3D Machine Vision Market Size Worth $4 Billion By 2026 | CAGR: 12.3%

3D Machine Vision Market Size Worth $4 Billion By 2026 | CAGR: 12.3%

The worldwide 3D machine vision market is anticipated to reach USD 4 billion by 2026 according to new research published by Polaris Market Research. In 2017, the hardware sector dominated the global market, in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global 3D machine vision market revenue during the forecast period.

Growing need for automation and the increasing need to offer high-quality products in the market fuels the growth of the 3D machine vision market. The use of 3D machine vision increases productivity, and efficiency while saving time and costs. The increasing demand from industries including automotive, healthcare, defense, aerospace, and food and beverage is expected to provide growth opportunities in the coming years. Emerging and untapped markets of developing economies and rising demand for customized and application-specific 3D machine vision solutions further provide growth opportunities to key players in the 3D machine vision market. Increasing investments, technological advancements, and growing research and development further boost the growth of the market.

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Asia-Pacific generated the highest revenue in the market in 2017 and is expected to lead the 3D machine vision market throughout the forecast period. Rapid industrialization and increasing automation in the region drive the market growth. The introduction of new advanced technologies and increasing applications in the automotive, aerospace, electronics, and healthcare sectors is expected to support market growth. Growing demand from automotive and manufacturing industries for high-quality products further augments the market growth.

The major players in the 3D machine vision market include ISRA Vision AG, Cognex Corporation, MVTec Software GmbH, Basler AG, Tordivel AS, Sick AG, Stemmer Imaging, National Instruments Corporation, Keyence Corporation, and Microscan Systems, Inc. among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.