CHICAGO, July 23, 2020 /PRNewswire/ -- According to the new market research report "3D Machine Vision Market with COVID-19 impact Analysis by Offering (Hardware and Software), Product (PC-based and Smart Camera-based), Application, Vertical (Industrial and Non-Industrial) & Geography - Global Forecast till 2025", published by MarketsandMarkets™, the 3D Machine Vision Market was valued at USD 1.5 billion in 2019 and is projected to reach USD 2.4 billion by 2025; it is expected to grow at a CAGR of 9.4% from 2020 to 2025. The rising awareness of consumers about product quality has led to an increased demand for quality inspection and automation of end products. A growing number of companies are focusing on automation systems to reduce their production costs post-COVID-19. Changes related to high-quality standards have also led to the introduction of factory automation solutions, thereby increasing the demand for 3D machine vision systems and solutions in industries.
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The major factors driving the growth of the 3D machine vision market include the integration of 3D vision systems with robot controllers, rising demand for 3D object analyses in manufacturing applications, and increasing demand for non-industrial 3D machine vision systems. The market penetration of the 3D machine vision market is also analyzed for both pre-and post-COVID-19 scenarios.
Software machine vision is expected to grow at a faster rate during the forecast period
The integration of AI in industrial machine vision software is expected to fuel the growth of the industrial machine vision market for software during the forecasted period as deep learning enables machines to recognize objects. Also, deep learning-based machine vision software helps in minimizing human intervention and provide a real-time solution by distinguishing the acceptable variations in products and the defects in manufacturing industries.
The Smart camera-based systems is projected to grow at the highest CAGR from 2020 to 2025.
The growth of the measurement segment can be attributed to the increased use of smart camera-based 3D machine vision systems for integrating programmable automation controllers with human-machine interfaces. A smart camera-based system comprises sensors, processors, camera-to-computer interfaces, and lenses. In other words, in a smart camera, all the components, from the camera to processors and input-output devices, are embedded in a small box. These systems are specially made to replace PC systems that rely on separate cameras, frame grabbers, and software components, among others. These systems consist of an embedded controller with integrated vision software, which is directly connected to one or more cameras that may vary in image resolution and size and imaging rates.
Quality Assurance and Inspection to hold the largest market share in the 3D machine vision market during the forecast period
The key factors driving the growth of the industrial machine vision market for quality assurance and inspection applications include the increasing demand for quality products, growing manufacturing capacity, and shortage of skilled labor. 3D Machine vision systems are also used for inspection and quality assurance of automotive components such as brake disks, height of the windshield, doors, and windows. In the semiconductor industry, 3D machine vision is used for inspecting the lead quality in leaded IC packages.
Food and beverages industry to grow at the fastest rate in the 3D machine vision market during the forecast period
The growth of this segment can be attributed to the increased use of 3D machine vision systems for checking the quality and dimensions of food; for instance, 3D machine vision systems are used to monitor the height of cookies on an assembly line. The food industry is highly labor-intensive. Labor cost is approximately 50% of the product cost, and most of it is repetitive work. This leads to poor quality control and accidents. If the labor cost is reduced by 3D automation by using machine vision systems, the overall cost is likely to be reduced, including labor and medical costs. The post-COVID-19 scenario is expected to witness high demand for automation in the food industry to ensure minimum human intervention during the manufacturing and the processing of food items.
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APAC held the largest market share in the 3D machine vision market between 2020 and 2025
The machine vision market in APAC is expected to hold a major market share during the forecast period as countries in APAC such as China, Japan, India, and South Korea have some of the largest manufacturing facilities wherein automation of manufacturing processes has been taken as the highest priority. The decrease in the number of COVID-19 patients in China is slowly leading to normal manufacturing activities in the country. This, in turn, is expected to drive the growth of the machine vision market in APAC, but it is expected that this growth will not be as significant as it would have been in the pre-COVID-19 era
The key players in the ecosystem of the 3D machine vision market profiled in this report are OMRON Corporation (Japan), Keyence Corporation (Japan), Cognex Corporation (US), Basler AG (Germany), National Instruments (US), ISRA Vision AG (Germany), TKH group (Netherlands), Stemmer Imaging (Germany), MVTec Software GmbH (Germany), and Tordivel AS (Norway). These players have adopted various growth strategies, such as product launches, acquisitions, partnerships, and agreements, to expand their presence in the global machine vision market further. Acquisitions and new product launches and developments have been the most dominating strategies adopted by major players from January 2017 to May 2020, which helped them to innovate on their product offerings, cope up with the COVID-19 outbreak and broaden their customer base..
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