Incredible Growth Of Machine Vision Systems Market USD 17 Billion By End Of 2027 | Cognex Corporation, Basler AG, Omron Corporation, Keyence, National Instruments, Sony Corporation, Teledyne Technologies, Texas Instruments, Intel Corporation
Machine vision technology replaces human visual sense and judgment skills with digital cameras and image processing to supplement manual inspections and measurements. Different industries integrate this technology to automate their production and improve the quality and speed of products.
The global machine vision systems market was worth US $ 9.11 billion in 2021 and is expected to grow at a CAGR of + 7% during the forecast period 2021-2027, reaching US $ 17.57 billion in by 2027.
Based on machine vision systems market trends, machine vision system automatically acquires and analyzes an image to provide desired information and control machines or processes. It is the automatic extraction of information from digital images for process or quality control. Most manufacturers use automated machine vision instead of human inspectors because it is better suited for repetitive inspection tasks. It’s faster, more objective and works continuously. Machine vision can inspect hundreds or even thousands of parts per minute and provides more consistent and reliable inspection results.
This system performs automatic analysis and inspection of the production line, based on imaging, used in process control, verification, measurement, robot guidance and other functions. Machine vision includes a complete solution ranging from the acquisition of an image to the interaction with a management information system. These systems replace the inability of the human inspector to maintain a high level of error recognition for a long period of time.
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Rising demand for industrial applications and growing demand for vision guided robotic systems are the major factors driving the growth of the global machine vision systems market. However, the lack of skilled professionals in the manufacturing units is expected to hamper the machine vision systems market share to some extent. In addition, growing demand for AI and increasing adoption of Industry 4.0 are expected to provide lucrative market opportunities for machine vision systems on a global scale.
The main players in the market are Cognex Corporation (United States), Basler AG (Germany), Omron Corporation (Japan), Keyence (Japan), National Instruments (United States), Sony Corporation (Japan), Teledyne Technologies (United States) USA), Texas Instruments (USA), Intel Corporation (USA), ISRA Vision (Germany), Sick AG (Germany) and FLIR Systems (USA).
Cognex (US) is the dominant player in the machine vision market in the United States and around the world. Cognex offers machine vision systems, software, sensors, surface inspection systems and industrial ID readers for process automation. In 2015, the company sold its Surface Inspection Systems (SISD) business to AMETEK, Inc. (US), a global manufacturer of electronic instruments and electromechanical devices based in the Americas. Currently, it has only one segment to report, Modular Vision Systems Division (MVSD), which provides products and services related to inspection and automation used for the production of mobile phones, aspirin bottles, automobile wheels, metals, paper, plastic and glass, among others. Cognex Machine vision products are widely used in the manufacturing sector, where technology is seen as an important part of automated product and quality assurance.
Machine Vision Systems Market Overview
Government initiatives around the world to support the growth of the manufacturing sector
For sustainable economic development, various countries around the world are focusing on increasing industrialization, especially in the manufacturing and processing industries. The rapidly changing technological landscape in manufacturing and processing industries around the world has also encouraged manufacturing companies to invest in advanced systems and processes, which can help achieve high operational efficiencies and also enable businesses to respond. to the difficult demands of today’s customers. The current century is characterized by fierce competition in all major vertical industrial sectors.
Growing demand for inspection of high quality products, a determining factor for the market
Machine vision systems have become an integral part of industrial automation to achieve higher precision and quality assurance. The intense need for high quality product inspection is expected to drive demand for machine vision systems and services globally. The increasing demand for high output in manufacturing industry is expected to remain a major driver of increased demand for machine vision technology. Industrial applications require higher productivity and throughput to increase the efficiency of production units.
SEGMENTATION OF THE WORLD MARKET FOR MACHINE VISION SYSTEMS
Global Machine Vision Systems Market – By Type
- Intelligent machine vision systems
- PC-based machine vision systems
- 3D machine vision systems
Global Machine Vision Systems Market – By Component
- Frame grabbers
- Illuminations & Optics
- Vision software
- Vision sensors
Global Machine Vision Systems Market – By Interface
- USB 2.0 / USB 3.0
- Camera links
Global Machine Vision Systems Market – By End User
- Electronics & Semiconductor
- Food and drinks
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Impact of COVID-19
The economic impact of the coronavirus pandemic has been largely disruptive, globally. Companies operating in the semiconductor industry are facing temporary shutdowns of production sites, resulting in lower revenues for fiscal year 2020-2021. COVID-19 has negatively impacted the overall machine vision systems market around the world, due to the shutdown of manufacturing and production units around the world.
In addition, there is a halt in the production and adoption of these systems. Additionally, due to disruptions in the raw material supply chain especially in Asia-Pacific, the machine vision systems market has seen a decline in its revenue mainly due to the decline in its adoption in various industries. The manufacturing industry vertical sector, which is one of the largest users of machine vision systems, is also on hold, which is expected to lead to lower machine vision systems market revenues.
- North America
- The rest of europe
- Asia-Pacific (APAC)
- South Korea
- Rest of the APAC
- Middle East & Africa (MEA)
- Saudi Arabia
- United Arab Emirates
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America
- In May 2020, Cognex introduced the Insight D900 on-board vision system. The system is the first of its kind, as it integrates Cognex’s ViDi deep learning software inside an industrial grade In-Sight smart camera. The stand-alone system is designed to solve a wide range of complex in-line inspection applications, including optical character recognition (OCR), assembly verification and defect detection.
- In February 2020, Basler launched its new AI Vision solution kit with Cloud Connection. It extends the on-board vision development kits with software components that allow flexible access to cloud services. The AI Vision Solution Kit enables developers to use, train, and deploy cloud-delivered machine learning models on the edge device. To this end, pre-trained neural networks are made available in the cloud as software containers designed for direct use. Users also have the option to extend these networks
- In November 2019, National Instruments announced new solutions for hardware-in-the-loop (HIL) validation of electric vehicle (EV) powertrain components. High performance EV HIL systems require the coordination of multiple vendors. NI works with companies like OPAL-RT, with its advanced eHS electrical solver and electrical machine library, to ensure seamless integration of high-fidelity models. Seamless integration of OPAL-RT models with the test system can help reduce test development times while increasing resolution of results, helping customers achieve shorter design cycles and gain better insight from the test data.
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