Machine Vision Market: Promoting Smart Manufacturing Solutions (2023-2030)
The machine vision market is poised for a promising growth curve, driven by the rapid expansion of Industry 4.0 and the increasing adoption of machine learning, AI, and IoT across industries. This article will uncover insights into the market’s growth trajectory in the short-term outlook and shed light on various driving factors and challenges.
The Impact of Industry 4.0 on Machine Vision Market
Industry 4.0, characterized by the integration of digital technologies into manufacturing processes, has significantly contributed to the growth of the machine vision market. The deepening penetration of machine learning, AI, and IoT in various industries has fueled the demand for vision-based systems that enable intelligent decision-making.
Driving Factors for Machine Vision Market Growth
Rising Demand for Automation and Quality Control
The increasing emphasis on automation and quality control in industries is a major driver propelling revenue growth in the global machine vision market. Machine vision systems enable quick and precise control, ensuring efficient manufacturing and better delivery reliability.
Vision-Guided Robotics Systems
The rising need for vision-guided robotics systems has emerged as another crucial factor contributing to the market’s growth. Machine vision empowers robots to perceive and act, enhancing their efficiency and accuracy in various applications.
Adoption of Cutting-Edge Technologies
Manufacturers are actively adopting cutting-edge technologies to stay competitive in the market. The integration of advanced machine vision systems in the manufacturing process has improved product quality and increased productivity.
Government Initiatives in Favor of Industry 4.0
Several governments worldwide have focused on promoting the adoption of Industry 4.0 and smart factories. For instance, the Indian government launched a program in 2019 to encourage the acceptance of current-edge technologies like AI and robotics in the manufacturing sector.
Strategic Procedures in the Machine Vision Market
Market vendors are engaging in strategic procedures like acquisitions, mergers, collaborations, and facility expansions to gain a competitive edge in the international sector. The introduction of updated machine vision software suites and partnerships for innovative platforms is driving market growth.
COVID-19 Impact on the Market
The COVID-19 pandemic caused simultaneous disruptions in supply and demand, leading to severe slumps across various sub-sectors. However, the crisis accelerated the advancement and application of automation technology, with robots and intelligent systems promising disease surveillance and contact tracking.
Advancements in Industry 4.0 and Machine Vision Market Growth
The evolution of Industry 4.0 is revolutionizing manufacturing industries, increasing productivity, improving product quality, reducing waste, and lowering operational costs. The integration of cyber-physical systems and data analytics capabilities is driving machine vision’s significance in automation for manufacturing and production industries.
Vision-Enabled Robotics Systems: The Key to Market Growth
Vision-enabled robotics systems have become crucial components of industrial automation. The increased use of industrial robots in automotive and consumer electronics industries has driven demand for integrated machine vision systems with vision-guided robot controllers.
Limitations: Routine Maintenance and Skilled Professionals
Machine vision systems require regular maintenance for their reliable operation, making upkeep expenses relatively expensive. The industry’s growth is also constrained by the shortage of skilled professionals with specialized understanding of the equipment.
PC-Based Cameras vs. Smart Cameras
The machine vision market is segmented into PC-based and smart cameras. PC-based MV systems currently dominate the market, while smart cameras are expected to witness significant growth due to their applications in 3D sensing and imaging.
Automotive Applications: A Revenue Generator
The automotive sector has emerged as a key revenue generator in the machine vision market. Machine vision systems can scan barcodes, data matrix codes, and characters on vehicle parts, labels, and packaging, ensuring error-proofing and quality control.
Steady Growth in Pharmaceuticals & Chemicals Segment
The pharmaceuticals & chemicals segment is expected to experience steady revenue growth due to increased automated production in factories. Machine vision aids in industrial automation for precise quality control and increased supply chain transparency.
North America’s Dominance in Machine Vision Market
North America is anticipated to account for the largest revenue share in the machine vision market, driven by rising R&D expenditures and technical breakthroughs. The US’s leadership in technology development and engineering process efficiency further supports market growth.
Stable Growth in Asia Pacific Region
The Asia Pacific machine vision market is projected to experience stable revenue growth due to the expansion of manufacturing operations and innovative manufacturing methods in the region. China and Japan present significant opportunities for technology development and establishment.
Competitive Landscape: Key Players in the Market
Prominent players in the machine vision market include Allied Vision Technologies GmbH, Basler AG, Cognex Corporation, Keyence Corporation, LMI Technologies, Inc., Microscan Systems, Inc., National Instruments Corporation, OMRON Corporation, Sick AG, and Tordivel AS.
The machine vision market is poised for remarkable growth in the next few years, driven by the rapid expansion of Industry 4.0 and the increasing adoption of advanced technologies. Vision-guided robotics systems, automation, and quality control will be key growth factors in the market.
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This press release first seen on Brilad