The increasing demand for product inspection, along with the growing need for vision-guided robotic systems and the growing penetration of machine vision systems, are the major factors that are surging the demand of the market.
Dublin, Ireland – July 14, 2020 /MarketersMedia/ —
The strong demand for product inspection & quality assurance, the rising requirement for vision-guided robotic systems, and the increasing manufacturing of hybrid & electric cars are the primary factors boosting the growth of the global machine vision market. Additionally, the increasing penetration of Machine Vision systems and the accelerating demand for minimum human intervention across several end-user industries for maintaining quality will further enhance the growth of the market. The integration and technological advancements in imaging technology, such as deep learning, machine learning, advanced 360-degree camera, vision processing unit, hybrid sensor, and hyperspectral imaging, along with the increasing demand for artificial intelligence, will bring numerous growth opportunities in the market in the coming years.
Moreover, the expanding number of government initiatives to support industrialization, the rising adoption of Industry 4.0, and the emerging trend of miniaturization in product design, are the significant factors that are responsible for the growth of the machine vision market size. According to the machine vision market research, the lack of flexible machine vision solutions and the changing needs of the end-user are the certain factors that will have a negative impact on the growing demand of the market.
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On the basis of the product, the smart camera-based vision system segment is poised to expand during the forecast period. The increasing adoption of camera-based machine vision systems driven by its design with open embedded processing technology that helps in decreasing the requirement of other peripheral devices such as an external computer and frame capture card is the major factor surging the growth of the segment. The smart camera-based vision systems are highly cost-effective and have a lower cost of maintenance as compared to pc-based vision systems. It is easy to use and simpler to integrate with existing automation systems due to its uncomplex design. Smart camera vision systems consist of fewer components and more compact dimensions. All these features are promoting the end-users towards the adoption of smart camera-based vision systems, thereby surging the growth of the segment.
Based on the application, the identification segment is projected to emerge as the maximum revenue generating segment during the forecast period. This is due to its more comprehensive application for security purposes in camera surveillance, traffic monitoring, recognizing number plates, and other applications. The machine vision technology is used, especially in the packaging industry, for scanning and identifying labels, texts, and barcodes.
On the basis of the end-user, the food and packaging segment is projected to maintain its dominance over the forecast period. The machine vision system provides error-free assembly by examining closure panels, including doors, lift gates, tailgates, and other components. It also helps in enhancing the quality and ensure food and safety, followed by several remarkable features, such as safety inspection, tracking & tracing, labeling, packaging, and container integrity. Furthermore, machine vision technology provides customized point & click interface that makes it more accessible for a system operator to bring out quality inspection and decreases the need for labor training.
On the basis of the region, the Asia-Pacific region is projected to be the fastest growing region in the next six years. The Asia-pacific region is the hub for the manufacturing industry and provides an ample amount of growth opportunities for the machine vision market. For example, China is regarded as an ideal destination for manufacturing units, such as automotive, electronics, and other products. All these factors, followed by the accelerating demand for automation across several industries, will further enhance the growth of the market in Asian countries. Furthermore, the lower cost of labor and other costs will encourage the adoption of the machine vision market in this region.
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The key players of the machine vision market include Omron Corporation, Texas Instruments, Inc., National Instruments Corporation, Keyence Corporation, Intel Corporation, Cognex Corporation, Basler AG, Sony Corporation, Teledyne Technologies, Inc., Allied Vision Technologies GmbH, Baumer Optronic GmbH, and Jai A/S, among others.
The research report on the machine vision market provides an in-depth analysis of the market revenue based on deployment, component, product, application, end-user industry, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.
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