What’s Driving the Drives Growth Opportunity in Industrial Machine Vision Market? | Omron, Teledyne Technologies, Keyence, MVTec Software, National Instruments, Texas Instruments, Baumer Optronic, Qualitas Technologies, Sick, and ISRA Vision
Asia Pacific industrial machine vision market is predicted to witness a significant growth over the forecast timespan. The growth can be accredited to the increasing number of industries in emerging economies including China, India, Japan, and South Korea. An increase in the demand for consumer products in China is providing growth opportunities to the industrial machine vision market. The growing trend of the drift toward 3D-based industrial machine vision systems is expected to propel the regional market growth.
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Increasing demand for Industrial Internet of Things (IoT) and Artificial Intelligence (AI) infused machine vision systems is anticipated to boost the industrial machine vision market over the forecast timespan. AI’s capability to make intelligent decisions in the real-time in uncertain environments and to combat cybersecurity threats is fueling the industry demand. In addition, the miniaturization of electronic hardware components and the development of enhanced AI-based software algorithms have led to an increasing integration of machine vision and IIoT.
The industrial machine vision market is segmented into the component, product, application, end-use, and region. Based on the component, the market can be segmented into hardware and software. The hardware segment encompasses LEDs, optics, processors, and cameras while the software segment includes application-specific software and deep learning. Growing significance of AI-infused machine vision software is anticipated to fuel the industrial machine vision market. Capabilities of deep learning to provide real-time solutions facilitate the detection of faults during the manufacturing process and aid the technology to gain popularity.
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By end-use, the industrial machine vision market can be categorized into solar panel manufacturing, machinery, glass, pharmaceuticals, rubber & plastics, food & packaging, wood & paper, metals, printing, electronics & semiconductor, consumer electronics, and automotive. Food & packaging involves a range of processes that include portioning, sorting, grading, processing, quality checking, and packaging. These processes require machine vision technology for the smooth operation of the manufacturing process. Stringent government regulations pertaining to the quality of food products are further fueling the adoption of the technology in the food & packaging sector.
Key players operating in the industrial machine vision market include Omron Corporation, Teledyne Technologies, Keyence Corporation, MVTec Software GmbH, National Instruments, Texas Instruments, Baumer Optronic, Qualitas Technologies, Sick AG, and ISRA Vision AG. Companies operating in the industry are trying to strengthen their market presence in emerging economies with the launch of advanced solutions and by involving in merger & acquisition activities.
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