According to projections put forward by Inkwood Research, the global machine vision market is expected to register a CAGR of 8.15% in terms of revenue during the forecast period 2021-2028.
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Machine vision deploys one or more video cameras, digital signal processing (DSP), and analog-to-digital conversion (ADC). The resulting data is sent to the computer or robot controller. Machine vision is used to define any technology in which a computer is responsible for processing data and digitizing images.
Rising Factory Automation Propels Market Growth
There is an upward trend in factory automation. This is attributed to the growing need to minimize manufacturing costs and time. The growing inclination towards digitization and rapid technological advancements facilitate the automation of the workforce. As a result, artificial intelligence, robotics, deep learning, and deep learning are driving factory automation. This trend has enabled growth opportunities for machine vision systems.
Moreover, the subsequent demand for smart factories is contributing to the growth of the market. One of the essential requirements today is the documentation, retrieval and sharing of information within an organization in terms of processes and day-to-day operations. Therefore, companies are looking for digital platforms within their organization for better flexibility, easy supervision and process control. For example, Germany and China are transforming their factories into smart factories. This involves precision coordination and improved communication.
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Fastest and Largest Growing Application: Inspection
The machine vision system is used to inspect the core part of the product for quality assurance purposes. In terms of inspection, it helps detect design flaws, functional flaws, size flaws, and contaminants in the manufacturing industry. In addition, it also enables the inspection of the entire product, such as the packaging of medicines in the pharmaceutical industry or the verification of security seals and caps on bottles in the food and beverage industry.
Fastest growing and largest region: Asia-Pacific
The major growth drivers include increasing use across different industries to improve product quality. The demand from the Chinese market is huge, while India has a strong demand for low-cost machines. These countries also have a thriving manufacturing industry. As a result, there is a growing demand for factory automation. Additionally, the region is one of the largest suppliers of components used in machine vision systems such as hardware equipment, sensors, and cameras.
The strong market rivalry is attributed to high exit barriers and product differentiation. In addition, several companies offer different technologies for different applications. Some of the leading companies in the market include Teledyne Technologies Inc, Keyence Corporation, Cognex Corporation, Basler AG, Omran Corporation, etc.
GLOBAL SMART MANUFACTURING MARKET
GLOBAL VISION AND SURFACE INSPECTION MARKET
GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN MANUFACTURING MARKET
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