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Machine Vision Market with COVID-19 impact Analysis by Deployment, Component, Product, Application, End-user Industry & Region - Forecast to 2025

Machine Vision Market with COVID-19 impact Analysis by Deployment, Component, Product, Application, End-user Industry & Region - Forecast to 2025

  • July 2020
  • 273 pages
  • ID: 4603852
  • Format: PDF
  • MarketsandMarkets

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Machine vision market projected to grow at a CAGR of 6.1% from 2020 to 2025.
The global machine vision market is expected to grow from USD 9.6 billion in 2020 to USD 13.0 billion by 2025, at a CAGR of 6.1% during the forecast period. The major driving factors in the machine vision market is the increasing need for quality inspection and automation, growing demand for vision-guided robotic systems, increasing adoption of vision-guided robotic systems, and many more. The major restraints for the market are varying end-user requirements and lack of skilled professionals in the manufacturing factories. A current challenge for the said market also includes the slowdown in production activities and further adoption of machine vision technologies and products in the manufacturing industries amid the COVID-19 outbreak.

Position & guidance to grow at the fastest rate in the machine vision market during the forecast period.
Position & guidance application enables manufacturers to build multiple products on the same production line and reduces the need for expensive hard tooling to maintain part position during inspection. Also, this application helps to improve the efficiency of production processes by instantaneously detecting the positional relationship between the target and machine tool or table and helps to control the system carefully.

Automotive industry to hold a major market share in the machine vision market during the forecast period.
The automotive industry provides several opportunities for the machine vision market.The demand for machine vision systems is increasing in the automotive sector as it provides improved accuracy in critical activities such as bin picking and positioning of parts, such as doors and panels, for assembly.

The demand for machine vision systems used in automobiles is significantly impacted by the outbreak of COVID-19 since the automotive sector is deeply affected by this pandemic. The demand for automobiles remains critical owing to the confidence and income sentiments of customers.

APAC held the largest market share in the machine vision market between 2020 and 2025.
The machine vision market in APAC is expected to hold a major market share during the forecast period as countries in APAC such as China, Japan, India, and South Korea have some of the largest manufacturing facilities wherein automation of manufacturing processes has been taken as the highest priority.Also, strong competition among consumer electronics companies in APAC is likely to boost the adoption of machine vision systems in the region.

However, during the COVID-19 outbreak, the shutdowns and decline in demand have affected the growth of machine vision market in APAC.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in computational photography marketspace. The break-up of primary participants for the report has been shown below:
• By Company Type: Tier 1 = 55%, Tier 2 = 20%, and Tier 3 = 25%
• By Designation: C-Level Executives =75% and Manager = 25%
• By Region: North America = 10%, Europe = 20%, APAC = 40%, and RoW = 30%

The major players in the machine vision market are Cognex Corporation (US), Basler AG (Germany), Omron Corporation (Japan), Keyence (Japan), National Instruments (US), Sony Corporation (Japan), Teledyne Technologies (US), Texas Instruments (US), TKH Group (The Netherlands), Intel Corporation (US), ISRA Vision (Germany), Sick AG (Germany) and FLIR Systems (US).

Research Coverage:
This research report categorizes the global machine vision based on deployment, component, product, application, end-user industry, and geography. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the machine vision market and forecasts the same till 2025.

Key Benefits of Buying the Report

The report would help leaders/new entrants in this market in the following ways:
1. This report segments the machine vision market comprehensively and provides the closest market size projection for all subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes product launches, acquisition, and partnership, and agreements.
4. This report would help understand the pre and post-COVID-19 scenarios as to how would the penetration of machine vision will look like for the forecast period. The region segment includes the country wise impact analysis of COVID-19 and initiatives taken to overcome these impacts.

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