iCrowdNewswire Dec 31, 2020 2:00 AM ET
3D Machine Vision Market Overview
Market Research Future (MRFR) confirms that the machine vision market 2020 can advance at a solid rate of 13% between 2018 and 2024 (review period). It is also projected that the market size can hit USD 2626.5 million by 2024-end. We will provide COVID-19 impact analysis with the report. The COVID-19 impact on the market has been carefully studied, following which the report provides the key developments post the coronavirus disease outbreak.
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The worldwide manufacturing supply chain networks are working on reorganizing to supply essential goods to address the situation induced by novel coronavirus. Automation has emerged as one of the most valuable aspects of the Industry 4.0 in the face of the pandemic. COVID-19 outbreak has led to experts believing that the machine vision technology can be an important tool when trying to find a COVID-19 breakthrough, for instance in automated lab systems for vaccine processing as well as testing. 3D machine vision technology is also being used in various camera based inspection systems of medical and pharmaceuticals products and in thermal imaging for controlling the body temperature in public places; among others.
A number of initiatives are being taken by 2D machine suppliers to leverage the latest advancements in AI and deep learning, to deal with the situation post SARS-CoV-2. The lockdown period can be a challenge for the suppliers who can face future shortages and the inability to fulfill the growing consumer demand.
Key Drivers and Primary Deterrents
3D machine vision technology is observing high demand in industrial operations and is expected to completely replace manual inspections and measurements. The rising need for reliable and efficient inspection and measurements boosts the demand for the technology across a number of industries such as textiles, pharmaceuticals and more.
The rapidly mounting requirement for vision-guided robotic systems in food & beverage, pharmaceutical & chemical, packaging and automotive industries is deemed to be a key growth booster in the market. The escalating demand for the 3D machine vision technology that is application-oriented also works in favor of the worldwide market.
The 3D Machine Vision Market has been considered for segments like component, product, application as well as vertical.
The main components included in the study are hardware (Communication Device, Control Cabinet, Camera, and others) as well as software. In 2018, the lead was taken by the hardware segment, while the fastest growth rate can be procured by the software segment in the years ahead.
The product-wise market categories are smart camera-based as well as PC based. In 2018, the PC-based segment held the highest share in the market and was valued at USD 704.30 million, while the smart camera-based segment is anticipated to gain at the fastest rate during the review timeframe.
The applications considered in the report include gauging, inspection, identification and guidance. In the year 2018, the inspection segment dominated the market, whereas the gauging segment stood second. The sane year, it was estimated that the identification segment can attain the highest CAGR in the following years.
The verticals that use vision systems are food and packaging, semiconductor, automotive, healthcare, consumer electronics, and more. In 2018, the automotive segment recorded the highest growth and the consumer electronics section held the second highest value in the global market. However, it is expected that the food and packaging segment can post the fastest CAGR over the next few years.
Impact of COVID-19 on the Global 3D Machine Vision Market at: https://www.marketresearchfuture.com/report/covid-19-impact-3d-machine-vision-market
The report throws light on the machine vision diagram and the growth prospects across the regions of Asia Pacific or APAC, Europe, North America, and RoW/the rest of the world.
APAC can manifest into the most profitable market for 3D machine vision systems, resulting from the high concentration of renowned firms and the massive advancements in automation. Increasing penetration of automation in multiple industries, especially in consumer electronics and automotive has played a significant role in the market development across the region. With some of the most widely recognized players present in China, South Korea and Japan, the 3D machine vision market in APAC is bound to generate high revenues in the years ahead.
North America is technically more successful compared to its counterparts, with strong support from global companies and economically sound countries like Canada and the United States/US. The frequent technology-based innovations along with the heavy expenditure on research and development for building advanced manufacturing processes induce business growth in the region. The accelerated deployment rate of robotics across various industries adds to the region’s growth potential as well.
Prominent contenders recognized by MRFR experts include Sony Corporation (Japan), Coherent, Inc. (US), Cognex Corporation (US), Basler AG (Germany), National Instruments (US), Robotic Vision Technologies, Inc. (US), OMRON Corporation (Japan), Hermary Opto Electronics Inc. (Canada), Keyence Corporation (Japan), Canon Inc. (Japan), and more.
2 June 2020: Berkshire Grey, an AI and robotics vendor has made available its Robotic Induction Station solutions, which is based on the machine vision technology. The RIS system helps automate various operational tasks to avoid labor constraints, which can facilitate social distancing in distribution operations, and lead to optimum use of the existing material handling assets.
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