3d Machine Vision – Evolving the Manufacturing Process
3D machine vision refers to a technology that offers automated detection and flaws in the end products and further enables the manufacturers to enhance the manufacturing process. These systems offer real-time based information so as to reduce the lead time and improve the product’s quality.
The 3D machine vision market is expected to witness a healthy growth throughout the course of the next five years primarily due to the growing adoption of automation technology across several industries for flaw detection and inspection of goods. Furthermore, the inclination of customers towards product quality has further augmented the adoption of this technology owing to the enhancement of quality. The recent advent of COVID has further propelled the adoption of automation solutions in some industries such as food and beverage and other manufacturing entities due to increased product demand such as hand sanitizers and disinfectants is further expected to positively drive the demand for 3D machine vision solutions especially during the short run. However, the slump in the manufacturing activities across some industries due to the temporary suspension of activities is expected to negatively impact the growth to some extent in the coming time period. Growing adoption of automation across industries including automotive, electronics, and food and beverage is further boosting the demand for 3D machine vision solutions worldwide. Strict regulations regarding public safety and product is further fuelling the adoption of numerous technologies, thus fuelling the market growth. The chart below represents the market size of 3D machine vision which is projected to reach US$2.779 billion by 2025 from US$1.725 billion in 2019.
3D Machine Vision Market, Forecasts From 2019 to 2025, in US$Billion
Source: Knowledge Sourcing Intelligence Estimates
The 3D machine vision market has been segmented into offering, product, industry vertical, and geography. By offering, the market has been segmented into hardware and software. By product, the market has been classified as PC-based system and smart camera-based system. By the industry vertical, the market has been distributed as automotive, semiconductor and electronics, pharmaceutical, manufacturing, food and beverage, and others. Geographically, the market has been segmented into North America, South America, Europe, Middle East and Africa, and Asia Pacific.
Hardware to Hold a Substantial Share
By offering, the hardware segment is expected to hold a notable market share throughout the period of the next five years. The major factors supplementing the share of this segment include the growing investments for the adoption of automation solutions across several industry verticals. Also, the high costs of hardware further supplement the share during the forecast period. The software segment is projected to witness a healthy growth during the next five years.
Food and Beverage to Witness Rapid Growth
By the industry vertical, the food and beverage segment is anticipated to propel at a noteworthy CAGR throughout the course of the next five years. The growing acceptance of 3D vision solutions for application-specific jobs across the food and beverage industry. Also, the globally growing demand for food is also expected to positively drive the growth of this segment during the next five years. Additionally, the recent advent of COVID-19 disease has further rapidly increased the demand for food. This combined with the increasing focus towards product safety and quality is further expected to positively impact the growth of this segment especially during the short run.
The semiconductor and electronics segment is also expected to show healthy growth owing to impressive economic growth, rising disposable income, and improvement in the standard of living which are driving the demand for consumer electronic devices, especially in developing economies such as China, India, and Brazil among others.
Furthermore, the automotive industry is expected to hold a decent share throughout the forecast period owing to the growing focus towards the automation of inspection and testing solutions across the industry. Furthermore, favorable government initiatives and collaborations are further boosting the growth of the automotive industry, further providing an opportunity for emanating the market growth as well during the forecast period and beyond. For example, in India, the government and automotive sector articulated their objectives for the future growth of the automotive industry via Automotive Mission Plan 2016-2026. This is further aimed towards making India third in the world after China and the United States in engineering, manufacturing, and vehicle exports by 2026. Also, the global automotive production has been increasing, which in turn is also expected to fuel the market growth during the next five years as automakers are also investing in new production facilities as well as automation technologies.
Global Automotive Production, Passenger Cars, 2014-2018
The chart above represents the number of units of passenger cars produced globally between 2014 and 2018.
North America to Hold a Decent Share
Geographically, the North American region is expected to hold a healthy share in the market during the next five years. The presence of well-established industries coupled with the early adoption of technology are some of the key factors that are bolstering the 3D machine vision market growth in the North American region during the next five years. The presence of a world-class semiconductor manufacturing industry along with the availability of world-class infrastructure are some of the additional factors that are further providing an impetus for the market to grow in the North American region throughout the forecast period. Moreover, the Asia Pacific region is expected to show rapid growth throughout the forecast period which is primarily being driven by the rapid growth of various end-user industries which are witnessing a continuous inflow of heavy investments into facility expansion and in new technologies.
The rapid growth of the automotive and consumer electronics industry in China is contributing significantly to the overall growth of the regional market. The manufacturing sector in this country in this country is also witnessing a solid growth, which is supporting the growth of the market. However, the recent outbreak of coronavirus disease has further led to a disruption in the manufacturing activities in several countries labor shortages along with government regulations such as nationwide lockdowns to mitigate the spread of this disease which further led to a temporary suspension in the activities across several industry verticals. This, in turn, is further inhibiting the growth during the short period of the next six to eight months.
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