Global Machine Vision and Vision Guided Robotics Market to Hit USD 13.18 Billion by 2030

The Global machine vision and vision guided robotics market are anticipated to grow at a considerable rate and is expected to reach USD 13.18 Billion by 2030, growing at a CAGR of 9.61% during the forecast period 2022-2030. The vision-guided robotics market is propelled by the increasing need for automation & safety, high labor cost, a shortage of skilled labor, and an increase in investment in R&D activities.

Machine vision is an automated technology where images are taken and transferred to the PC and handled thereafter to inspect and report the processed results. Robotic vision is a technology that provides robots with sight and replaces manual inspection tasks using cameras and image processing. It allows robots to perform basic tasks like presence detection to real-time inspection. These systems have become powerful and easy to use.

Moreover, the increase in industrialization in emerging and developed economies is a driving factor for the growth of the vision-guided robotics market. Vision-guided robotics systems are used in automobile manufacturing to improve productivity and reduce complexity, production cost, and human errors. Recent developments in machine vision technology, such as smart cameras, increasing compatibility with different systems and vision-guided robotics have driven the demand for the machine vision market globally. The COVID-19 pandemic is expected to accelerate the growth of vision-guided robots as it reduces human contact with end-users. Food delivery robots, sterilization robots, and directional guiding robots using machine vision systems are used by China in many hospitals during the COVID-19 crisis.

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Market Segmentation
Insight by Product
On the basis of product, the market is segmented into PC-Based Machine Vision Systems, Smart Camera-Based Machine Vision Systems, Vision Guided Robotics. The smart camera-based machine vision systems are expected to hold the largest market share in the forecast period due to the rise in demand for the smart camera which is cost-effective, compact, easy to install, and growing adoption of cameras in 3D imaging. Thus, it is easier to implement changes in smart camera technology and IoT based on the revised regulations and government guidelines. Machine vision systems consist of many cameras. These cameras are fitted over the assembly lines to examine products and capture data. Hence, smart camera-based machine vision systems can read labels and direct their products automatically without human involvement, resulting in a decrease in errors. These aspects in industrial sectors are propelling the market growth of the machine vision and vision-guided robotics market.

Insight by Offering
On the basis of offering, the market is divided into hardware (camera, frame grabbers, optics/lenses, LED lighting, and processors), software (barcode reading, standard algorithm, and deep learning software), and services (integration and solution management). Cameras hold the largest share in 2020 because of the rise in demand for CMOS imaging sensors. This, in turn, will lead to the growth of the hardware sub-segment. The software segment is expected to grow at a constant pace over the forecast period due to training and learning of the technology.

The deep learning software sub-segment is expected to grow at a faster pace in the forecast period due to the rise in demand for smart camera-based machine vision systems that are used across different industry verticals. Furthermore, in the services segment, machine vision system integrators are used by the customers for experimenting, scrutiny, assembly, and gauging applications to meet their product requirements. Also, solution management is used as a single-step debug operation to open and save solutions.

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Insight by Application
On the basis of application, the market is sub-divided into quality assurance & inspection, positioning & guidance, measurement, and identification. The quality assurance and inspection segment are anticipated to grow at a significant rate during the forecast period. These are used for scrutinizing and finding labels, barcodes, and texts in the packaging sector. This saves time, avoids human mistakes, and increases efficiency in packaging activities. The adoption of technology in the consumer goods, pharmaceutical, and packaging sectors will drive the growth of the market.

Insight by End-Use Industry
On the basis of end-use industry, the market is bifurcated into Industrial and Non-Industrial. The industrial segment includes automobiles, semiconductors, electronics, healthcare, packaging, food & beverage, textiles, etc. The non-industrial segment includes biometrics, security& surveillance, banking & postal, transport, traffic management & road safety, medical imaging & lab automation, leisure & entertainment, and the environment.

The increased applications of machine vision are an important aspect responsible for the rise in market growth. To improve the quality aspect, automobile manufacturers are investing in vision systems. The technology is used by auto manufacturers and part suppliers for various applications such as adhesive dispensing, error-proofing, material handling, robotic guidance, surface inspection, and traceability. Moreover, the growth of the ADAS system in automotive requires various components such as camera-led lighting, Lidar, V2X which will play an important role in automation and intelligence.

The electronics segment is expected to grow significantly during the forecast period 2021-2027. Machine vision technology is adopted in various industrial activities and is replaced by manual inspection as they use smart cameras and image processing to perform measurements and inspections. The food and beverage industry is also expected to grow at a higher pace over the forecast period. The machine vision systems in the food and beverage industry are particularly used in packaging and bottling operations.

