The global machine vision market is expected to grow from USD 9.6 billion in 2020 to USD 13.0 billion by 2025, at a CAGR of 6.1% during the forecast period. Post-COVID-19, manufacturers are gradually realizing the importance of automation in manufacturing more than ever. But due to the lockdown across countries, companies are facing severe cash flow issues and are deferring new projects related to the implementation of 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 machine vision market.
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Robotic cell machine vision market expected to grow at a faster rate in the machine vision market
Based on deployment, the machine vision market has been segmented into a general machine vision system and robotic cell. Robot cells are cost-effective and can handle increasing number of product variants as component types can be changed without stopping the production process, simply by changing the inspection software and robot program. Also, robot cells are more accurate and reliable as the field of view of the camera, and perspective can be tailored. Therefore, robotic cells are growing at a faster rate than general machine vision market.
Smart Camera-based machine vision market to grow at a faster rate during the forecast period
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.
Predictive maintenance to hold grow at the fastest rate in the machine vision market during the forecast period
Predictive maintenance helps in reducing the cost as compared to other techniques like time-based preventive maintenance. Thus, it is carried out when a particular item is in the degradation state. The ultimate aim is to provide cost-saving over schedule-based preventive maintenance or unplanned reactive maintenance, which could result in machinery being unavailable during critical periods. Thus, predictive maintenance is growing at the fastest rate in the machine vision market during the forecast period.
Automotive industry to hold the largest market in the machine vision market during the forecast period
In the automotive sector, the machine vision system provides improved accuracy in critical activities, including bin picking and positioning of parts, such as doors and panels, for assembly. Due to the shortage of skilled laborers and the reducing manufacturing prices of automobiles, automobile companies are focusing more on automation in their production processes. Therefore, the automotive sector will hold the largest machine vision market in the future.
APAC held the largest market share in the machine vision market between 2020 and 2025
The 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. However, the outbreak of COVID-19 has significantly affected the manufacturing sector of APAC. As the neighboring countries are linked to one another through trade relations and supply chain the entire region is affected with the outbreak of COVID-19 which will have a significant impact on the said market in this region for the forecast period.