Major players in the machine vision market are Allied Vision Technologies GmbH, Basler AG, Cognex Corporation, FLIR Systems, Intel Corporation, ISRA Vision, Keyence Corporation, LMI Technologies Inc., Microscan Systems Inc., National Instruments, Omron Corporation, Optotune AG, Sick AG, Sony Corporation, Teledyne Technologies, Texas Instruments, Tordivel AS, USS Vision, ViDi Systems SA, Bosch Rexroth, Euclid Labs, Perception Inc., and Vitronic GmbH.
The global machine vision market is expected to grow from $12.09 billion in 2021 to $13.52 billion in 2022 at a compound annual growth rate (CAGR) of 11.8%. The machine vision market is expected to grow to $18.5 billion in 2026 at a CAGR of 8.2%.
The machine vision market consists of sales of machine vision devices, software, and services by entities (organizations, sole traders, and partnerships) that allow a computer to examine, analyze, and identify static or moving images. Machine vision systems are a set of connected devices which are designed to automatically direct production and manufacturing procedures such as go/no assessment and quality control processes using information retrieved from digital images.
The main types of products in machine vision are PC-based and smart camera-based.The PC-based machine vision system consists of a PC with an operating system.
A-frame grabber or Ethernet card in the PC interfaces it to the connected cameras to import the images.Images are then analyzed with the help of a software package in the PC that makes decisions and sends data such as pass/fail information to another system.
The different offerings include hardware, software, and service and are deployed in the general machine vision system and robotic cell. It is used in quality assurance and inspection, positioning and guidance, measurement, identification, and predictive maintenance and is implemented in various sectors such as automotive, pharmaceuticals and chemicals, electronics and semiconductors, pulp and paper, printing and labeling, food and beverage, postal and logistics, others.
Asia Pacific was the largest region in the machine vision market in 2021. The regions covered in machine vision market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The growing need for quality inspection and automation is expected to propel the growth of the machine vision market over the coming years.Quality control helps the manufacturing industry in detecting production problems early, ensuring product quality, and saving time.
Machine vision systems are used to capture images of products to analyze them based on various quality and safety characteristics. For instance, according to robotics and automation news, about 1.4 million industrial robots are used for quality inspection in 2020. In addition, according to World Economic Forum, in 2020, 50% of business leaders are planning to accelerate the automation of repetitive tasks within their organization. Therefore, the growing need for quality inspection and automation is driving the growth of the machine vision market.
The implementation of Artificial intelligence (AI) is a key trend gaining popularity in the machine vision market.Artificial intelligence focuses on learning, reasoning, and self-correction and is processed by machines such as computers.
Major companies operating in the machine vision systems sector are focused on artificial intelligence-based techniques to strengthen their position.For instance, in February 2020, Basler AG, a Germany-based manufacturer of artificial machine vision equipment systems that identify, control, and monitor manufactured goods during production, launched a new fully integrated development AI Vision Solution Kit with cloud connectivity, allowing AI-based IoT applications to run on an optimized vision system and access cloud services.
It significantly minimizes the need for specialist knowledge of embedded hardware and software technology, as well as the complexity of the system.
In June 2020, WEG, a Brazil-based motor, and industrial equipment manufacturer acquired a 51% stake in Mvisia for an undisclosed amount. Through this acquisition, WEG is expected to grow its company’s strategy in digital offering and meet Industry 4.0 demands. WEG is also expected to increase its industrial efficiency through this acquisition and boost its machine vision capabilities. Mvisiais is a Brazil-based machine vision start-up that focuses on using AI tools in the industry.
The countries covered in the machine vision market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.