23, March 2023
The desire to reduce human interference in various operations and accelerate process efficiency has necessitated the adoption of automation. A digitally focused world, coupled with rapidly evolving technology, has paved the way for advanced automation, such as machine vision (MV). According to Triton Market Research’s experts, the global machine vision market is estimated to advance at a CAGR of 5.90% in the forecast years from 2023 to 2030.
Machine vision provides innovative solutions in the direction of industrial automation for a range of manufacturing processes. It effectively replaces the need for human scrutiny for visual inspection and quality control, and is the best solution for tedious inspection as it can quickly extract precise information. The need for superior defect detection is a key driver of the market, as a number of organizations across several industry verticals are seen adopting MV systems.
The electronics, semiconductor, and automotive industries have been the traditional end-users of MV systems due to the increased need for quality inspection and visual data collection. However, in recent years, more non-traditional sectors have commenced using machine vision components for their specific applications, thereby influencing market growth.
Machine vision sees huge potential in healthcare, which is expected to grow with the highest CAGR of 6.53% in the vertical segment over the forecast period. The pharmaceutical & medical device industries are emerging as leading users of machine vision, with a growing demand for application-specific systems. Pharma companies produce millions of capsules, tablets, caplets, and gels each month, with the help of advanced systems used in the pharmaceutical continuous manufacturing market.
Careful inspection of each of these products is required before they are packed and shipped to distributors. With their high accuracy, ASMV systems largely help in this regard, as they are specially built to accommodate variations in product design and size, among other factors.
Manufacturers in the food industry have also turned to MV systems in order to improve the quality of their products and reduce waste & manual labor costs. They are a cost-effective option to evaluate quality and ensure a high level of consistency, thus offering food product manufacturing companies multiple benefits over manual inspection techniques.
Food & packaging is anticipated to grow at a CAGR of 6.25% in the vertical segment in the period 2023-2030. The food processing sector in Japan has grown significantly due to increased consumer demand. This has prompted firms to implement automation solutions to boost production and influenced the demand for machine vision. Along with South Korea and China, the country accounts for the major revenue share of the Asia-Pacific machine vision market, which is expected to record a CAGR of 6.66% over the estimated period.
Artificial intelligence and machine learning, along with emerging technologies like computational, non-visible, and 3D imaging, have bolstered the efficiency of machine vision systems, which are being increasingly adopted across a range of manufacturing industries. In February 2022, Basler AG expanded its 3D imaging offering by adding an industrial-grade stereo camera series to its existing product portfolio, recording increased sales.
Furthermore, manufacturing hubs like China and Germany are upgrading to fully automated smart factories to stay ahead of competing nations. The United Arab Emirates also established the Mobilis smart factory in Dubai, deploying advanced technologies like robotics, the Internet of Things (IoT), and cloud computing for its manufacturing processes. The adoption of Industrial IoT, which links production technology with information technology, has led to a renaissance in the field of machine vision. Its integration facilitates extensive data capture and leverages analytics to optimize factory operations.
Machine vision will play a crucial role in the move towards Industry 4.0, especially with the advancements in data analytics. Agile and precise MV systems offer 100% product inspection, low false rates, and real-time quality control. Data captured from these systems can be used along with centralized data analytics & visualization technologies in order to gain deeper insights into improving product quality, yield, and business processes. Thus, industries are increasingly employing advanced tech-integrated systems to broaden capacities and gain a competitive advantage, which will bolster the machine vision market’s development prospects in the journey towards automation.
The global market for machine vision was valued at $11267.65 million in 2022. It is estimated to gain a revenue of $17890.88 million by 2030.
Q 2) Which are the different verticals in which MV systems are used?Automotive, electronics & semiconductors, healthcare, food & packaging, and other industries are the key verticals that use machine vision systems.
Q 3) Which are the components used in machine vision systems?MV systems are made of software and hardware components. The latter further consists of illuminations, cameras, ASMV, processors, sensors, and other hardware components.
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