The manufacturing industry is going through a revolutionary change as Industry 4.0 is leading to technological disruptions. In the era of Internet of Things (IoT), new-age PC systems, big data, and cloud computing, machine vision is a technology that has gained a permanent indispensability as it provides visual assistance to processes in a manufacturing unit through advanced optics, which reduces the need for supervision or monitoring, thereby aiding to an automated quality assurance and inspection. Industrial robots are gradually gaining grounds for robotic guidance manufacturing industry process control. So, the machine vision market companies are consistently innovating in order to gain maximum traction from the manufacturing industry. For instance, Cognex, one of the leader in the machine vision market, recently introduced an innovative new 3D technology that alleviates the challenges of high-speed assembly verification and in-line measurement applications. The latest development will bring advanced 3D inspection to factories and manufacturers.
Machine vision is going through a transition phase as deep learning, edge computing, object recognition with point cloud, merged reality (virtual & augmented), and semantic instance segmentation are evolving at a rapid pace. Furthermore, with the growing demand for drones to instill better security and surveillance, the machine vision market is making strides worldwide. While the machine vision market will gain significant traction from the manufacturing sector, the global transformation of the automotive industry with the advent of semi-autonomous and autonomous vehicles will create a thrust in the market and provide gainful opportunities to the players that will innovate in the outdoor computer vision technology.
The machine vision market size was valued to be $8.59 billion as of 2018. As the technology will witness latest developments and more industries will adopt machine vision for various processes, the demand for it will rise at a CAGR of 9.20% during the forecast period 2019-2025.
Europe – The Most Lucrative Region for the Machine Vision Market Players & Future Opportunities:
Europe had the maximum machine vision market share with 39.26% in 2018. This is attributable to the growing trends of “smart factories” and “car of the future,” which are making organizations adopt this technology. According to the findings by the Verein deutscher Maschinenbau-Anstalten (VDMA), the Europe image processing industry has reported sales growth for years. While the European market registered growth at 13% between 2013 and 2017, the industry’s turnover is doubled between 2008 and 2017. In 2017, German market underwent a growth of 17.5% with revenues of $2.93 billion in 2018. The profitable pace of the Europe machine vision market growth owes to the rapid adoption of technologies across multifarious industries ranging from manufacturing and automotive to food & packaging and others.
· The Europe Automotive and Transportation Industry to Provide Lucrative Opportunities to the Machine Vision Market Companies –
European countries, especially Germany houses one of the biggest automotive industry, and the trend of autonomous vehicles has taken a leap into the path of growth, which is changing the public transportation and logistics industries. For instance, the Netherlands is working with Germany and Belgium to establish “truck platooning” wherein one human driven vehicle can lead a convoy of autonomous vehicles. Furthermore, autonomous minibuses are already active and providing passenger services in Norway, France, and Sweden, and this trend is creating a demand influx in the Europe machine vision market. Furthermore, the machine vision market will also impact the England automotive industry. According to a report by the Institute of Faculty and Actuary, in 2017, the Bank of England projected that the sale of motor insurance premiums will be falling by 21%-41% by the end of 2040. This evinces the emergence of autonomous vehicles in England which will occupy a substantial fraction of the conventional vehicles market.
· The Manufacturing Industry in Europe Contributing to the Growth of the Machine Vision Market –
Europe manufacturing industry is the fastest growing sector in terms of adopting automation. Particularly, the quality assurance and inspection processes. The key machine vision market players are coming up with latest development in order to build a better and precision-oriented autonomous quality assurance procedure. For instance, Plug & Inspect technology innovated its technology strategy and designed a new machine vision product called Inspekto that debuted in VISION 2018 that was held at Germany. This product is personalized so that it helps employees in manufacturing facilities to take the system out of the box and install immediately without help from the system developer or integrator. Such developments of user-friendly products in the machine vision market is revolutionizing the technological regime of Europe manufacturing industry.
