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Industrial Machine Vision Market

Industrial Machine Vision Market Forecasts to 2028 - Global Analysis By Component (Hardware, Software), Product (Smart Camera-Based Systems, Personal Computer-Based Systems) and By Geography

4.6 (92 reviews)
Published: July 2022 ID: SMRC21702
4.6 (92 reviews)
Published: July 2022 ID: SMRC21702

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Industrial Machine Vision Market is accounted for $30.85 billion in 2022 and is expected to reach $60.56 billion by 2028 growing at a CAGR of 11.9% during the forecast period. The machine vision system is the substitution of the human visual sense and judgment capabilities with a video camera and computer to perform an inspection task. It is the automatic acquisition and analysis of images to obtain desired data for controlling or evaluating a specific part or activity. The machine vision consists of details of the project, requirements and after that coming with a solution. It includes the grouping of various software and hardware that guides operational devices to capture and process image.

As of 2019, the overall scale of the machine learning industry in China reached roughly 126 billion yuan and was projected to grow at an average compound annual rate of 20 percent during the observed period, amounting to over 374 billion yuan in 2025. In 2020, machine learning core products and services would form a market of nearly 21 billion yuan and, in the meantime, drive the peripheral industries to exceed 150 billion yuan. According to a survey conducted in 2021, 45 percent of respondents considered state-of-the art accuracy as a very important criteria when evaluating a machine learning, NLP or computer vision solutions in the healthcare sector. While a further 37 percent reported the ability to train your own models was a very important criteria when evaluating healthcare AI technologies.

Market Dynamics:

Driver:

Rising need for quality inspection and automation

Manufacturing companies across the world are planning to invest more in automation post COVID-19. Also, the need for automated quality assurance has increased as industries have realized its importance in manufacturing processes. This need is, however, further elevated due to the COVID-19 outbreak that has led to less human intervention in various processes. This has resulted in the widespread acceptance of machine vision as an integral part of long-term automation development processes. The use of machine vision in automated production processes helps identify problems in a short span of time. This, in turn, helps reduce costs and improve response times. Also, it helps recognize flawed goods, reducing the risk of return of products and ensuring higher customer satisfaction. The need for machine vision in quality assurance has increased as all products on the production lines are examined equally and with the same focus with this technology.

Restraint:

Concerns regarding the risk of cyber-attacks on industrial machine robots and devices

Concerns regarding the risk of cyber-attacks on industrial machine robots and devices are increasing in the recent times. A weakness hacking can be done easily through the scanners to survey Internet of Things (IoT) devices. Usernames and passwords unchanged from the factory defaults can also work as vulnerabilities or glitches in the software, which can be identified through reverse engineering. The growing reliance on connectivity and IoT devices such as AI embedded devices increases vulnerability to cyberattacks. Although manufacturers can exploit the benefits of AI machine vision and automation, they must also keep an eye on the basics of cyber health. Cyber protection includes downloading and installing the latest software and patches and also educating staff for the updated precautions for cybersecurity.

Opportunity:

Growing demand for vision-guided robotic systems

Vision-guided robotics systems have led to significant changes in the industrial machine vision market. There has been a rapid increase in the use of industrial robots for automation in the automotive and consumer electronics sectors. This is leading to an increasing need for the integration of machine vision systems with vision-guided robot controllers. Machine vision systems enhance the efficiency of robots by allowing them to see and respond to their environments. For instance, when different car models are being assembled on a single production line, vision-guided robotics systems can identify the given situation and ensure the proper assembly of vehicles. If a robot is applying adhesive beading, a machine vision system can ensure that there are no gaps. A vision-guided robot is capable of working side-by-side with humans in a shared workspace, even without a protective fence, as it safely avoids any collision.

Threat:

Shortage of skilled professionals

Lack of flexible machine vision solutions and shortage of skilled professionals in manufacturing factories are expected to act as the major challenge for the growth of industrial machine vision in the above mentioned forecasted period, whereas the lack of user awareness regarding the rapid change in the machine vision technology which can challenge the industrial machine vision market growth in the forecast period.

The smart camera-based systems segment is expected to be the largest during the forecast period

Machine vision systems, also called vision systems, consist of numerous cameras. At times, depending upon the requirements, these cameras are mounted over the assembly lines so as to observe and examine products and capture data. This is leading to the greater adoption of smart cameras in these systems. Cameras are also capable of reading labels and directing products automatically without any human involvement. Minimized human intervention has led to decreased errors and increased accuracy of inspecting labels and tags. These aspects of smart cameras are influencing the adoption of the technology across various industrial sectors, thereby fueling up the overall market growth.

