A Detailed Study on the 3D Machine Vision Market

A Detailed Study on the 3D Machine Vision Market

By Knowledge Sourcing Intelligence Blog

3D machine vision market

3D machine vision refers to the technology that has the ability to automatically detect flaws and inspects complex three-dimensional objects and further helps in the enhancement of the manufacturing process. These systems inspect objects at a high speed and further help in the reduction of lead time along with enhancement in product quality.

3d Machine Vision Market, Forecasts From 2019-2025, in US$ Billion

3D machine vision market

Source: Knowledge Sourcing Intelligence Estimates

The figure above represents the size of the 3D machine vision market which shows that the market reached US$2.779 billion by the year 2025 from US$1.725 in the year 2019. The market is projected to have a healthy growth over the course of the next five years which is primarily attributable to the burgeoning requirements of the enhancement of product quality by the manufacturers. Additionally, there is an increasing adoption of these systems across various end-user industries such as electronics owing to the growing concerns regarding product quality. Furthermore, stringent government regulations regarding quality and inspection of final products is also considered to be one of the major factors that play a significant role in the shaping of the 3D machine vision market growth during the forecast period. Moreover, budding technological investments have further widened up the scope for the penetration of advanced imaging technologies such as smart cameras and infrared cameras among others. This has further led to the easy deployment of advanced imaging solutions across several industries which is further providing an impetus for the market to witness considerable growth throughout the course of the next five years. The advent of COVID-19 is anticipated to negatively impact the market growth during the short period of six to eight months owing to the fact that there has been a disruption in the supply chain activities. Furthermore, a temporary suspension in the activities across various industries due to shortage of labor, raw material and other government measures such as lockdowns are further negatively impacting the growth.

Furthermore, the constantly rising participation of the market players in the form of investments for the development and advancement of technologies further shows the potential for the market to grow in the next five years. Additionally, the penetration of new players in the market in recent years also shows the growing competition in the market. The heavy inflow of investments are expected in the market by the players to stay competitive in the market and gain a competitive edge over other players.

Segment Overview:

The 3D machine vision market has been segmented on into offering, product, industry vertical, and geography. On the basis of offering, the classification of the market has been done as hardware and software. On the basis of the product, the market has been distributed as PC-Based System and Smart Camera-Based System. By the industry vertical, the market had been classified into automotive, semiconductor and electronics, pharmaceutical, manufacturing, food and beverage, and others. Furthermore, geographically, the market has been distributed into North America, South America, Europe, Middle East and Africa, and Asia Pacific.

Manufacturing to Hold a Decent Market Share

By industry vertical, the manufacturing industry is projected to hold a substantial amount of share in the market over the course of the next five years. The booming manufacturing sector globally and the presence of a well-established manufacturing sector in both developed and developing economies is also a key factor bolstering the significant share of this segment over the forecast period.

Manufacturing, Value Added (Current US$), World, in US$ Trillion

3D machine vision market

Source: The World Bank Group

The figure above represents the value addition done by the manufacturing sector at the global level which shows that it reached US$13.809 trillion by the year 2019 from US$9.346 trillion in the year 2009. Furthermore, the food and beverage sector is projected to show promising growth over the forecast period primarily due to the growing processed food industry worldwide as the constantly growing population is further bolstering the demand for food.

Moreover, the electronics, as well as automotive industries, are anticipated to show a healthy growth throughout the next five years. The growth of these segments is majorly attributed to the growing demand for consumer electronics products and passenger vehicles due to the growing middle-class population and improvements in the standard of living of the people especially across the developing economies of the globe such as India and China among others.

Geographically, the North American region is expected to hold a notable market share throughout the course of the next five years. The primary factors supplementing the significant share of the region include the early adoption of technology coupled with the presence of world-class infrastructure across the industry verticals in countries like the United States and Canada among others. In addition, the presence of numerous market players across the region is further supplementing the growth of the market in the North American region throughout the forecast period. Furthermore, in the Asia Pacific the market is projected to show a promising growth one account of the growth of various industries in the major emerging economies such as India, China, and Vietnam among others. Also, the heavy inflow of investments in the form of facility expansions and new facilities further provides an impetus for the market to show good growth in the Asia Pacific region during the forecast period.

Participation by Market Players

The market is also being driven by the fact that players are investing heavily in the form of R&D for the development and launch of new products. For instance, in February 2020, ISRA VISION AG and Atlas Copco announced the signing of the creation of a new division in which new products and competencies were added. Also, May 2019, ISRA VISION AG, a leading supplier of surface inspection solutions for 3D machine vision applications announced the expansion of its product portfolio 3D surface inspection with integrated precision measurement technology for discrete industries. Similarly, in October 2018, LMI Technologies announced the launch of three new 3D inspection products at Vision 2018 which was held in Germany.