The global machine vision and vision guided robotics market size is anticipated to register a considerable CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the rising demand for smart cameras and increasing compatibility with different systems.
Machine vision is an automated system that captures images and transfers them to a computer for evaluation and reporting. A vision guided robot is a system with numerous cameras that serve as sensors, which offers a further feedback signal to the robot controller, allowing it to navigate in variable position of the target more precisely. A computer's ability to observe its surroundings is known as machine vision.
Machine vision is used in several industrial processes, such as object recognition, optical character recognition, electronic component analysis, material inspection, signature recognition, and currency recognition. Machine vision has various advantages, including high quality, increased productivity, reduced machine downtime and setup time, inexpensive equipment costs, and inventory control. Machine vision and vision guided robot systems to have extensive application in traffic management and security.
The impact of COVID-19 pandemic has been positive on the machine vision and vision guided robotics market. During pandemic, the use of robotics technology has proven to be the most effective measure. The use of robots to replace people in order to limit the spread of the virus acted as a prime factor for the growth of the market and is expected to remain the same during the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing use of the technology for numerous applications is one of the key factors driving the market growth.
- Rising efficiency and convenience along with the shift to digital systems is expected to boost the market growth in the coming years.
- Lack of skilled professional and industry standards is projected to hamper the market expansion during the forecast period.
- Low return on investment on the technology presents a major challenge. This is anticipated to hamper the market growth in the projected period.
- Increasing technology awareness and new product developments is projected to create significant growth opportunities for the market in the near future.
Scope of Machine Vision and Vision Guided Robotics Market Report
The report on the global machine vision and vision guided robotics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Machine Vision and Vision Guided Robotics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Applications (Security & Surveillance, Medical Devices, Medical Imaging, Automotive, Semiconductor, Military & Defense, Wood & Paper, Electronics, Metal, Glass, Printing, Transportation, and Traffic Management), Products (Frame Grabber, Lightings & Optics, Cameras, Hardware, Software, and Processors), and Technology (CCD & CMOS Sensors and Line & Area Scan Cameras)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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STEMMER IMAGING; Basler AG; Teledyne DALSA; Absolute Vision; ISRA Vision AG; and Cognex Corp.
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Machine Vision and Vision Guided Robotics Market Segment Insights
Security & surveillance segment to grow at a rapid pace
Based on applications, the global machine vision and vision guided robotics market is divided into security & surveillance, medical devices, medical imaging, automotive, semiconductor, military & defense, wood & paper, electronics, metal, glass, printing, transportation, and traffic management. The security & surveillance segment is expected to grow at a rapid pace during the forecast period owing to increased adoption of the technology in defense and border area. However, the medical devices segment is anticipated to hold a key share of the market in the coming years due to the use of robots to replace people in order to limit the spread of the virus and reduce errors.
Vast demand to drive camera segment
In terms of products, the market is segregated into frame grabber, lightings & optics, cameras, hardware, software, and processors. The camera segment is projected to expand at a considerable CAGR during the forecast period attributed to vast demand for the technology in several sectors, such as medical, security & surveillance, and automotive. On the other hand, the software segment is anticipated to account for a major market share during the forecast period due to continuous advancement in technology.
CCD & CMOS sensors segment to hold significant market share
On the basis of technology, the global internet data center market is segmented into CCD & CMOS sensors and line & area scan cameras. The CCD & CMOS sensors segment is anticipated to hold significant market share in the coming years owing to the latest pixel architecture, which is beneficial in lower light applications for higher sensitivity. However, the line & area scan cameras segment is anticipated to hold a key share of the market in the coming years due to the ability to construct continuous images.
Asia Pacific to constitute a key market share
In terms of regions, the global machine vision and vision guided robotics market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the projected period attributed to the increasing use for automatic number plate recognition, traffic flow monitoring, and traffic surveillance in the region. However, the market of North America is anticipated to expand at a rapid pace during the forecast period owing to wide use of the technology along with growing demand across the region.
Segments
The global machine vision and vision guided robotics market has been segmented on the basis of
Applications
- Security & Surveillance
- Medical Devices
- Medical Imaging
- Automotive
- Semiconductor
- Military & Defense
- Wood & Paper
- Electronics
- Metal
- Glass
- Printing
- Transportation
- Traffic Management
Products
- Frame Grabber
- Lightings & Optics
- Cameras
- Hardware
- Software
- Processors
Technology
- CCD & CMOS Sensors
- Line & Area Scan Cameras
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global machine vision and vision guided robotics market are STEMMER IMAGING; Basler AG; Teledyne DALSA; Absolute Vision; ISRA Vision AG; and Cognex Corp. As part of their efforts to expand their client base and acquire a competitive advantage over competitors, manufacturers operating in the market have adopted various strategic initiatives, such as partnerships, collaborations, and mergers & acquisitions. Moreover, companies are focusing on investment in R&D for development and launching of new products to maintain their competitive positions in the market.
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