The quality assurance and inspection segment is expected to have the highest CAGR during the forecast period

Industrial machine vision systems are extensively used for scanning and identifying labels, barcodes, and texts, especially in the packaging sector. This automates packaging activities, thereby saving time, avoiding human errors, and increasing efficiency. The technology is frequently used in the consumer goods, pharmaceutical, and packaging sectors. The adoption of technology in these sectors has resulted in reduced counterfeit products to a large extent, eventually driving the overall market.

Region with largest share:

Asia Pacific is projected to hold the largest market share owing to the lucrative opportunities in industrial applications in the region. Countries such China, Japan, and South Korea are expected to be the major contributors to the market in the region. Increased manufacturing operations contribute mainly to the economic development in China, while the rising demand to incorporate Industry 4.0 and advanced manufacturing techniques for increasing automation across various applications in India is contributing to the tremendous growth of AI in computer vision in Asia Pacific. As the region is establishing itself to become a global manufacturing hub, the technology is anticipated to gain significant traction over the forecast period. China and Japan are prominent countries having the potential to offer extensive opportunities for emerging as well as matured technologies, such as machine vision. The numerous manufacturing industries are contributing to the growth and prosperity of the region’s overall economic development.

Region with highest CAGR:

North America is projected to have the highest CAGR due to the early introduction of automation in manufacturing and the presence of a significant number of market vendors of regional origin. Government initiatives, such as Advanced Manufacturing Partnership, which is undertaken to make the industry, various universities, and the federal government invest in the emerging automation technologies, are expected to increase the production of machine vision systems.

Key players in the market

Some of the key players profiled in the Industrial Machine Vision Market include Teledyne Technologies, OMRON, Texas Instruments, Cognex, Baumer Optronic, National Instruments, Intel, KEYENCE Corporation, Sony, Basler, Tordivel, MVTec Software, ISRA VISION, JAI A/S, and SICK.

Key developments:

In August 2021: Keyence Corporation introduced a customizable vision system XG-X series Advanced programming interface with 3D and linescan capabilities for high-quality, high-speed inspection and control. The XG-X Series provides high-speed, high-resolution cameras for high-accuracy inspection, providing robust solutions to a wide range of manufacturing problems.

In March 2021: Cognex introduced Cognex Edge Intelligence (EI) which is used to help customers prevent downtime and boost the productivity of manufacturing and logistics operations by providing its barcode reading performance monitoring and device management.

In March 2021: Cognex has launched its new product called DataMan 8700 Series which is the next generation of handheld barcode readers built on a complete newly designed platform. The device delivers cutting-edge performance and very easy to use with no tuning or operator training required prior.

Components Covered:
• Hardware
• Software          

Products Covered:
• Smart Camera-Based Systems
• Personal Computer-Based Systems

Technologies Covered:
• Imaging
• Laser
• Augmented

Applications Covered:
• Quality Assurance and Inspection
• Identification
• Measurement
• Positioning and Guidance

End Users Covered:
• Healthcare/Medical
• Automotive
• Food and Beverages
• Electronics and Semiconductor
• Rubber and Plastics
• Consumer Electronics
• Solar Panel Manufacturing
• Pharmaceuticals and Cosmetics
• Packaging
• Wood and Paper
• Machinery
• Utilities
• Printing
• Glass
• Metals

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

 

1 Executive Summary        
          
2 Preface         
 2.1 Abstract        
 2.2 Stake Holders       
 2.3 Research Scope       
 2.4 Research Methodology      
  2.4.1 Data Mining      
  2.4.2 Data Analysis      
  2.4.3 Data Validation      
  2.4.4 Research Approach      
 2.5 Research Sources       
  2.5.1 Primary Research Sources     
  2.5.2 Secondary Research Sources      
  2.5.3 Assumptions      
          
3 Market Trend Analysis       
 3.1 Introduction       
 3.2 Drivers        
 3.3 Restraints        
 3.4 Opportunities       
 3.5 Threats        
 3.6 Product Analysis       
 3.7 Technology Analysis        
 3.8 Application Analysis       
 3.9 End User Analysis       
 3.10 Emerging Markets       
 3.11 Impact of Covid-19       
          
4 Porters Five Force Analysis       
 4.1 Bargaining power of suppliers      
 4.2 Bargaining power of buyers      
 4.3 Threat of substitutes       
 4.4 Threat of new entrants      
 4.5 Competitive rivalry       
          
