Market scenario Future of the machine vision market
The global machine vision system market is on an uptrend. The latest trends in the market along with global business opportunities for this growing sector make it one of the technologies to watch out for.
The machine vision and inspection market is expected to reach 14.85 billion dollars by 2022, forecasts a market report published by Credence Research Inc. This segment is expected to rise owing to the increasing competition amongst manufacturers in the current global market to produce high-quality products by reducing errors and production costs. Global players are now integrating innovative and smart technologies such as machine vision systems with their production lines to achieve the desired results.
Machine vision systems are used in the manufacturing process of automobiles, mobile devices, medical devices, pharmaceuticals, food & beverages, logistics, semiconductors, and electronics. Some of the major players in this industry comprise Omron Corporation, Isra Vision, Cognex Corporation, Basler, Microscan Systems Incorporation, and many more.
Trends in machine vision systems
As the demand for machine vision systems increases, so will the demand for machine vision components. One of the leading manufacturers of analog, digital, camera link and CoaXPress frame grabbers, BitFlow, reports that the market for machine vision components including cameras, frame grabbers, lighting, software and hardware will grow to 12.50 billion dollars by 2020. The report also elaborates on a few trends that can have a severe impact or even disrupt processes.
Fourth industrial revolution: Commonly known as ‘Industry 4.0’, this concept includes cyber-physical systems, the industrial internet of things (IIoT), cloud computing and cognitive computing. All these systems are integrated to each other and function on extensive data. Machine vision systems play a vital role in scanning and analysing the data and then forwarding it to the IIoT in order to optimize the operation of factories. As manufacturers move towards these contemporary technologies, the demand for machine vision systems will increase.
Usage in varied fields: With technological improvements such as enhanced 3D colour cameras and machine learning techniques, machine vision systems have also become cost effective due to which these systems will witness a rise in non-industrial applications, too, including autonomous vehicles, IP video surveillance, intelligent traffic systems, logistics, agriculture and guided surgery.
High-quality pharma products: To meet the global standards, pharmaceutical companies have to ensure high-quality of their products. Hence, companies are making use of machine vision systems in their production chain to ensure quality, traceability and security. As a result, this will lead to an increase in adoption of machine vision technologies in this segment.
CoaXPress (CXP): The next generation of the CoaXPress interface, in the form of lower-priced, CXP single-link cameras with smaller footprints and lower power requirements are lowering the barrier for integrators to design systems based on CoaXPress. Hence, there is scope that the use of CoaXPress will increase in the future.
Global market opportunities
Geographically, Asia Pacific holds a huge opportunity for machine vision and inspection solutions providers. This is because of rapid industrialization in this region, especially in the field of automobiles, along with heavy investments in advanced solutions in order to produce international quality products.
Experts predict that majority of the demand in other regions such as North America and Europe will be from replacing old machines with the new and advanced solutions. The market for machine visions in these markets is expected to grow at a decent pace. By 2022, North America is reported to lead the global machine vision system market due to its high density industrial base.
With innumerable business opportunities and ever-evolving innovative technologies in the manufacturing space, the market for machine vision systems is poised for growth. This theme is also one of the core sectors at Automatica 2018, with companies like Omron Corporation, Isra Vision or Microscan Systems Incorporation among the exhibitors.