Growth Drivers of Machine Vision Market 2019 | Competitive Landscape, Business Trends and Effects of COVID 19 Analysis | Basler AG, Cognex Corporation, Omron Corporation

Machine Vision Market Snapshot:

The machine vision system market is growing rapidly with a CAGR of 7.1%, and this trend is estimated to continue during the forecast period.
A machine vision system (MVS) comprises all industrial and non-industrial applications in which a combination of software and hardware offer operational guidance to devices in the execution of their functions, based on the capture and processing of images. These systems can perform objective measurements, including the provision of location information that advises a robot to align parts in a manufacturing process or determine a spark in plug gaps. The two major specifications of these vision systems are sensitivity and resolution. An alternative to machine vision is surveillance cameras, but the former provides automatic image capturing, evaluation, and processing capabilities.

The machine vision system market is estimated to be in the maturity stage as the product has been widely accepted by customers. The product demand and company profits are increasing, and marketing targets a broad audience. For instance, the annual revenue of Cognex, a global provider of machine vision systems including hardware and software, has reached USD 806 million and grew at a CAGR of 21% in the past five years. Also, companies are investing large sums to develop products. For instance, in 2018, Cognex spent approximately 14% of its revenue on machine vision research and development activities. Machine vision systems find applications in quality assurance, inspection, positioning, guidance, measurement, and identification. The rising need for quality inspection and automation drives market growth. The requirement for quality assurance has increased as industries have realized the importance of quality testing and assurance in the manufacturing process. This has led to the widespread acceptance of machine vision as part of a long term automation development process.
The employment of machine vision in automated production helps manufacturers in identifying problems in the manufacturing process in a short span of time, improving response time and reducing costs. The technology also helps in recognition of flawed goods, which in turn lowers the product recall rate and increases customer satisfaction and loyalty. In the case of defects, the products are reworked, which is an additional cost that is to be borne by the manufacturing industries.

The key end-use sectors of the machine vision market are automotive, electronics, semiconductors, pharmaceuticals, chemicals, printing, labeling, pulp, paper, food, beverage, postal, logistics, glass, and metal. Maximal adoption of the machine vision system is witnessed in the industrial and manufacturing sectors for product information, evaluation, and rectification. The automotive sector, around the globe, uses machine vision system. It is mainly used in the automotive industry for inspection purposes, which includes error proofing, presence/absence checking, assembly verification, and final inspection. In addition to this, MV systems are also used for robotic guidance, dimensional gauging, and testing automation purposes that come under gauge, measure, and guide applications. The food and beverage industry is also widely using machine vision systems for packaging and bottling operations.

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The Major Prominent Players Covered in this Report:
Basler AG, Cognex Corporation, Omron Corporation, National Instruments Corporation, Keyence Corporation, Sony Corporation, Allied Vision Technologies GmbH, Teledyne Technologies, Inc., Texas Instruments, Inc., Intel Corporation, MVTec Software GmbH, and Baumer Optronic GmbH. Major distributors of the market include Vision Systems Technology LLC, A.S.K Technologies, Hans Turck GmbH and Co.KG, Infotech Marek Twardowski, Fabrimex Systems AG, Multi-Components GmbH, Fraunhofer Allianz Vision, Omni Control Prufsysteme GmbH, and Parkvi GmbH.

By Offering, Hardware, Software, By Product, PC Based, Smart Camera Based, By Application, Quality Assurance & Inspection, Positioning & Guidance, Measurement, Identification

Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Machine Vision in the APAC Region
Asia-Pacific region is anticipated to hold the largest market share in the global Machine Vision market during the forecast period 2019-2029. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, which account for the largest share in this region. India is one of the largest producers of Machine Vision and a major exporter of the product to various countries across the globe. India accounts for around 80% of the world’s exports of Machine Vision. The favorable climatic conditions and growth of agricultural inputs and allied services like cold storage and warehousing in India are prompting higher production.

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Key Questions Answered in The Report:
What will the Machine Vision market growth rate?
What are the key factors driving the global Machine Vision market?
Who are the key manufacturers in the Machine Vision market space?
What are the market opportunities, market risk, and market overview of the Machine Vision market?
What are sales, revenue, and price analysis of top manufacturers of the Machine Vision market?
Who are the distributors, traders, and dealers of the Machine Vision market?
What are the market opportunities and threats faced by the vendors in the global Steerable Medical Devices Industry?
What are sales, revenue, and price analysis by types and applications of the Machine Vision Industry?
What are sales, revenue, and price analysis by regions of Machine Vision industry?
What are the driving factors contributing to market growth during the short, medium, and long term?

Recent Advancements:
Recent advancements in machine vision, such as liquid lens, deep learning software, 360-degree camera, vision processing unit, hybrid image sensor, and hyperspectral imaging, are expected to provide immense opportunities for the market in the coming years. The variable focus liquid lens is a lucrative technology in machine vision. Liquid lenses offer high-quality images and auto-focus functionality. This technology is envisaged to have a wide variety of industrial applications.

The integration of AI-based deep learning in machine vision systems is projected to drive the market in the forecast timeline. Deep learning incorporated machine vision software reduces human intervention and offers real-time solutions by differentiating between the acceptable variations in products and the defects in manufacturing sectors. Rising integration of edge computing and AI is also forcing software companies to enter into collaborations and partnerships with manufacturers of smart cameras and processors. Increasing investments are being witnessed in the market, owing to its upcoming opportunities. For instance, General Motors invested USD 2.8 billion in South Korea in 2018 as part of its plan to restructure its embattled unit in the country. Many international automation and electronic companies are also investing in the Asia-Pacific region, owing to the growth in the region. For instance, Samsung partnered with ABB in 2018 and invested USD 20 million in Vion Technologies, a Chinese company specializing in machine vision systems, such as Artificial Intelligence and cameras. Many partnerships and collaborations in the industry increase market development. For instance, Canon and Stemmer Imaging partnered to serve the machine vision industry. In this partnership, Canon will provide detailed technical lens data to Stemmer Imaging in order to receive fully engineered machine vision solutions containing Canon lenses.

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