(I-BusinessNews.Com, July 21, 2022 ) According to a new market research report titled, “3D Machine Vision Market by Component (Hardware, Software), Product, Application, End-User (Industrial [Automotive, Electronics & Semiconductor, Food & Beverage], Commercial [Healthcare, ITS], Government), and Geography — Global Forecasts to 2028”, published by Meticulous Research®, the 3D machine vision market is expected to grow at a CAGR of 12.1% from 2021–2028 to reach $3.1 billion by 2028 from $1.4 billion in 2021.
The 3D machine vision market is driven by the rising demand for automated quality inspection technologies, increasing demand for vision-guided robotic systems, and the advent of Industry 4.0.
However, depth errors caused due to shiny surfaces and complexity in integrating 3D machine vision systems are factors hampering the growth of this market to a certain extent.
Impact of COVID-19 on the 3D Machine Vision Market
The COVID-19 pandemic severely impacted the manufacturing industry in 2020. The simultaneous disruptions in supply and demand due to business shutdowns led to extremely deep slumps. The effects of this pandemic are expected to create varying levels of crisis among different sub-sectors. Machinery and industrial automation are not expected to be affected equally by the crisis as demand is derived from various sectors.
However, the COVID-19 pandemic is likely to accelerate the development and implementation of automation technologies because of greater incentives to substitute capital for labor. Robots and smart technologies have great potential for disease surveillance and contact tracing, diagnosing COVID-19 without contact, and even disinfecting contaminated areas such as hospitals and public spaces. The machine vision vendors and imaging associations expect optimistic scenarios, and fast recovery is expected by 2021–2022. China has also recovered reasonably post restrictions as there had been an increase in demand for vision technology, specifically in consumer electronics for new applications.
The 3D machine vision market is segmented based on component (hardware [camera, frame grabbers, optics, lighting, others], software), product (PC-based, smart camera), application (quality assurance & inspection, positioning & guidance, measurement, identification, and sorting), end user (industrial [automotive, pharmaceuticals & chemicals, electronics & semiconductor, printing & labeling, food & beverage, glass & metal, others], commercial [healthcare, intelligent transportation system, logistics], government [security & surveillance, military & defense]), and geography.
Based on component, the hardware segment is estimated to account for the largest share of the overall 3D machine vision market in 2021. Under the hardware segment, the cameras category is expected to contribute to the largest share in 2021. Cameras play an integral role in 3D machine vision systems for capturing 3D images. Therefore, the rising need for high-quality images coupled with quick image processing bolsters its demand. However, the software segment is expected to grow at a faster CAGR during the forecast period. The high growth rate is attributed to the increasing demand for new and upcoming software for varied applications of 3D machine vision systems.
Based on product type, the PC-based segment is projected to account for the largest share of the overall 3D machine vision market in 2021. The large market share of this segment is primarily attributed to its high processing power and capability of handling complex operations at relatively high speed. However, the smart cameras segment is expected to grow at a higher CAGR during the forecast period. The high growth rate of this segment is attributed to its rapidly increasing demand due to features such as compact design, lower cost, ease of installation, and reduced need for peripheral devices.
Based on application, the quality assurance and inspection segment is expected to command the largest share of the overall 3D machine vision market in 2021. Under this application, 3D machine vision systems detect defects, functional flaws, contaminants, and other irregularities in manufactured products. Furthermore, the system is also used for inspecting product completeness in the pharmaceutical, food & beverages, and plastics industries. However, the sorting segment is expected to grow at the highest CAGR during the forecast period. Adoption of vision-guided robotic systems and widespread usage in the food & beverage sector are some of the key factors contributing to the growth of this segment.
Based on end user, the 3D machine vision market has been segmented into industrial, commercial, and government. In the industrial segment, the food & beverage sector is projected to grow with the fastest CAGR during the forecast period. One of the key factors attributed to the high growth rate of this segment is the rapid adoption of 3D machine vision systems for picking and sorting applications in this sector. However, the automotive segment is poised to be the largest revenue-generating segment in 2021.
Geographically, in 2021, Asia-Pacific region is projected to command the largest share of the global 3D machine vision market, followed by Europe and North America. The large market share of the Asia-Pacific region is mainly attributed to the growth of manufacturing industries and the rapid implementation of robotic processes in Japan and China. Additionally, the region is also expected to grow at a significant CAGR during the forecast period due to the implementation of several Industry 4.0 initiatives. Also, the growth of vision-guided robotics (VGR) is driving the growth of this market.
The key players operating in the global 3D machine vision market are Cognex Corporation (U.S.), Keyence Corporation (Japan), ISRA Vision AG (Germany), Sick AG (Germany), Basler AG (Germany), Omron Corporation (Japan), National Instruments (U.S.), LMI Technologies (Canada), Sony Corporation (Japan), Stemmer Imaging (Germany), Teledyne Technologies (U.S.), Canon Inc. (Japan), Torvidel AS (Norway), Balluff GmBH (Germany), and Industrial Vision System (UK) among others.
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