5 Global Industrial Machine Vision Market, By Component    
 5.1 Introduction       
 5.2 Hardware        
  5.2.1 Light Emitting Diode (LED) Lighting    
  5.2.2 Camera       
   5.2.2.1 Interface Standards     
    5.2.2.1.1 Gigabit Ethernet (GigE)   
    5.2.2.1.2 Fire Wire     
    5.2.2.1.3 Camera Link    
    5.2.2.1.4 Camera Link High Speed (HS) Interface  
    5.2.2.1.5 Universal Serial Bus (USB) 2.0   
    5.2.2.1.6 Universal Serial Bus (USB) 3.0   
   5.2.2.2 Sensor Type                 
    5.2.2.2.1 Charged Coupled Device (CCD)   
    5.2.2.2.2 Complementary Metal Oxide Semiconductor (CMOS) 
   5.2.2.3 Format      
    5.2.2.3.1 Area Scan     
    5.2.2.3.2 Line Scan     
   5.2.2.4 Frame Rate             
    5.2.2.4.1 <25 Frames Per Second (FPS)         
    5.2.2.4.2 25-125 Frames Per Second (FPS)         
    5.2.2.4.3 More Than 125 Frames Per Second (FPS)        
  5.2.3 Frame Grabber      
  5.2.4 Optics       
  5.2.5 Processor       
   5.2.5.1 Microcontroller and Microprocessor   
   5.2.5.2 Field Programmable Gate Arrays (FPGAs)   
   5.2.5.3 Digital Signal Processor (DSP)    
 5.3 Software                  
  5.3.1 Application Specific              
  5.3.2 Deep Learning Software              
          
6 Global Industrial Machine Vision Market, By Product    
 6.1 Introduction       
 6.2 Smart Camera-Based Systems      
 6.3 Personal Computer-Based Systems     
          
7 Global Industrial Machine Vision Market, By Technology    
 7.1 Introduction       
 7.2 Imaging        
 7.3 Laser                    
 7.4 Augmented       
          
8 Global Industrial Machine Vision Market, By Application    
 8.1 Introduction       
 8.2 Quality Assurance and Inspection     
 8.3 Identification       
 8.4 Measurement       
 8.5 Positioning and Guidance      
          
9 Global Industrial Machine Vision Market, By End User    
 9.1 Introduction       
 9.2 Healthcare/Medical       
 9.3 Automotive       
 9.4 Food and Beverages       
 9.5 Electronics and Semiconductor      
 9.6 Rubber and Plastics       
 9.7 Consumer Electronics      
 9.8 Solar Panel Manufacturing      
 9.9 Pharmaceuticals and Cosmetics      
 9.10 Packaging        
 9.11 Wood and Paper       
 9.12 Machinery        
 9.13 Utilities        
 9.14 Printing        
 9.15 Glass        
 9.16 Metals        
          
10 Global Industrial Machine Vision Market, By Geography    
 10.1 Introduction       
 10.2 North America       
  10.2.1 US       
  10.2.2 Canada       
  10.2.3 Mexico       
 10.3 Europe        
  10.3.1 Germany       
  10.3.2 UK       
  10.3.3 Italy       
  10.3.4 France       
  10.3.5 Spain       
  10.3.6 Rest of Europe      
 10.4 Asia Pacific       
  10.4.1 Japan       
  10.4.2 China       
  10.4.3 India       
  10.4.4 Australia       
  10.4.5 New Zealand      
  10.4.6 South Korea      
  10.4.7 Rest of Asia Pacific      
 10.5 South America       
  10.5.1 Argentina       
  10.5.2 Brazil       
  10.5.3 Chile       
  10.5.4 Rest of South America     
 10.6 Middle East & Africa       
  10.6.1 Saudi Arabia      
  10.6.2 UAE        
  10.6.3 Qatar       
  10.6.4 South Africa      
  10.6.5 Rest of Middle East & Africa     
          
11 Key Developments        
 11.1 Agreements, Partnerships, Collaborations and Joint Ventures   
 11.2 Acquisitions & Mergers      
 11.3 New Product Launch       
 11.4 Expansions       
 11.5 Other Key Strategies       
          
12 Company Profiling        
 12.1 Teledyne Technologies      
 12.2 OMRON        
 12.3 Texas Instruments       
 12.4 Cognex        
 12.5 Baumer Optronic       
 12.6 National Instruments      
 12.7 Intel        
 12.8 KEYENCE Corporation      
 12.9 Sony        
 12.10 Basler                 
 12.11 Tordivel        
 12.12 MVTec Software       
 12.13 ISRA VISION       
 12.14 JAI A/S        
 12.15 SICK        
          
