The global machine vision and vision-guided robotics market size was valued at USD 14.30 billion in 2020 and is expected to grow at a CAGR of 7.2% during the forecast period. The emergence of the COVID-19 pandemic has led players across the manufacturing sector to consider the adoption of automation with improved vision-guided robotics technology.
Companies across the globe are strategizing to implement robotics technology to improve efficiency and increase overall production output. Worldwide lockdowns and production facility shutdown has increased the demand for machine vision and vision-guided robotics to reduce human involvement in the manufacturing process.
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The machine vision and vision-guided robotics market is also expected to witness significant growth as it can identify the flaws and issues with the current manufacturing process, which aid in cost-saving and reduction in the response timelines. Furthermore, the reduction in human intervention has led to the improvement in product inspection and quality assurance, which reduces the risk of a product recall or returns.
However, the hindrance in day-to-day life and lockdown due to the COVID-19 pandemic has negatively impacted the revenue earnings of the players across the industrial sector, which is expected to restrain market growth to some extent. Low capital funds and slow economic recovery have also limited the technology's adoption to companies with a global presence.
The growing need for automation across several industries is likely to impact the market growth positively. The use of machine vision with vision-guided robots is growing faster as machine vision helps the robots efficiently identify and rectify the product flaws during the manufacturing process, which leads to producing efficient products with zero to minor flaws.
The rapid growth of machine vision and vision-guided robotics can also be attributed to the increasing use of the technology in industrial applications with innovative solutions such as autonomous farm equipment, testing of self-driving vehicles, and computer-guided medical surgeries.
The market is primarily segmented on the basis of deployment, product, end-use, and region.
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Smart camera-based machine vision systems accounted for the largest market share in 2020, owing to the increased demand for smart cameras in several application industries. Smart cameras are easy to install and cost-effective, which is further driving their demand in non-industrial applications.
The growing demand for vision systems across the globe to carry out the production process smoothly and efficiently is expected to have a positive impact on the demand for its components such as cameras, imaging systems, software, sensors, processors, optics, and illumination. This is likely to drive the market for PC-based as well as smart camera-based products.
The combined consumer electronics and automotive segment accounted for a significant share in 2020 due to the need for efficient performance components with a faster turnaround time. Machine vision and vision-guided robotics aid in manufacturing dimension-specific products, which drives its demand in the automotive industry.
The growing demand for premium vehicles across developed and developing economies has led to the increasing demand for machine vision and vision-guided robotics. It has the ability to identify even a minor irregularity in the manufactured components, which reduces the vehicle assembling issues leading to a faster manufacturing process.
Asia Pacific is expected to be the fastest-growing region over the forecast period due to technologically advanced countries such as South Korea and Japan and China with high volume manufacturing capabilities. In addition, the growing implementation of Industry 4.0 and growing investment from several companies across the globe to set up manufacturing facilities is likely to drive demand over the forecast period.
North America is expected to be a significant contributor to the overall market growth on account of the growing automation and need for efficient production facilities. The need for improved warehouse automation software is also likely to drive the demand for machine vision and vision-guided robotics market.
The leading players in the machine vision and vision-guided robotics market include Cognex Corporation, Keyence Corporation, Balser AG, ISRA Vision, Teledyne Technologies, Omron Corporation, Stemmer Imaging, and Absolute Vision.
The companies across the market have adopted several expansion strategies, of which increasing product portfolio is the most prominent one. There is a massive scope in the robotics and machine vision industry for the development of industry-specific products. As a result, the companies are investing in research & development for product innovation.
For example, in January 2021, Cognex Corporation launched In-Sight 3D-L4000 Vision System for the construction of a smart camera for engineers to solve a wide range of inspections on the automated manufacturing process.
Market size value in 2020
USD 14.30 billion
Revenue forecast in 2029
USD 21.39 billion
7.2% from 2021 - 2029
2017 - 2019
2021 - 2029
Revenue in USD million/billion and CAGR from 2021 to 2029
By Product, By Deployment, By Application, By Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Cognex Corporation, Keyence Corporation, Balser AG, ISRA Vision, Teledyne Technologies, Omron Corporation, Stemmer Imaging, Absolute Vision, TKH Group, National Instruments, Sony Corporation, Intel Corporation, Sick AG, Allied Vision Technologies, Adept Technology, Vitronics JAI A/S