Machine Vision Systems Market is Anticipated to Record a Valuation of US$ 17.57 Billion by 2027, a Recent Study by The Insight Partners

The global machine vision systems market was valued at US$ 9.11 Bn in 2018 and is expected to grow at a CAGR of 7.5% during the forecast period 2019 - 2027, to reach US$ 17.57 Bn by 2027.

Machine Vision Systems are considered the next generation intelligent systems that are mainly used in industrial applications for detection, measurement, identification, inspection, and other functions. Machine vision systems play an important role in the robotics sector and they are used to guide autonomous robots. To enhance productivity, industries such as automotive, food & beverages, and pharmaceuticals need to focus on reducing labor-intensive processes and increasing accuracy; machine vision systems offer a great solution to overcome these concerns. Machine vision systems perform complex and repetitive tasks with high accuracy and consistency in comparison to traditional systems.

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Machine vision systems consist of components such as image sensors, frame grabbers, processors, PLCs, and others, 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. The machine vision components market is anticipated to experience significant growth in the coming years due to the increasing demand in industries such as automation, robotics and non–manufacturing which includes intelligent transport systems, 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 have set the highest growth record in North America in 2018. Europe is the key manufacturer and exporter of machine vision systems worldwide. The 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 are also rising owing to ongoing improvements in the technology resulting in decreasing the costs of these systems.

Note – The Covid-19 (coronavirus) pandemic is impacting society and the overall economy across the world. The impact of this pandemic is growing day by day as well as affecting the supply chain. The COVID-19 crisis is creating uncertainty in the stock market, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments. The overall effect of the pandemic is impacting the production process of several industries. This report on ‘Machine Vision Systems Market’ provides the analysis on impact on Covid-19 on various business segments and country markets. The reports also showcase market trends and forecast to 2028, factoring the impact of Covid -19 Situation.

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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.

Machine Vision Systems Market: Type

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.

The List of Companies: Machine Vision Systems Market

The key companies operating in the market include 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., and Teledyne Technologies Incorporated, among others.

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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.

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