Machine Vision Systems Market to Reach US$ 17.57 Bn at a CAGR of 7.5% in 2027

The machine vision systems market was valued at US$ 9.11 Bn in 2018 and is projected to reach US$ 17.57 Bn by 2027; it is expected to grow at a CAGR of 7.53% from 2019 to 2027.

Machine Vision Systems are the next generation intelligent systems mainly used in industrial applications for detection, identification, measurement, inspection and so on. These systems play major roles in robotics; these are used to guide the autonomous robots also known as 'self-navigating robots'. Various industries such as automotive, food & beverage, pharmaceuticals are much concerned about reducing labor intensive processes, increasing accuracy and speed; machine vision systems are in demand to overcome these concerns. Machine vision systems can perform complex repetitive tasks with higher accuracy and consistency. Machine vision systems include components such as image sensors, processors, PLC, frame grabbers and more, which are driven by a software package to execute user defined applications. Machine vision systems are also employed in non-inspection applications such as guiding robots, pick and place the parts, dispensing liquids and many more. Machine vision and components market is expected to experience significant growth in the coming years due to the increasing demand in industries such as automation, robotics and non-manufacturing which include intelligent transport system, logistics and medical, exhibiting substantial market growth. Machine vision systems are classified into three types, namely: Smart Vision Systems, PC-Based Vision Systems and 3D Vision Systems. Machine vision systems has set the highest growth record in North America in 2018. Whereas, Europe is the major manufacturer and exporter of these systems worldwide. Manufacturing industry is the largest end-user of these systems however, the growth of machine vision systems in non- industrial niche applications such as logistics, intelligent traffic systems, IP video surveillance, and others is also rising owing to ongoing improvements in the technology resulting in decreasing the costs of these systems.

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The List of Companies
Basler AG
Cognex Corporation
Datalogic S.p.A
FLIR Systems, Inc.
IDS Imaging Development Systems GmbH
ISRA VISION AG
Keyence Corporation
OmniVision Technologies, Inc.
Omron Microscan Systems, Inc.
Teledyne Technologies Incorporated

Market Insights

Government initiatives worldwide to support the growth of manufacturing sector

For a sustainable economic development, countries are increasingly focusing on boosting industrialization, especially in the manufacturing and process industries. Governments of various countries, especially India and China, are taking initiatives through regulations, innovation promotion, and knowledge brokerage to achieve inclusive and sustainable industrialization. The rapidly changing technology landscape in the manufacturing and process industries worldwide has also been encouraging the manufacturing companies to invest in advanced systems and processes, which can help achieve high operational efficiencies and also enable companies to meet challenging demands of today's customers. The present century is characterized by tough competition in all major industry verticals. The manufacturers of various systems are facing tough competition on parameters such as costs, quality, technology, service, and time-to-market. Thus, to maintain market position and to achieve sustainable development, manufacturers are increasingly investing in advanced systems.

Type-Based Market Insights

On the basis of type, the global machine vision systems market is bifurcated into smart machine vision systems, PC-based vision systems and 3D machine vision systems. Machine vision systems are amalgamation of computer vision into industrial manufacturing processes. Machine vision make use of industrial image processing by using cameras which are placed over production lines and cells with the intention to visually examine, inspect products and control robots in real time without human intervention. Machine vision is also known as industrial vision and comprises of several cameras for capturing, interpreting and motioning individually with a control system connected to some pre-determined standards.

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Product development is the commonly adopted strategy by companies to expand their product portfolio. Basler AG, IDS Imaging Development Systems GmbH, Omron Microscan Systems, Inc., COGNEX CORPORATION, Keyence Corporation, Teledyne Technologies Incorporated, Datalogic S.p.A, FLIR Systems, Inc., ISRA VISION AG, and OmniVision Technologies, Inc., among others are the key players implementing strategies to enlarge the customer base and gain significant share in the global Machine Vision Systems market, which in turn permits them to maintain their brand name. A few of the recent key developments are:

In 2018, Datalogic opened new office at Las Colinas, in the Dallas area. This office is aimed at serving as a business development hub for the North America Market. The new team is responsible for generating new leads based on interest, converting those into sales opportunities. In addition, Application engineers support the sales team in demo activities on specific products across all verticals in which Datalogic operates, to present advanced Datalogic solutions to prospective customers.
In 2019, Cognex Acquired SUALAB in order to advance its leadership in deep learning-based machine vision. The acquisition of SUALAB's intellectual property and engineering team is anticipated to enhance Cognex's existing deep learning competences based on technology that was acquired from ViDi Systems in April 2017.

Machine Vision Systems Market Segmentation:

By Type

Smart Machine Vision Systems
PC-Based Machine Vision Systems
3D Machine Vision Systems

By Components

Cameras
Frame Grabbers
Processors
Illuminations & Optics
Vision Software
Vision Sensors
Others

By Interface

USB 2.0/USB 3.0
Camera Links
GigE
CoaXPress
Others

By End Users

Automotive
Electronics & Semiconductor
Food & Beverages
Pharmaceuticals
Logistics
Others

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This release was published on openPR.