Global 3D Machine Vision Market by Application (Positioning & Guidance, Identification, Measurement, Quality Assurance) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global 3D machine vision market was valued at USD 1.13 Billion in 2019. It is projected to grow at a compound annual rate (CAGR of 14.7%) between 2020 and 2027. The machine Vision market will be driven by the increasing demand for quality control and automation in various industrial verticals. The market will also be driven by the increasing demand for vision-guided robot systems in the automotive, food & drink, pharmaceutical & chemical and packaging sectors. Over the forecast period, the market growth will be driven by the increased demand for machine vision systems that are application-oriented. 3D machine vision (MV), systems allow a computer to inspect, examine, and scrutinize work performance using one or more video cameras. The computer then analyzes and produces the output you desire from the captured data.

Two important aspects of any MV systems are resolution and sensitivity. The machine's ability detect objects and weak impulses, despite dim lighting or invisible wavelengths, is called resolution. These systems are particularly useful in supervising work environments. It provides features like process control, robotic guidance, as well as automatic inspection for industrial applications. The complexity of industrial production and manufacturing activities is increasing day-to-day. This creates difficulties and makes it more difficult for the human eye and reduces its ability to see, examine, and detect production activities. This technology is rapidly replacing manual inspections and measurements in industrial operations. Machine vision systems use smart cameras and image processing for inspections and measurements.

This technology is rapidly gaining popularity in food and pharmaceutical, automotive, and other industries due to its ability to detect objects better, enhance analysis, monitor tolerances, and accurately measure component parts. These factors will all be a major driver of global market growth during the forecast period. The market's slow growth will be hindered by inefficient system operators and inadequate training.

Offering Insights

The 3D machine vision market was led by hardware, accounting for 69% of the total revenue share in 2019. Hardware components include many objects, such as sensors, processors and frame grabers, lightings, optics, etc. Cameras held the largest share in 2019, which is attributed to the increasing demand for complementary metal-oxide-semiconductor (CMOS) imaging sensors. This will lead to the expected growth of the hardware segment.

Software market is highly application-specific. It is also fragmented according to the necessity of each application. Because of the deep learning and training of technology, the software segment will see steady growth over the forecast period. This is a significant contributor to overall market growth. Due to the high market share of hardware components, the offering segment will see steady growth over the forecast period. Over the forecast period, the hardware offering will continue to grow. The software sub-segment will also contribute to industry growth and strengthen the market.

Product Insights

The market was led by PC-based products, which accounted for approximately 55% of global revenue in 2019. This segment is expected to grow and continue leading the market in terms revenue for the forecast period. The smart camera-based systems will show a strong growth rate during the forecast period. This segment is expected to grow at a CAGR of approximately 15.0% between 2018 and 2025. The segment's significant growth can be attributed to increasing adoption of cameras in 3D imaging.

Multiple cameras are used in 3D MV systems. These cameras can be mounted on assembly lines depending on the needs. They can observe products and record data. These smart cameras are becoming more popular. Cameras can read labels and direct products without human intervention. The reduction of human intervention has resulted in fewer errors and better inspection of labels and tags. These features of smart cameras have influenced the adoption of technology in various industries, which has fueled market growth.

End-use Insights

The market leader in the automotive segment was around 18% of global revenue in 2019, accounting for approximately 18%. 3D Machine Vision is used extensively in the automotive industry for inspection purposes. This includes error proofing, presence-absence checking, assembly verification and final inspection. The MV system can also be used for dimensional gauging and robotic guidance. This is covered under the measure and gauge, and guide application. The demand for mechanized imagery is high in the automotive sector, and it is expected to grow steadily over coming years.

Over the forecast period, the fastest growth rate is expected to be in the food- and beverage industry. 3D MV systems are used extensively in food and beverage packaging and bottling. The machine vision systems will be closely followed by the segment of the food and beverages end-use industries. They are expected to see significant growth in pharmaceuticals and chemicals and printing and labeling.

Application Insights

Quality Assurance and Inspection dominated the market and accounted to around 52% of global revenue in 2019. These systems are used extensively for scanning labels, barcodes, texts and other information, particularly in the packaging industry. This technology automates packaging activities. It saves time, avoids human errors, and increases efficiency. This technology is used frequently in the packaging, pharmaceutical, and consumer goods sectors. These sectors have seen a significant reduction in counterfeit products, which eventually helped the overall market gain acceptance and gain more adoption.

Machine imaging can also be used for surveillance cameras, traffic monitoring, and identification of number plates for security. Due to many advantages and opportunities that the technology offers, the identification segment will grow at a rapid rate of 15.7% between 2020-2027. From 2020 to 2027, the quality assurance and inspection segments are expected to grow at a steady CAGR 14.4%.

Regional Insights

Asia Pacific was the region with the highest revenue share, more than 38%, in 2019. It is expected to continue its lead during the forecast period. The lucrative opportunities available in the region's automotive, pharmaceutical, as well as other industrial applications can explain this growth. The technology is expected to gain substantial traction as the region becomes a global manufacturing center. China and Japan are two countries that have the potential to provide huge opportunities for both mature and emerging technologies like machine vision. Numerous manufacturing industries contribute to the overall economic growth of the region.

In Asia Pacific, there are many factors that contribute to the growth of investments. These include the operational and expenditure benefits, as well as the government initiatives in emerging countries like South Korea, India and Taiwan. Moreover, prominent players are taking strategic initiatives like mergers and acquisitions, partnership, distribution alliances and partnerships to improve machine vision technology. These factors will drive regional market growth.

Market Share Insights & Key Companies

The market ecosystem includes an original equipment manufacturer, a network component manufacturers, system integrators and resellers, as well as end-users. Cognex Corporation (USA), Keyence Corporation Japan, Sick AG Germany, ISRA Vision AG Germany and Basler AG Germany are the key players in this market. Many key players are increasingly merging and buying new companies to increase their market presence and take advantage of the growing market potential. Basler AG, a consulting firm for embedded computing, announced in June 2017 that it had acquired mycable GmbH. This acquisition was made to reduce integration time for embedded vision technologies and expand its market reach in the rapidly-growing field. The following are some of the most prominent players in 3D machine vision:

• Cognex Corporation

• Keyence Corporation

• Sick AG

• ISRA Vision AG

• Basler AG

Up Market Research published a new report titled “3D Machine Vision Market research report which is segmented by Application (Positioning & Guidance, Identification, Measurement, Quality Assurance), By Players/Companies Basler AG, Keyence Corporation, Cognex Corporation, ISRA Vision AG, Sick AG”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global 3D Machine Vision Market Report Segments:

The market is segmented by Application (Positioning & Guidance, Identification, Measurement, Quality Assurance).

3D Machine Vision Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the 3D Machine Vision Market

Overview of the regional outlook of the 3D Machine Vision Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The 3D Machine Vision Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of 3D Machine Vision Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Positioning & Guidance

                2. Identification

                3. Measurement

                4. Quality Assurance

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the 3D Machine Vision Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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• Correctly Positioning New Products
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Reasons to Purchase the 3D Machine Vision Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.