Machine vision market is likely to grow at an impressive CAGR of 6.5% during the forecast period, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the 'pause button' for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Machine Vision Market
Machine vision market is likely to grow at an impressive CAGR of 6.5% during the forecast period. The major factors driving the growth of the machine vision market are surge in demand for industrial automation or smart factories, vision-guided robotic systems, and their increasing application in pharmaceutical and food packaging industries.
Asia-Pacific was the major market in 2019, and is expected to maintain its dominance during the forecast period. The growth of the region's market can be attributed to the major countries, such as China, Japan, India, and South Korea, which have the largest manufacturing facilities, wherein automation of manufacturing processes has been considered as the highest priority. The region's rapid industrial expansion has been immensely contributing to the success and development of various innovations with the adoption of different technologies.
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Report Scope & Market Segmentation
Machine Vision Market Share: By Deployment Type
Based on the deployment type, the market is segmented as general machine vision system and robotic cell. The general machine vision system segment held the larger share of the market in 2019, whereas the robotic cell segment is expected to experience a faster growth during the forecast period. Robotic cells are cost-effective and can handle increasing number of product variants, which is driving the growth of the segment.
Machine Vision Market Share: By Component Type
Based on the component type, the market is segmented as hardware and software. The hardware segment held the larger share of the market in 2019, and is expected to experience a faster growth during the forecast period. The market for the software segment is expected to experience a steadier growth during the same period owing to the training and deep learning of the technology.
Machine Vision Market Share: By Product Type
Based on the product type, the machine vision market is segmented as PC-based machine vision system and smart cameras-based machine vision system. The PC-based machine vision system segment dominated the market in 2019, whereas the smart cameras-based machine vision system segment is expected to experience a faster growth during the forecast period. The growth of the smart cameras-based machine vision system segment is attributed by its advantages, such as cost-effectiveness, compact size, and flexibility, and also the increasing adoption of cameras in 3D imaging.
Machine Vision Market Share: By Application Type
Based on the application type, the machine vision market is segmented automotive, electronics and semiconductor, consumer electronics, glass, metals, wood and paper, pharmaceutical, food and packaging, rubber and plastics, printing, machinery, solar panel manufacturing, and textile. The quality assurance & inspection segment held the largest share of the market in 2019, whereas the predictive maintenance segment is expected to experience the fastest growth during the forecast period. Predictive maintenance is carried out when a particular item is in the degradation state and helps in reducing the cost as compared to other techniques.
Machine Vision Market Share: By End-Use Industry Type
Based on the end-use industry type, the market is segmented as automotive, electronics and semiconductor, healthcare, food & packaging, and others. The automotive industry segment held the largest share of the market in 2019, owing to the higher adoption of machine vision systems as they provide improved accuracy in critical activities, such as bin picking and positioning of parts (doors and panels) for assembly. The segment is likely to lead the market during the forecast period as well.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
What is the impact of COVID-19 on the market forecast?
What are the trends, drivers, and challenges?
How competitive is the market? Who are the market leaders?
What are the key strategies adopted by the market players?
Which segments offer the greatest opportunities?
Which are the most attractive regions?
What are the key success factors for the market players?
How does the business environment impact the market?
Which strategic alliances have taken place recently and their significance?
Stratview Research's reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
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