2022. The global 3D machine vision market is expected to grow at 9%CAGR through the forecast period.

https://www.marketresearchfuture.com/reports/3d-machine-vision-market-1538

Robotic Vision Market, by Components (Hardware and Software), By Technology (2D and 3D), By Applications (Welding, Manufacturing, Material Handling), by Verticals (Industries, Consumer, Healthcare) - Forecast 2016-2022. Global Robotic Vision Market has been valued at US ~$4 billion in the year 2015 which is expected to grow at US ~$9 billion by the end of forecast year with CAGR of ~12%.

https://www.marketresearchfuture.com/reports/robotic-vision-market-1849

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