Traffic management and security are the two segments having high growth potential owing to their increasing use for automatic number plate recognition, traffic flow monitoring, traffic surveillance. In the COVID-19 pandemic, some of the worst-hit segments such as automotive and semiconductors are witnessing less demand, while medical and infrastructure industries are witnessing steady growth.

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Industry Dynamics
Industry Trends

The market for vision-guided robotics is divided and there is a continuous increase in the number of industrial players who are offering innovative technologies. To sustain in the industry and compete with their competitors, the companies are adopting strategies such as competitive pricing, decreasing camera sensors, mergers and acquisitions, and additional aftersales services. The market vision and vision-guided robotics market will flourish in the forecast period as emerging economies' governments are allowing foreign direct investments (FDI) in this sector.

Amidst the COVID-19 crisis, there is a lockdown in many countries that have affected cash flows and manufacturers are deferring their new projects related to the implementation of machine vision in their factories. There are a lot of disruptions in the supply chain which has halted production and has negatively affected the machine vision market.

Growth Drivers

Robots and machine vision are friends of the manufacturing industry and have independently reached stability and technological maturity. The key factor that is driving the growth of the vision-guided robots market is the increasing use of industrial robots for automation in the automotive and consumer electronics sectors. So, there is a need for the integration of machine vision systems with vision-guided robot controllers. The safety standards of the workers are becoming more severe, as a result, robots are employed in unsafe working conditions. Technological advancements in the machine vision and vision-guided robotics market, development of technologies like smart cameras and other interfaces, reducing operation complexities, and decrease in cost are the factors that drive the growth of the market.

Challenges

The challenges faced by the machine vision and vision-guided robotics market are the high cost required in the initial phase of integration and installation. Other factors limiting the growth of the market are the cameras going out of order, lack of skilled professionals available, less return on investment. There is a lack of awareness about educating the need for machine vision systems. There is a need for machine vision in the manufacturing sector as there is a gradual transition from product standardization to product customization. However, it is tough to make a standard machine vision system because there are many manufacturing industries and specifications are based on customer requirements.

Opportunities

There is an increase in awareness about the technology and innovative product developments which will provide opportunities for market growth in the machine vision and vision-guided robotics market. The shift from analog to digital machine vision systems will be one of the profitable opportunities in the market. The increase in the use of cognitive humanoid robots and the increasing deployment of machine vision systems in end-user segments like the automotive industry will propel the market to grow in the forecast period.

Geographic Overview

North America is the pioneer in the adoption of robotics and holds the largest market globally as they have adopted robots in various industries. There is a lot of investment by the federal government to increase the production of machine vision systems which will propel the growth of the market in the forecast period.

APAC is anticipated to grow at a significant rate in the vision-guided robotics market during the forecast period 2022-2030. The manufacturing industries in the emerging economies of Asia Pacific are adopting innovative technologies in the vision-guided robotics market which has led to the growth of machine vision and vision-guided robotics market.

Moreover, there is an increase in the demand for consumer electronics that is driven by price deflation, rise in disposable income, rapid urbanization, modernized workflow infrastructure, and adoption of novel technologies that will fuel the demand for vision-guided robotics market. The rise in the aging population in countries such as Japan and Italy has created labor shortage problems resulting in driving the growth of the industrial robotics market. Also, the expenditure, operational benefits, and the initiatives taken by the governments of emerging countries, such as South Korea, India, Taiwan, and Singapore are responsible for the increase in investments and allowing many industry players to establish their production units in Asia Pacific region.

Competitive Insight

Key market players are investing in R&D activities, product advancement to improve the machine vision market. There are a lot of strategic initiatives such as distribution alliances, partnerships, mergers and acquisitions, joint ventures which will drive the growth of the machine vision and vision-guided robotics market. In May 2020, Cognex has made the Insight D900 embedded vision system. The one-of-its-kind solution features Cognex's ViDi deep learning software inside an In-Sight industrial-grade smart camera. This has solved complex in-line inspection applications including optical character recognition (OCR), assembly verification, and defect detection.

Some of the key players operating in the machine vision and vision robotics market: Cognex Corporation, Basler AG, Absolute Vision, ISRA Vision AG, Teledyne Digital Imaging Inc., STEMMER IMAGING AG, Eastman Kodak Company, OMRON Corporation, Allied Vision Technologies GmbH, and Keyence Corporation.

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