The global machine vision system market is estimated to reach $16.4 billion by 2026 growing at CAGR 6.9% during 2021-2026 owing to the wide scale adoption of these systems for robotics and automated inline inspection systems. The market is analyzed to be in its growth stage with significant adoption in electronics and semiconductor industry which is estimated to witness the highest growth of CAGR 10.5% during 2021-2026. This is followed by machine vision systems and components market for automotive, consumer electronics, food beverage and packaging industry which is set to experience growth of CAGR 9.7%, 9.4%, 8.1% respectively from 2021 to 2026 owing to the adoption of high-end machine vision for various applications for achieving high production quality and throughput. The use of machine vision in medical and healthcare sector is still at its early growth stage and the presence of stringent industry regulations is also analyzed to be one the growth inhibitors in the market. However, the growing investment towards development of vision guided medical robots is set to avail significant growth opportunity to the market during the later stages of the forecast period 2021-2026
The shifts towards high Driving Automation (level 4) and Full Driving Automation (level 5) will have significant ramifications for the machine vision system market. Machine vision systems will play an important role in safety of these autonomous vehicles by assisting a vehicle in identifying and recognizing potential hazards. With the emergence of this technology, governments of several countries are planning to invest heavily in R&D. In 2019, government of U.S. has invested $4 billion to accelerate the development and adoption of fully autonomous vehicles across the country over period of 10 years. In 2019, U.K. government and technology companies have invested $520 million into R&D and testing of connected and fully autonomous Vehicles. Similarly, several companies are planning to launch fully autonomous vehicles by 2025. Zoox has started developing fully autonomous vehicles with machine vision in order to launch its own ride-hailing service by 2022.
The introduction of the automation has revolutionized the manufacturing in which complex operations have been broken-down into simple step-by-step instruction that can be repeated by a machine. Machine vision system is used for industrial automation applications, such as product quality stain inspection, exterior size measurement, finished products count, identification check and other industrial automation related processes. In the automotive, machine vision systems are used in control systems for industrial robots, inspection of painted surfaces, welding quality control, rapid-prototyping checking the engine block or detect defects of various components. Similarly, Advanced Driver Assistance Systems (ADAS), vehicle infotainment and telematics technology are the most recent technologies perusing in automotive segment. Emergency braking assistance, adaptive speed control, blind spot detection, rear cross-traffic warning and road sign recognition are some of the features which require the applications of machine vision systems.
Machine Vision System Market Growth Drivers:
Demand for Vision Guided Robots
The burgeoning Industry 4.0 systems rely on machine vision-enabled devices for from the cloud so artificial intelligence can make informed decisions. This has resulted in the evolution of robotic systems for further mobility. The growing need for advanced robotic system will fuel the demand for more intelligent and faster 3D measurement and guidance systems. This will also include complex algorithms that can be used in 3D imaging systems for processing images in real-time. Thus, the increasing use of 3D imaging systems for applications like the bin picking of randomly oriented, homogenous objects will further leverage the machine vision system market. Moreover, the implementation of vision guided robots provides the ability to see and respond flexibly to its surroundings without changing its position. The vision guided robotic camera can also carry out quality inspection of various locations with the help of a single camera placed in it. Vision-based robotic assembly and quality control systems, that have been a topic of continued research interest for almost four decades, have now matured to a point where they can be effectively applied to advanced robot-based assembly and quality control tasks. This improvement in technology has led to the rising use of the vision guided robots in several applications such as differing part orientations, enabling applications like random bin picking which will lead to leverage growing opportunities for machine vision systems.
The Major Players in this Market Include
Major players in Machine Vision System include Cognex, Omron Corp., Sony Corp., Panasonic Corp., Microscan, Basler AG, Keyence Corp., National Instruments, Sick AG, Teledyne Technologies and FLIR among others. In October 2019, Teledyne announced the release of its second-generation Calibir DXM640 camera for Machine Vision market.