· Europe Food & Beverages: The Rising Machine Vision Marketplace –
F&B is one of the key industries that contributes significantly to Europe gross value added (GVA) of the manufacturing industry. In 2016, the industry contributed with 15.6% to the GVA of the manufacturing industry, according to Tripolemos Foundation. Previously, the usage of computer vision technology was regulated by the Food and Drug Administration (FDA). However, nowadays machine vision cameras are advancing, and they are now used to inspect the hygiene of processing equipment as the recent focus is on the cleanliness of the equipment used in the F&B industry. Furthermore, the machine vision market players are striving to introduce products that can help find newer ways in order to improve quality and efficiency in the processing of food products. Recently, machine vision technology is found to be helpful in the sorting and grading of the fruits and vegetables, and this trend is going to get further traction in the upcoming years, especially in Europe.
Machine Vision Market – Global Scenario and Growth Drivers:
· Quality Assurance and Inspection: Key Application in the Machine Vision Market –
Quality assurance and inspection is found to be the key application in the machine vision market, and it will grow at a CAGR of 9.48% through to 2025. This is attributable to the adoption of computer vision technology in various manufacturing industries at large. According to the World Bank, in 2017, the contribution of the manufacturing industry in global GDP stood at 15.646%. The industry is poised to witness growth, because the growth of the manufacturing sector is one of the prime objectives in the sustainable development goals (SDGs) by the United Nations (UN). This is coupled with the fact that computer vision is increasing the efficiency of the quality assurance and inspection process, and players are innovating to provide products for the same. For instance, Omron has been continuously working on machine vision technology that will transform under-performing quality inspection process and help organization attain better quality and efficiency. The company quoted that manufacturers are under pressure for accelerating production and at the same time maintaining supreme quality. The organization has achieved success by using four FH-SC/SM 0.3 megapixel camera which has a sufficient resolution and can store multitude of images. Such smart camera systems with processor and frame grabber provide better results for quality assurance and inspection. The growth of the manufacturing industry and adoption of the technology will create a myriad of opportunities for the machine vision market players over the forecast period.
· The Security and Surveillance Sector Proving to be a Sustainable Machine Vision Marketplace –
Although machine vision technology is used in security & surveillance industry for decades, the emergence of embedded vision technology is gaining a propitious prominence. The products of embedded vision technology are used for a gamut of purposes like wrong-way detection and trajectory tracking. The video content analysis tools are often used in airport exit lanes, wherein the security managers need to identify people entering the restricted area. The investments are made by governments worldwide for security and surveillance, and each country is leveraging technologies in order to instill better and reliable security. The demand influx in the security and surveillance industry is leading to machine vision market growth.
· Semiconductors Industry to Augment Machine Vision Market Revenues –
3D Machine vision technology is used in the semiconductors industry for defect detection which is executed by high speed comparison of the adjacent areas on the wafer with same geometry. This technology enables autofocusing and image registration that leads to image registration. The semiconductor market registered revenues worth between $420 billion and $430 billion in 2018. Furthermore, the demand for semiconductors will be increasing at an impressive CAGR of 10% during the forecast period 2019-2025. The expansion of the semiconductor market will create more possibilities for machine vision market players which will be predominantly providing products that help in defect detection.
· Other End-Use Industries that are Leading to Machine Vision Market Growth –
Apart from the manufacturing and security sectors, machine vision is gaining profitable traction from the consumer electronics industry. This is attributable to the evolution of IoT which has led to an increasing usage of embedded vision that are deployed frequently in TVs, PCs, mobile devices, lighting, air-conditioning, and other appliances. Furthermore, the healthcare industry is spending humongous amount of sum on technologies, and machine vision will soon be prevalently used in diagnostics, medical imaging, surgery, and for reducing attrition in clinical trials, which will cause a certain swell in the machine vision market size.
Machine Vision Market – Competitive Landscape:
The major players innovating in the machine vision market in order to gain maximum traction from the end-use industries are Cognex Corporation, Omron Corporation, Sony Corporation, Panasonic Corporation, Microscan Systems, Inc. (Spectris plc), Baumer Holding AG, Keyence Corporation, Basler AG, National Instruments Corporation, and Texas Instruments Incorporated.
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