Rising Factory Automation boosts Global Machine Vision Market

As per the projections put forth by Inkwood Research, the Global Machine Vision Market is predicted to record a CAGR of 8.15% in terms of revenue during the forecasting period of 2021-2028.

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Machine vision deploys one or more video cameras, digital signal processing (DSP), and analog-to-digital conversion (ADC). The resultant data is sent to the computer or robot controller. Machine vision is used to define any technology wherein a computer is tasked with data processing and image digitization.

Growing Factory Automation propels Market Growth
There is a rising trend of factory automation. This is attributed to the increasing need to minimize manufacturing costs and time. The increasing inclination towards digitalization and the fast-paced technological advancements are facilitating automation in the workforce. As a result, artificial intelligence, robotics, deep learning, and deep learning boost factory automation. This trend has enabled growth opportunities for machine vision systems.
Furthermore, the subsequent demand for smart factories contributes to market growth. One of the essential requirements in the present times is information documentation, retrieval, and sharing within an organization in terms of daily processes and operations. Therefore, companies are looking out for digital platforms within their organization for better flexibility, easy overseeing, and process control. For instance, Germany and China are upgrading their factories to smart factories. This entails coordination accuracy and enhanced communication.
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Fastest-Growing & Largest Application: Inspection
The machine vision system is used for inspecting the central part of the product for quality assurance. In terms of inspection, it helps detect design flaws, functional flaws, size flaws, and contaminants in the manufacturing industry. Moreover, it also helps inspect the product completeness, like medicine packaging in the pharmaceutical industry or checking safety seals and caps on bottles in the food & beverage industry.

Fastest Growing and Largest Region: Asia-Pacific
The major growth drivers include the rising usage in different industries to enhance product quality. There is huge market demand in China, while India has a high demand for low-cost machines. These countries also entail a thriving manufacturing industry. As a result, there is a rising demand for factory automation. Moreover, the region is one of the largest suppliers of the components used in machine vision systems like hardware equipment, sensors, and cameras.
The high market rivalry is attributed to high exit barriers and product differentiation. Also, several companies offer different technologies for different applications. Some of the prominent companies in the market include Teledyne Technologies Inc, Keyence Corporation, Cognex Corporation, Basler AG, Omran Corporation, etc.

Related Reports:
GLOBAL SMART MANUFACTURING MARKET
GLOBAL SURFACE VISION & INSPECTION MARKET
GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN THE MANUFACTURING MARKET

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