Global Industrial Machine Vision Market Making 8.9% From 2018 to 2024 With Industry Players Like Basler, Danaher, Teledyne, Cognex Corporation and More

New Industrial Machine Vision Market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.

Global industrial machine vision market is expected to reach USD 35,573.2 million by 2024 from USD 18,001.5 million in 2016, at a CAGR of 8.9%. 

Segmentation:

By Component Type (Camera, Frame Grabber, Optics, LED Lighting, Processor, Software Tools), By Product (PC-based Machine Vision Systems, Smart Camera-based Vision Systems), By Vertical (Automotive, Glass, Metal, Wood, Pharmaceutical and Cosmetics, Semiconductor, Electrical/Electronic, Rubber and Plastic, Medical Devices, Printing, Food and Beverage, Others), By Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa)

Drivers:

The major factors driving the growth of this market are rising demand for quality inspection, increasing need for specific machine vision systems, migration towards 3d-based machine vision systems and rising number of applications in various industrial sectors. On the other hand, absence of flexible machine vision solutions and unpredictable end-user needs hinders the market growth.

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RISING DEMAND FOR QUALITY INSPECTION:

Quality inspection is important to verify product conformance as per the requirements. Under certain inspection procedures, it may be identifying whether the product quality conforms to specifications or not. 

Due to increased demand towards quality inspected products and services, the need of machine vision has appeared which in return fuelling the market.

INCREASING NEED FOR SPECIFIC MACHINE VISION SYSTEMS:

The machine vision system used should have specific applications as per the end user. For instance, selecting the right camera is important in order to create high-functioning machine vision system. Cameras as Monochrome are commonly used in product inspection and quality control, due to their cost-effectiveness. On the other hand, though color cameras are expensive but are specifically used in applications where color-specific images are necessary.

Availability of specific machine system at the right place has generated the demand of machine vision system as it increases the productivity and efficient.

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MIGRATION TOWARDS 3D-BASED MACHINE VISION SYSTEMS:

Technological advancements have created a shift to three dimensional vision based measurements that generate attractive color pictures, to serious measurement tools. These 3D systems include laser scanning, structured light, stereo viewing, and laser radar just to name a few.

3D machine vision has its wide application in automated robotics in aerospace industry in the form of object tracking and product profiling such activities demand 3D image data where passive 3D systems are applicable which is based on stereo imaging in which two cameras are used to capture two separate images of a scene from two different viewpoints.

3D machine vision is one of the technologies that have been widely applicable in military/aerospace industry. 3D measurement is an important aspect in applications ranging from measuring relatively small parts like airfoils to measuring complete dimensions of an aircraft. The advantages of this technology are that the measurement volume can be easily expanded by adding more transmitters to the network. There are less chances-of-sight issues as it is sufficient for the sensors to have two transmitters within range creating a redundancy within the network. There gets no need of system performance to depend on the number of sensors in use as each sensor works independently. This means that when a room is iGPS-enabled, a multitude of measurement applications can be operated in parallel.

3D based camera has great potential for machine vision applications because they natively capture the depth information that must be inferred with traditional imaging systems.

The common reason of migration towards 3D-based machine vision system is that vision systems are designed to measure, locate, inspect and identify, but 3D vision systems offer a new dimension.

Another area where 3D will see a big growth in robotic system where a 3D system not only sends the positional co-ordinates of an object to a robot but also its height, allowing a robot to go to the correct depth to pick up a component or product.

The advancement taking place in the industries through machine vision systems are increasing the growth of the market.

Major Players:
Some of the major players operating in this market are Basler AG, Danaher, Cognex Corporation, Teledyne Technologies Incorporated, IDS Imaging Development Systems GmbH, KEYENCE CORPORATION, and among others.

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