Machine Vision Market to thrust on new opportunities despite challenges

The machine vision market size is expected to reach USD 14.0 billion by 2024 from an estimated USD 9.9 billion in 2019, at a CAGR of 7.1% from 2019 to 2024 as per a report by MarketsandMarkets.

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How government initiatives supporting industrial automation could results in new opportunities in this market?

Governments worldwide are supporting the adoption of various automation technologies for the structural development of manufacturing industries. As process industries are a vital segment of manufacturing industries, governments worldwide are focusing on this segment. The process automation market is especially benefiting from government initiatives.

For instance, the Government of Singapore has entered into partnerships with associations such as the Singapore Food Manufacturing Association (SFMA) and the Food Innovation & Resource Centre (FIRC) to adopt the latest automation technologies in the food & beverages industry.

In 2014, the Government of Malaysia announced 200% capital allowance to encourage the adoption of industrial automation by labor-intensive companies, including textile, rubber, and plastic companies; this enabled these companies to adopt machine vision systems.

India is one of the growing nations in this field, with the country’s manufacturing sector having contributed 17% to its GDP in 2015. The Indian government has taken several initiatives to enable the manufacturing sector to double its contribution (to about 25%) toward its GDP by 2020. In 2017, the Ministry of Heavy Industries and Public Enterprises (Government of India) approved the establishment of 4 Centers of Excellence (CoE) in the textile machinery, machine tools, welding technology, and smart pumps sectors. This is expected to enhance the level of technology used in the capital goods industry in India.

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In 2015, the Chinese government started the Made in China 2025 strategy together with the Internet Plus plan to boost the country’s manufacturing and industrialization.

Industrial automation helps in mass production with minimum defects and superior quality, which can result in higher output and better productivity in manufacturing industries. Machine vision is an important system required for industrial automation. The growing government initiatives for factory automation worldwide are expected to propel the growth of the global machine vision market.

Why complexity in integrating machine vision systems remain a key challenge?

There is a need to simplify the integration process of multiple tasks using multipurpose components, not only in machine vision but also in production lines at application sites. With increasing efforts being made for the convenience of installing and handling systems in industries, machine vision industry players should focus on addressing this need for convenience by coming up with plug-and-play solutions.

Leading companies in the market are introducing open computing standards, such as Peripheral Component Interconnect (PCI) bus and emerging digital camera interfaces, including GigE and USB. The USB interfacing standard offers a transfer rate of about 480 Mbps. With the help of a driver, this USB interface can be used for plug-and-play applications.

Increasing need for quality inspection and automation

The need for quality assurance has increased as industries have come to realize the importance of quality assurance in manufacturing processes. This has resulted in the widespread acceptance of machine vision as an integral part of long-term automation development process.

Please Explore Relevant Reports:

Vision Sensor Market by Sensor Type (Less than 3D, 3D), Application (Inspection, Gauging, Code Reading & Localization), End-User Industry (Automotive, Electronics & Semiconductor, Pharmaceuticals, Food & Packaging), and Geography – Global Forecast to 2023

3D Machine Vision Market by Offering (Hardware, and Software), Product (PC Based, and Smart Camera Based), Application, Vertical (Industrial and Non – Industrial), and Geography – Global Forecast to 2022

Mr. Shelly Singh
MarketsandMarkets™ INC.
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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

This release was published on openPR.