Machine Vision Market to Reach USD 14.18 billion by 2028; Need for Integrated MV Systems with Vision-Guided Robot Controllers in Industries to Propel Growth: Fortune Business Insights™

Pune, India, June 04, 2021 (GLOBE NEWSWIRE) -- The global machine vision market size is expected to reach USD 14.18 billion by 2028, exhibiting a CAGR of 7.8% during the forecast period. The growing adoption of industry 4.0 technologies and implementation of the Industrial Internet of Things will contribute positively to the market during the forecast period, states Fortune Business Insights, in a report, titled “Machine Vision Market, 2021-2028.” The market size stood at USD 7.85 billion in 2020.

COVID-19 Impact:

Diminished Production and Supply Chain to Retard Business amid COVID-19 Impact

The COVID-19 pandemic has massively affected the supply and production of the machine vision industry. The manufacturer and distributor are struggling to stock up due to the supply chain disruption. The MV industry experienced a huge blow in the first quarter of 2020. However, the implementation of new policies and rapid digitization can influence the market growth post-pandemic. Also, prominent companies are also devising new strategies to stabilize the supply chain and effectively increase sales volume. This can further create growth opportunities for the global market in the forthcoming years.

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Market Segments:

The 2-D Vision System to Hold the Largest Share

Based on type, the market is divided into 1-D vision system, 2-D vision system, and 3-D vision system. The 2-D vision system segment is expected to dominate the market during the forecast period due to its utilization in digital cameras.

Based on system analysis, this market is classified into PC based, smart camera, and others (Compact, etc.). PC based MV systems are expected to grow radically during the forecast period. Based on Industry, the market is classified into semiconductors, healthcare, automotive, manufacturing, and other industries. The automotive industry is expected to hold a significant share during the forecast period. Geographically, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East, and Africa.

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What does the report include?

The market report reveals exceptional insights into the market, methodical data with detailed analysis, market dynamics & aspects demonstrating development and growth, meticulous information about vital players in the market, and procured statistics about dominant regions. The report also offers important information about COVID-19

Driving Factor:

Implementation of Smart Manufacturing to Drive Market

The acceptance of robotics & smart manufacturing techniques in industries will foster healthy growth of the market. The utilization of industrial robots in the consumer electronics and automotive sectors will contribute significantly to the machine vision market share during the forecast period. The need for integrated MV systems with vision-guided robot controllers is expected to push the growth of the market in the forthcoming years. Vision systems improve the efficiency of robots by enabling them to respond and perform tasks instantaneously. The vision systems are getting highly popular in the pharmaceutical industry to competently conduct processes and record data for careful inspection. For instance, Cognex Corporation, an American manufacturer of machine vision systems, established a strong footprint in the MV industry by manufacturing devices & components enabled with advanced robotics & automation that will be used in manufacturing processes.

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Regional Insights:

Flourishing Semiconductor Industry to Boost Market in North America

The market in North America is expected to expand rapidly during the forecast period. The presence of semiconductor industries will back the development of this market in the region. The adoption of autonomous vehicles, AI-driven bin picking, advanced inspection technologies will fuel demand for machine vision technologies in North America. Asia Pacific is predicted to exhibit a significant growth rate during the forecast period. China, South Korea, Japan, India, and other countries are expected to spur opportunities for the market in the forthcoming years. Europe is expected to experience a rapid growth rate during the forecast period. The rising need for quality inspection and automation will spur demand for machine vision in the region.

Companies Focus on Product Launches and Partnerships to Expand Their Market Presence
Omron, Panasonic & Toshiba are innovating their technologies to retain their position in the market. Moreover, companies are also focusing on partnerships and collaborations to strengthen their footprint in this industry.

Key Development:

February 2020: Basler unveiled its latest AI Vision Solution Kit with Cloud Connection. This extends embedded vision development kits with software components, allowing flexible access to cloud services.

The Report Lists the Key Players in the Global Machine Vision Market:

  • Cognex Corporation (United States)
  • Basler AG (Germany)
  • Omron Corporation (Japan)
  • Keyence (Japan)
  • National Instruments (United States)
  • Sony Corporation (Japan)
  • Teledyne Technologies (United States)
  • Texas Instruments (United States)
  • Intel Corporation (United States)
  • ISRA Vision (Germany)
  • Sick AG (Germany)
  • FLIR Systems (United States)
  • Optotune AG (Switzerland)
  • USS Vision (United States)
  • ViDi Systems SA (Switzerland)
  • Bosch Rexroth (United States)
  • Euclid Labs (Italy)
  • Allied Vision (Germany)

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Table Of Content

  • Introduction
    • Definition, By Segment
    • Research Approach
    • Sources
  • Executive Summary
  • Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
    • PESTEL Analysis
    • Porter’s Five Forces Analysis
    • Global Machine Vision Market Share Analysis and Matrix, 2020
  • Key Market Insights and Strategic Recommendations
  • Profiles of Key Players (Would be provided for 10 players only)
    • Overview
      • Key Management
      • Headquarters etc.
    • Offerings/Business Segments
    • Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
      • Employee Size
      • Key Financials
        • Past and Current Revenue
        • Geographical Share
        • Business Segment Share
    • Recent Developments
  • Annexure / Appendix
    • Global Machine Vision Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
      • By Type (Value)
        • 1-D Vision System
        • 2-D Vision System
        • 3-D Vision System
      • By System (Value)
        • PC based
        • Smart Camera
        • Others (Compact, etc.)
      • By Industry (Value)
        • Semiconductor
        • Healthcare
        • Automotive
        • Manufacturing
        • Others (Retail, Banking, etc.)
      • By Region (Value)
        • North America
        • Europe
        • Asia Pacific
        • Middle East & Africa
        • Latin America
    • North America Machine Vision Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
      • By Type (Value)
        • 1-D Vision System
        • 2-D Vision System
        • 3-D Vision System

TOC Continued…!

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