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Oct 7, 2020 7:30 AM ET

Growing Demand for 3D Machine Vision

iCrowd Newswire - Oct 7, 2020

The 3D machine vision market was valued at USD 1.5 billion in 2020 and is projected to reach USD 2.4 billion by 2025; it is expected to grow at a CAGR of 9.4% from 2020 to 2025. The rising awareness of consumers about product quality has led to an increased demand for quality inspection and automation of end products. A growing number of companies are focusing on automation systems to reduce their production costs post-COVID-19 But due to the lockdown across countries, companies are facing severe cash flow issues and are deferring new projects related to the implementation of 3D machine vision in their factories.  The ongoing COVID-19 pandemic has caused disruptions in economies and supply chains, thereby causing companies operating in different industries to adopt a global supply chain model. A number of manufacturing companies have halted their production, which has collaterally damaged the supply chain and negatively impacted the 3D machine vision market.

Cameras expected to lead  hardware segment for 3D machine vision market

The 3D machine vision market for hardware is expected to hold the largest share during the forecast period. The cameras segment in hardware is projected to grow at the highest CAGR from 2020 to 2025. Cameras in machine vision systems play an important role in capturing 3D images. The high demand for high-quality images and quick image processing is fueling the growth of the cameras segment of the market. The smart camera-based machine vision system is expected to grow at a faster rate during the forecast period as smart camera-based machine vision systems are cost-effective, compact, and flexible since it is easier to implement changes in these systems based on revised regulations and standards. In addition, with the advancements in smart camera technology and IoT, which can be easily be integrated with smart cameras, and the penetration of the smart camera-based machine vision systems is likely to increase in the next few years.

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Positioning & Guidance to hold the highest share among Smart Camera-based applications in the 3D machine vision market during the forecast period

The smart camera-based systems segment of the 3D machine vision market for positioning & guidance is expected to grow at the highest CAGR as well as will hold the largest share from 2020 to 2025. This is because the smart camera-based 3D machine vision systems are mostly preferred by manufacturers for flexible robotic vision inspections for processor development and the round-the-clock operations. The automotive industry increasingly depends on robotic vision inspection technology.

Food & beverages in industrial vertical to grow at the fastest rate in the 3D machine vision market during the forecast period

The 3D machine vision market for food & beverages is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to the use of 3D machine vision in the food industry as several companies use 3D machine vision systems for application-specific solutions in the areas of grading, sorting, portioning, processing, quality checking during processing, and packaging. The market is also expected to witness stable growth during the COVID-19 crisis owing to the increasing global demand for food and beverages. Also, the growing food production capacity and the increasing automation in the food industry in APAC are fueling the growth of the market for food & beverages in APAC.

Postal & Logistics to hold the largest market in the non-industrial vertical for  3D machine vision  market during the forecast period

The 3D machine vision market for postal and logistics will hold the largest market share in the non-industrial vertical during the forecast period. 3D machine vision-based autonomous navigation (self-localization, obstacle detection, docking) helps in providing the required flexibility and free-navigation capability in crowded environments, for inter-cell transportation logistics services. However the outbreak and spread of COVID-19 have impacted the postal and logistics activities as most of these services remained shut across the world.

APAC held the largest market share in the 3D machine vision market between 2020 and 2025

The 3D machine vision market in APAC is expected to hold a major market share during the forecast period as countries in APAC such as China, Japan, India, and South Korea have some of the largest manufacturing facilities wherein automation of manufacturing processes has been taken as the highest priority. Also, strong competition among consumer electronics companies in APAC is likely to boost the adoption of machine vision systems in the region. The growing awareness about and demand for high-quality and zero-defect products has fueled the need for 3D machine vision in inspection-related applications in the manufacturing fields.

Key Market Players
The key players in the ecosystem of the 3D machine vision market profiled in this report are OMRON Corporation (Japan), Keyence Corporation (Japan), Cognex Corporation (US), Basler AG (Germany), National Instruments (US), ISRA Vision AG (Germany), TKH group (Netherlands), Stemmer Imaging (Germany), MVTec Software GmbH (Germany), and Tordivel AS (Norway).

Contact Information:

Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441

Keywords:    3D Machine Vision Market

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