Machine Vision Systems Market Incredible Growth USD 17 billion by end of 2027| Cognex Corporation, Basler AG, Omron Corporation, Keyence, National Instruments, Sony Corporation, Teledyne Technologies, Texas Instruments, Intel Corporation

The Global Machine Vision Systems Market accounted for US$ 9.11 Bn in 2021 and is expected to grow at a CAGR of +7% during the forecast period 2021 – 2027, to reach US$ 17.57 Bn by 2027.

Machine vision technology substitutes human visual sense and judgment capabilities with digital cameras and image processing to complement manual inspections and measurements. Different industries incorporate this technology to automate their production and improve product quality and speed.

The Global Machine Vision Systems Market accounted for US$ 9.11 Bn in 2021 and is expected to grow at a CAGR of +7% during the forecast period 2021 – 2027, to reach US$ 17.57 Bn by 2027.

According to machine vision system market trends, machine vision system automatically acquires and analyzes an image to deliver 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 as it is better suited to repetitive inspection tasks. It is 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 carries out an automatic analysis and inspection of production line, based on imaging, used in process control, verification, measurements, robot guidance, and other functions. Machine vision includes a complete solution starting from acquiring an image to interacting to a management information system. These systems replace incapability of human inspector to maintain a high level of error recognition for a long period.

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Rise in demand for industrial applications and growth in demand for vision guided robotics systems are the major factors that boost the global machine vision system market growth. However, lack of skilled professionals in manufacturing units is expected to hamper the machine vision system market share to a certain extent. Furthermore, growth in demand for AI and rise in adoption of industry 4.0 is expected to offer lucrative machine vision system market opportunity globally.

 Key Players

The key market players in the 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).

Cognex (US) is the dominant player regarding the machine vision market in US and globally. Cognex offers machine vision systems, software, sensors, surface inspection systems, and industrial ID readers for automation processes. In 2015, the company sold its Surface Inspection Systems Division (SISD) business to AMETEK, Inc. (US), a global manufacturer of electronic instruments and electromechanical devices based in the Americas. Currently, it has only one reportable segment—Modular Vision Systems Division (MVSD)—which provides inspection and automation-related products and services used for the production of cellular phones, aspirin bottles, automobile wheels, metals, paper, plastics, and glass, among others. The products of Cognex Machine vision are widely used in the manufacturing sector, where technology is considered an important component of the automated product and quality assurance.

Machine Vision Systems Market Insights

Government initiatives worldwide to support the growth of the manufacturing sector

For sustainable economic development, various countries worldwide are focusing on increasing industrialization, especially in the manufacturing and process industry sectors. The fast-evolving technology landscape in the manufacturing and process industries worldwide has also been encouraging the manufacturing companies to invest in advanced systems and processes, which can help achieve high operational efficiencies and also enable companies to meet challenging demands of today’s customers. The present century is characterized by tough competition in all major industry verticals.

 Growing demand for high-quality product inspection, a critical driving 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 anticipated to foster the demand for machine vision systems and services globally. Increasing the requirement for high production output in the manufacturing industry is expected to remain a prominent driver for increased demand in machine vision technology. Industrial applications demand higher productivity and throughput to increase the efficiency of production units.

GLOBAL MACHINE VISION SYSTEMS MARKET SEGMENTATION

Global Machine Vision Systems Market – By Type

  • Smart Machine Vision Systems
  • PC-Based Machine Vision Systems
  • 3D Machine Vision Systems

Global Machine Vision Systems Market – By Component

  • Cameras
  • Frame Grabbers
  • Processors
  • Illuminations & Optics
  • Vision Software
  • Vision Sensors
  • Others

Global Machine Vision Systems Market – By Interface

  • USB 2.0/USB 3.0
  • Camera Links
  • GigE
  • CoaXPress
  • Others

Global Machine Vision Systems Market – By End-User

  • Automotive
  • Electronics & Semiconductor
  • Food & Beverages
  • Pharmaceuticals
  • Logistics
  • Others

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COVID-19 Impact

The economic impact of coronavirus pandemic has been largely disruptive, globally. Companies operating in the semiconductor industry are facing temporarily shutdowns of production sites, which has led to decline in revenues for the financial year 2020-2021. COVID-19 has negatively impacted the overall machine vision system market globally, owing to shutdown of manufacturing and production units globally.

In addition, there is a halt in production and adoption of these systems. In addition, owing to disruptions in supply chain of raw materials, especially in Asia-Pacific, the machine vision system market experienced a decline in its revenue, mostly due to drop in its adoption among various industries. The manufacturing industry vertical, which is one of the most prominent user of machine vision systems, is also kept on halt, owing to which the machine vision system market revenue is expected decline.

Reginal analysis

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • Germany
    • Italy
    • UK
    • Russia
    • Rest of Europe
  • Asia Pacific (APAC)
    • China
    • South Korea
    • India
    • Japan
    • Australia
    • Rest of APAC
  • Middle EAST & Africa (MEA)
    • Saudi Arabia
    • UAE
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Argentina
    • Rest of South America

Recent Developments

  • In May 2020, Cognex introduced the Insight D900 embedded vision system. The system is the first-of-its kind solution, as it features Cognex’s ViDi deep learning software inside an In-Sight industrial-grade smart camera. The self-contained system is designed to solve a broad range of complex in-line inspection applications including optical character recognition (OCR), assembly verification, and defect detection.
  • In February 2020, Basler launhced its new AI Vision Solution Kit with Cloud Connection. It extends embedded vision development kits with software components that enable flexible access to cloud services. The AI Vision Solution Kit enables developers to use, train and deploy machine learning models provided in the cloud on the edge device. For this purpose, pre-trained neural networks are made available in the cloud as software containers that are designed for direct use. Users also have the option of expanding 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 coordination from multiple vendors. NI works with companies like OPAL-RT, with its advanced eHS electrical solver and electric machine library, to help ensure seamless high-fidelity model integration. Seamless integration of OPAL-RT models with the test system can help reduce test development times while increasing result resolution, helping customers achieve shorter design cycles and gain better insights from test data.

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