Machine vision technology has been in the market for years. However, with advancements in technology and with the evolution of smart factory, the past decade has seen a radical revolution in machine vision equipment.
According to Frost & Sullivan, the $7.45 billion global machine vision equipment market is expected to almost double by 2022 to touch $13.62 billion, as industries intensify their demand for quality inspection.
In its report, with the catchy title “Analysis of Global Machine Vision Equipment Market, Forecast to 2022” the analyst firm said that Artificial Intelligence (AI)- and the Internet of Things (IoT)-integrated machine vision systems that speed automation will gain traction in this environment.
The report’s author Prem Shanmugam, Senior Consultant for Measurement & Instrumentation, said that vendors are focusing on providing advanced solutions that can reduce human involvement and enhance the systems’ safety benefits, which will prevent part damage and eliminate the maintenance costs associated with mechanical components.
“Despite the evolution of the smart camera system, PC-based machine vision solutions are expected to dominate the market due to their greater power and speed. Embedded vision systems as well are finding application in futuristic end-use cases like self-driving cars, and hence, companies are looking for partnership opportunities with embedded system designers.”
The report looks at the various drivers and restraints impacting the global machine vision equipment market. It identifies the key end users such as automotive, electronics and semiconductors, food and packaging, pharmaceuticals and medical devices. Growth prospects and strategic recommendations have also been included in the study.
“Asia-Pacific will continue to be the largest market globally, generating 38.4 per cent of the revenues by 2022. Companies such as Cognex Corporation, Basler AG, and Keyence Corporation will dominate the market with their diverse product portfolios, robust distribution network, and wide application coverage”, noted Shanmugam. “Machine vision vendors that demonstrate high innovation in terms of technology, flexibility, efficiency, and accuracy will be the most successful in the constantly evolving market.”
Vendors will find additional revenue opportunities in:
- Combining existing technology along with innovative technologies like 3D imaging to enhance product capabilities.
- Harnessing advances in AI, machine learning, and deep learning to ensure a higher degree of automation and reliable identification of a wider range of objects.
- Offering speed and accuracy in diagnosis, and complementing it with changing business models.
- Providing cost-effective solutions to cater to varying needs and demands.
- Focusing on expansion in developing economies such as India, Brazil, Thailand, Malaysia, and Indonesia.
- Ensuring strict compliance with government regulations regarding product quality.
