CHICAGO, Aug. 1, 2022 /PRNewswire/ -- Machine Vision market size is projected to reach USD 15.5 billion by 2026 from USD 11.0 billion in 2021, at a CAGR of 7.0% during the forecast period, according to a new report by MarketsandMarkets™. The major factors driving the growth of the market includes growing need for quality inspection and automation, increasing demand for machine vision systems in non-traditional and emerging applications, and rising need for vision-guided robots. Moreover, government initiatives to support industrial automation and the integration of AI into edge devices are expected to create lucrative opportunities in the machine vision market.

Browse in-depth TOC on "Machine Vision Market"
227 – Tables
56 – Figures
289 – Pages

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Hardware held the largest share of Machine Vision Market in 2021

Hardware components in machine vision systems include cameras, frame grabbers, light-emitting diode (LED) lighting solutions, optics, processors, etc. Cameras are the principal component of machine vision systems. Smart camera-based machine vision systems are gaining traction over PC-based systems owing to their easy configuration, validation, and maintenance. There are also continuous advancements in camera technology in resolution, frame rates, imaging technologies, and other parameters to improve the image quality of objects on production lines.

The machine vision market was dominated by

• Cognex Corporation (US),
• Basler AG (Germany),
• Omron Corporation (Japan),
• Keyence (Japan),
• National Instruments(US),
• Sony Corporation (Japan),
• Teledyne Technologies (US),
• Texas Instruments (US),
• Intel Corporation (US),
• ISRA Vision (Germany),
• Sick AG (Germany)
• FLIR Systems (US).

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Robotic cell is expected to grow at a higher CAGR during the forecast period

Machine vision and robotic systems are being integrated and used in the manufacturing industry due to the advent of low-cost smart cameras and pattern-matching software. Vision-guided robots render processes completely automatic, enable flexibility in inspection and integrated functions and motions performed by robots, such as rotating and tilting. For instance, the surface of a drilled hole requires an inspection from the inside. In such cases, vision-integrated robots are used as they are highly flexible.

However, there are several problems while integrating machine vision cameras in robots, such as scaling, the continuous movement of robots, camera placement, occlusion. For example, movements can sometimes cause problems for a computer vision setup, especially when blurring occurs in the image. This might happen, for instance, with an object on a fast-moving conveyor. Digital imaging sensors capture the image over a short period; they do not capture the whole image instantaneously. Therefore, if the object moves too quickly during the capture, it results in a blurry image. Robot vision works best when there is a clear, static image. Similar to the human eyes, robot vision systems can be easily tricked by differences in scale. Also, incorrect camera placement can lead to distorted images, thereby hampering the reliability of the robot. Therefore, machine vision cameras mounted on assembly lines are preferred over machine vision cameras integrated with robots.

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The market for smart camera-based machine vision systems held largest share in 2021

The PC-based machine vision system is the oldest version that needs a lot of space. However, processes such as image acquisition and image processing can be combined with the machine vision system into one unit, namely, a smart camera. This unit is then connected to the system-controlling unit and operating console to make the required decision. For applications involving the estimation of the position and orientation of the terminal, multi-camera based machine vision systems are used. Also, the newly introduced vision boxes are compact and can perform the same tasks efficiently without taking too much space. They can be easily mounted anywhere if required.

Predictive maintenance to grow at the highest CAGR during the forecast period

A predictive maintenance technique is designed to determine when maintenance must be performed. It helps reduce maintenance costs compared to other approaches/methods such as time-based preventive maintenance. Predictive maintenance has emerged as the primary analytics in the manufacturing industry; it helps increase operational efficiency and productivity. The ultimate aim is to provide cost-saving over schedule-based preventive maintenance or unplanned reactive maintenance, resulting in the unavailability of machinery during critical periods.

Consumer electronics is growing at the second highest CAGR during the forecast period

The machine vision system market in consumer electronics is expected to increase in APAC due to automation and digitization trends in the industry. Implementation of machine vision technology in electronic component manufacturing has further strengthened the prospects of machine vision in the consumer electronics industry. Also, the lack of skilled workers in the APAC region generates demand for machine vision cameras in the consumer electronics industry.

North America held the second largest market share in the machine vision market during the forecast period

North America is a major producer of pharmaceutical products. Machine vision systems are widely used in the pharmaceuticals industry because of the mandatory government regulations, process standardization, and quality assurance. Preference for online shopping has also increased the use of camera-based machine vision systems, which assist with faster scanning and are helpful in the food & packaging sector in North America. Thus, this region is likely to hold a major share of the machine vision market during the forecast period.

The scope of the report includes detailed information regarding drivers, restraints, challenges, and opportunities for the market, which are the major factors influencing the growth of the machine vision market. The key industry players have been analyzed in detail to provide insights into their business overviews; solutions and services; key strategies, including product launches and developments, collaborations, and recent developments associated with computer vision.

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