Global 3D Machine Vision Market Overview
The key drivers impacting the 3D machine vision are the increasing demand for quality inspection and automation in different industrial verticals. For example, there is a huge demand for automated quality inspection technologies, majorly in the food and beverage sector. Moreover, the need for vision-guided robotic systems across automotive, food & beverage, pharmaceutical & chemical, and packaging segments, contribute to 3D machine vision demand in the later years.
According to Value Market Research, the global 3D Machine Vision size was valued at about USD 1.72 billion in 2020 and is estimated to grow at a CAGR of around 15% during the forecast period 2021 to 2027.
The rising need for application-oriented machine vision systems will likely augment the demand for fiber optic cable in the forecast period. However, a lack of skilled professionals in manufacturing factories hampers the market in the long run. In addition, complexity in integrating 3D machine vision systems acts as a big challenge for the market. Nevertheless, the market trends, such as the growing demand for artificial intelligence (AI) in machine vision, rising adoption of industry 4.0, might provide massive market opportunities to the market's key players.
The 3D machine vision is widespread, with many local and international players. The market leaders follow diverse strategies to strengthen their market, such as amalgamation, extending product portfolio, acquisitions, contracts, product upgrades to raise their market share globally. The key players in the report are Cognex Corporation, Keyence Corporation, ISRA Vision AG, Sick AG, Basler AG, Omron Corporation, Sony Corporation, Stemmer Imaging, National Instruments, and Intel Corporation.
In this research report, the 3D Machine Vision is segmented by offering, product, application, end-use, and region.
Analysis by Offering:
By offering, the report is segmented into hardware and software. The hardware segment dominates with the highest market share of 70% in the forecast period. Hardware components comprise several objects such as sensors, cameras, processors, LED lightings, frame grabbers, optics, and others. Cameras held the largest share in 2020. It is due to the increasing demand for complementary metal-oxide-semiconductor (CMOS) imaging sensors. Moreover, smart camera-based machine vision systems are cost-effective, compact, and flexible as it is easier to implement changes in these types of systems based on revised regulations and standards, contributing to the hardware segment's growth in the forecast period.
Analysis by Product:
By Product, the report is segmented into PC-based and smart camera-based. The smart camera-based segment dominates with the highest market share in the forecast period. It is due to the mart camera-based 3D machine vision systems are mostly preferred by manufacturers for flexible robotic vision inspections, processor development, and round-the-clock operations. Moreover, the automotive industry's growing demand for robotic vision inspection technology contributes to the smart camera-based segment's growth in the forecast period.
Analysis by Application:
By Application, the report is divided into quality assurance & inspection, positioning & guidance, measurement, and identification. The Quality Assurance and Inspection segment dominate the application segment with a market share of 61% in 2020. It is due to the extensive usage for scanning and identifying labels, barcodes, and texts, especially in the packaging sector. Moreover, technology is frequently used in the consumer goods, pharmaceutical, and packaging sectors, contributing to the high market demand for quality assurance & inspection applications.
Analysis by End-Use:
By End-use, the report is divided into automotive, electronics & semiconductor, pharmaceuticals & chemical, pulp & food & beverage (packaging and bottling), printing & labeling glass & metal, postal & logistics, and others (agriculture, security & surveillance, rubber, plastics, solar paneling, machinery, and others). The automotive segment dominates the end-use segment with a market share of 53% in 2020. In the automotive industry, machine vision is extensively used for inspection purposes, which includes presence-absence checking, assembly verification, error proofing, and final inspection. Moreover, the high demand for mechanized imaging across the automobile sector contributes to the increased market demand from the automotive industry.
Analysis by Region:
In the regional outlook of the global 3D machine vision, the Asia Pacific region dominates with the largest market share of 40% in 2020. It is because China and Japan are prominent countries with the potential to offer extensive opportunities for emerging and mature technologies such as machine vision. Moreover, the expenditure and operational benefits coupled with the initiatives being undertaken by the governments of emerging nations, such as South Korea, India, Taiwan, and Singapore, are responsible for catapulting investments contribute to the tremendous market growth across Asia Pacific.
Market Segmentation covered in the Report:
- PC Based
- Smart Camera Based
- Quality Assurance & Inspection
- Positioning & Guidance
- Pharmaceuticals & Chemicals
- Electronics & Semiconductor
- Pulp & Paper
- Printing & Labeling
- Food & Beverage (Packaging and Bottling)
- Glass & Metal
- Postal & Logistics
- Others (Agriculture, Security & Surveillance, Rubber, Plastics, Solar Paneling, Machinery, and Others)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.