• John Watson

Global Machine Vision Market Size to grow by US$ 25.02 Bn in 2030.

The Global Machine Vision (MV) Market is projected to grow from USD 11.01 billion in 2021 to USD 25.02 billion by 2030 at a CAGR of 7.10% during the forecast period.


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The market is projected to be driven by the rising need for automation and quality inspection across various industrial sectors. Furthermore, the demand for vision-guided robotic systems in the packaging, food and beverage, pharmaceutical, and chemical industries is anticipated to drive market expansion. The adoption of the technology will be aided by the rise in demand for application-oriented machine vision systems during the forecasted period.


The COVID-19 pandemic outbreak resulted in strict lockdown regulations, which disrupted business operations in the manufacturing and retail sectors. The expansion of the machine vision market has been significantly hampered by the worldwide coronavirus outbreak. Businesses are forced to think creatively in order to increase sales and revenue by global issues and laws.


This sector has already shown signs of decline in the fourth and first quarters of 2019 and 2020, respectively. The third and fourth quarters of 2020 and the first quarter of 2021 are when the corporations anticipate the pandemic to have a significantly greater impact. Manufacturer and distributor both agreed that customers anticipate not receiving the products because of stock and supply chain issues. Additionally, the majority of companies believe that sales won't reach pre-crisis levels by the end of 2021 or even one year after the crisis' peak.


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The use of Cyber-Physical Systems (CPS) has increased as a result of this breakthrough. CPS components like sensors collect data for manufacturers, enabling them to identify and trace parts and subassemblies. Additionally, this data collection technique makes it possible for devices to communicate, control, and interact on their own. The vast amount of data collected by vision equipment will be used as data analytics capabilities advance in the market. Moreover, machine vision will become an essential component of automation for the manufacturing and production industries as a result, helping to identify and locate defective items and enabling quick and efficient intervention in the industry 4.0 factory.


The MV market has recently seen major transformation as a result of vision-guided robotics technologies. The usage of industrial robots for automation in the automotive and consumer electronics sectors has rapidly increased. The integration of machine vision systems with vision-guided robot controllers is becoming more and more necessary as a result. Robotic efficiency is increased by machine vision systems that enable robots to view and interact with their surroundings. For instance, vision-guided robotics systems can recognize the scenario and assure appropriate vehicle assembly when various automobile models are being constructed on a single production line. A machine vision system can make sure there are no gaps if an adhesive beading application is being carried out by a robot. Without a safety fence, a vision-guided robot can operate among people in a shared workspace since it can avoid any collisions.


Asia Pacific region is expected to witness the highest growth rate due to the nations like China, South Korea, Japan, India, and other nations will have a significant impact on the market opportunity. The market in this area is still in its infancy but is predicted to grow at a notable rate because to the rising number of new competitors. Asian vendors with a significant market presence include Keyence and Panasonic.


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KEY INDUSTRY DEVELOPMENTS:


August 2021- OMRON Corporation has introduced the cutting-edge "VT-S10 Series" PCB inspection system. This system automates the high-precision inspection process for electronic substrates while obviating the requirement for specialist knowledge.


March 2021- The DataMan 8700 Series, the newest generation of handheld barcode scanners built on an entirely new platform, was introduced by Cognex. With no need for tweaking or operator training beforehand, the device provides cutting-edge performance and is incredibly simple to operate.


Read More Details On This Report: https://www.extrapolate.com/Information-Technology-Communication-IoT/machine-vision-market/26004

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