3D Machine Vision Market exhibits a stunning growth by 2028

The 3D machine vision market was valued at USD 1.5 billion in 2020 and is projected to reach USD 2.81 billion by 2027; it is expected to grow at a CAGR of 9.40 % from 2020 to 2027. Increasing demand for quality inspection and automation in different industrial verticals is estimated to drive the market. Soaring need for vision-guided robotic systems across the pharmaceutical & chemical, food & beverage, automotive, and packaging industries is expected to augment the market. Surging demand for application-oriented machine vision systems is also boosting the adoption of the technology over the forecast period.

MV systems involve the ability of a computer to observe, inspect, and scrutinize the work performance by employing one or more video cameras, digital signal processing, and analogy to digital conversion. Captured data is then transferred to the computer to analyse and provide the desired output. Sensitivity and resolution are two important aspects of any MV system. Resolution is responsible for differentiating between objects whereas sensitivity is the machine’s ability to detect objects or weak impulses despite dim lights or invisible wavelengths.

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These systems particularly assist in supervising work environments. It offers features such as robotic guidance, automatic inspection, and process control in industrial applications. Industrial production and manufacturing activities are becoming increasingly complicated day-by-day. They are creating difficulties and increasing unreliability for the human eye to keenly detect, observe, and examine production activities.

The technology is witnessing high adoption in industrial operations and is rapidly replacing manual measurements and inspection, due to increasing necessity for efficient and reliable inspection and measurements. Machine vision systems deploy smart cameras and image processing to perform measurements and inspections.

Rising need for superior inspection and growing automation are translating into greater adoption of machine vision technology. Furthermore, the need for increased quality control by consumers and manufacturers coupled with strict government regulations is likely to stoke the growth of the market.

The technology is slated to gain considerable momentum in the food & packaging, automotive, and pharmaceutical verticals over the coming years owing to its abilities such as improved detection of objects, enhanced analysis, monitoring tolerance, and accurate component measuring. On the other hand, lack of efficient system operators due to inadequate training can slow down the adoption rate of machine vision technology.

The key players of the global 3D machine vision market are OMRON Corporation (Japan), Canon Inc. (Japan), Cognex Corporation (US), National Instruments (US), Keyence Corporation (Japan), Robotic Vision Technologies, Inc. (US), Sony Corporation (Japan), Coherent, Inc. (US), Hermary Opto Electronics Inc. (Canada) and Basler AG (Germany).

Analyst Commentary

The 3D machine vision market for hardware is expected to hold the largest share during the forecast period. The cameras segment in hardware is projected to grow at the highest CAGR from 2020 to 2025. Cameras in machine vision systems play an important role in capturing 3D images. The high demand for high-quality images and quick image processing is fuelling the growth of the cameras segment of the market.

The smart camera-based systems segment of the 3D machine vision market for positioning & guidance is expected to grow at the highest CAGR as well as will hold the largest share from 2020 to 2025. This is because the smart camera-based 3D machine vision systems are mostly preferred by manufacturers for flexible robotic vision inspections for processor development and the round-the-clock operations. The automotive industry increasingly depends on robotic vision inspection technology.

The 3D machine vision market for food & beverages is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to the use of 3D machine vision in the food industry as several companies use 3D machine vision systems for application-specific solutions in the areas of grading, sorting, portioning, processing, quality checking during processing, and packaging.

Segmentation

The global Machine Vision market can be segmented on the basis of product type, offerings, vertical, application, and geography. By product type, the market can be divided into pc-based systems and smart camera-based systems. By the type of offerings, the global 3D Machine Vision market can be segregated into hardware and software. On the basis of application, the market can be classified into quality assurance & inspection, positioning & guidance, measurement, identification, and others. On the basis of vertical the market is segmented into industrial and non-industrial.

Regional Analysis

Asia Pacific accounted for the largest share in the global arena in 2017. The region is estimated to rise at the highest CAGR during the forecast period. The growth of the region can be attributed to lucrative opportunities in automotive, packaging, pharmaceutical, and other industrial applications in Asia Pacific.

As the region is emerging as the global manufacturing hub, the technology is expected to experience widespread adoption in the region during the forecast period. China and Japan are prominent countries having the potential to offer extensive opportunities to emerging as well as mature technologies such as machine vision. Numerous manufacturing industries are contributing to the growth and prosperity of the region’s overall economic development.

 

In addition to this, expenditure and operational benefits coupled with initiatives being undertaken by governments of emerging countries, such as South Korea, India, Taiwan, and Singapore, are responsible for catapulting investments and encouraging different industry players to establish their production units in APAC.

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