List of Tables         
1 Global Industrial Machine Vision Market Outlook, By Region (2020-2028) ($MN)  
2 Global Industrial Machine Vision Market Outlook, By Component (2020-2028) ($MN)  
3 Global Industrial Machine Vision Market Outlook, By Hardware (2020-2028) ($MN)  
4 Global Industrial Machine Vision Market Outlook, By Light Emitting Diode (LED) Lighting (2020-2028) ($MN)
5 Global Industrial Machine Vision Market Outlook, By Camera (2020-2028) ($MN)  
6 Global Industrial Machine Vision Market Outlook, By Interface Standards (2020-2028) ($MN) 
7 Global Industrial Machine Vision Market Outlook, By Sensor Type (2020-2028) ($MN)  
8 Global Industrial Machine Vision Market Outlook, By Format (2020-2028) ($MN)  
9 Global Industrial Machine Vision Market Outlook, By Frame Rate (2020-2028) ($MN)  
10 Global Industrial Machine Vision Market Outlook, By Frame Grabber (2020-2028) ($MN) 
11 Global Industrial Machine Vision Market Outlook, By Optics (2020-2028) ($MN)  
12 Global Industrial Machine Vision Market Outlook, By Processor (2020-2028) ($MN)  
13 Global Industrial Machine Vision Market Outlook, By Software (2020-2028) ($MN)  
14 Global Industrial Machine Vision Market Outlook, By Application Specific (2020-2028) ($MN) 
15 Global Industrial Machine Vision Market Outlook, By Deep Learning Software (2020-2028) ($MN) 
16 Global Industrial Machine Vision Market Outlook, By Product (2020-2028) ($MN)  
17 Global Industrial Machine Vision Market Outlook, By Smart Camera-Based Systems (2020-2028) ($MN)
18 Global Industrial Machine Vision Market Outlook, By Personal Computer-Based Systems (2020-2028) ($MN)
19 Global Industrial Machine Vision Market Outlook, By Technology (2020-2028) ($MN)  
20 Global Industrial Machine Vision Market Outlook, By Imaging (2020-2028) ($MN)  
21 Global Industrial Machine Vision Market Outlook, By Laser (2020-2028) ($MN)  
22 Global Industrial Machine Vision Market Outlook, By Augmented (2020-2028) ($MN)  
23 Global Industrial Machine Vision Market Outlook, By Application (2020-2028) ($MN)  
24 Global Industrial Machine Vision Market Outlook, By Quality Assurance and Inspection (2020-2028) ($MN)
25 Global Industrial Machine Vision Market Outlook, By Identification (2020-2028) ($MN)  
26 Global Industrial Machine Vision Market Outlook, By Measurement (2020-2028) ($MN)  
27 Global Industrial Machine Vision Market Outlook, By Positioning and Guidance (2020-2028) ($MN) 
28 Global Industrial Machine Vision Market Outlook, By End User (2020-2028) ($MN)  
29 Global Industrial Machine Vision Market Outlook, By Healthcare/Medical (2020-2028) ($MN) 
30 Global Industrial Machine Vision Market Outlook, By Automotive (2020-2028) ($MN)  
31 Global Industrial Machine Vision Market Outlook, By Food and Beverages (2020-2028) ($MN) 
32 Global Industrial Machine Vision Market Outlook, By Electronics and Semiconductor (2020-2028) ($MN)
33 Global Industrial Machine Vision Market Outlook, By Rubber and Plastics (2020-2028) ($MN) 
34 Global Industrial Machine Vision Market Outlook, By Consumer Electronics (2020-2028) ($MN) 
35 Global Industrial Machine Vision Market Outlook, By Solar Panel Manufacturing (2020-2028) ($MN)
36 Global Industrial Machine Vision Market Outlook, By Pharmaceuticals and Cosmetics (2020-2028) ($MN)
37 Global Industrial Machine Vision Market Outlook, By Packaging (2020-2028) ($MN)  
38 Global Industrial Machine Vision Market Outlook, By Wood and Paper (2020-2028) ($MN) 
39 Global Industrial Machine Vision Market Outlook, By Machinery (2020-2028) ($MN)  
40 Global Industrial Machine Vision Market Outlook, By Utilities (2020-2028) ($MN)  
41 Global Industrial Machine Vision Market Outlook, By Printing (2020-2028) ($MN)  
42 Global Industrial Machine Vision Market Outlook, By Glass (2020-2028) ($MN)  
43 Global Industrial Machine Vision Market Outlook, By Metals (2020-2028) ($MN)  
          
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

 

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