USD 5.12 billion
Report ID: SQMIG45I2044 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 120 | Figures: 77
3D Machine Vision Market size was valued at USD 5.12 billion in 2021 and is poised to grow from USD 5.81 billion in 2022 to USD 19.66 billion by 2030, growing at a CAGR of 13.5% in the forecast period (2023-2030).
The machine vision market is projected to be driven by the rising demand for quality inspection and automation in various industrial verticals. In addition, the demand for vision-guided robotic systems in the packaging, food & beverage, pharmaceutical & chemical, and automotive industries is anticipated to drive market expansion. The adoption of the technology will be aided by the rise in demand for application-oriented machine vision systems during the forecasted period. In 3D machine vision (MV) systems, one or more video cameras, digital signal processing, and analogue to digital conversion are used to enable a computer to view, examine, and analyze the task performance. The computer will then analyze the data and produce the desired result after it has been captured.
US 3D Machine Vision Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 5.12 billion
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Global 3D machine vision market is segmented based on application, end use, product, component, and region . Based on application, the market is categorized into quality assurance & inspection, positioning & guidance, measurement, and identification. Based on end use, the market is segmented into automotive, healthcare, manufacturing, industrial, agriculture, security & surveillance and others. Further, based on component, it is bifurcated into software and hardware. In terms of product, the market is segmented into PC based and smart camera based. Regionally, the market is categorized into North America, Europe, Asia-Pacific, South America, and Middle East & Africa .
3D Machine Vision Market Analysis by Application
In terms of application, the quality assurance and inspection segment held the largest share in 2021 and is projected to retain its dominance throughout the forecast period. According to the study, the segment is anticipated to account for more than half of the market share.
3D machine vision technology is used for scanning and identifying barcodes, texts, and labels in the manufacturing and packaging industries. Automation in the packaging industry reduces the operation cost and saves time along with improving efficiency. This technology is also extensively used in the pharmaceutical sector, consumer goods, and agriculture to reduce the number of counterfeit products and improve the company’s revenue. Backed by these aforementioned factors, the quality assurance, and inspection segment is projected to account for over 51% of the demand share in 2022.
3D Machine Vision Market Analysis by End-User
In terms of end-use, over 20% of 3D machine vision sales are expected to be contributed by the automotive industry. The advent of automation in automotive has transformed the automotive industry.
3D machine vision technology in the automotive industry is increasingly used for quality assurance and inspection. This technology aids the end-user in detecting errors, final inspection, assembly checking, etc. to improve the efficiency of the vehicle.
End users are increasingly adopting this technology for robotic guidance, guide applications, and automation testing processes. Besides this, the food & beverage industry is expected to be the second-largest segment in the 3D machine vision market.
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Based on the regional segmentation, the Asia Pacific region is expected to account for 30% share in the global 3D machine vision market. Factors attributing to the growth are expansion of manufacturing, automotive, and food & beverage industry in India and Japan. China is considered to be one of the largest manufacturing and automotive industry, followed by India. According to IBEF, India was among the top 5 automotive markets.
To ensure the quality of automotive and manufacturing components, end users are extensively adopting 3D machine vision technology. To capitalize on the fastest-growing market, key companies are eyeing the India and China market, especially manufacturing industries. Additionally, favorable government initiatives and the emergence of automation in South Korea, Taiwan, and Singapore are aiding the growth in the Asia Pacific.
In 2021, North America owned the largest market share for 3D machine vision worldwide. Between 2022 and 2028, it is predicted that the market in North America will expand significantly. One of the main factors driving the market's expansion in this area is the rising adoption of automation across all industrial verticals, particularly in the automotive and consumer electronics sectors. Additionally, the presence of important manufacturing firms in nations like Canada and the US will foster the expansion of the 3D Machine Vision market in the region of North America.
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3D Machine Vision Market Drivers
3D Machine Vision Market Restraint
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An original equipment manufacturer, a network of component manufacturers, system integrators, resellers and distributors, and end-users comprise the market ecosystem. Cognex Corporation (US), Keyence Corporation (Japan), Sick AG (Germany), ISRA Vision AG (Germany), and Basler AG are among the market's key players (Germany). Several key players, as well as new industry entrants, are increasingly pursuing mergers and acquisitions in order to expand their geographic presence and capitalize on the expanding market potential. For example, Basler AG announced the acquisition of mycable GmbH, an embedded computing consulting firm, in June 2017. The acquisition aimed to reduce customers' embedded vision technology integration efforts and expand its market reach in the rapidly growing field of embedded vision technology.
Top Players in the Global 3D Machine Vision Market
3D Machine Vision Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that collects, collates, co-relates and analyses the data collected by primary and secondary research provides comprehensive insights in key growth dynamics of the market. The report on 3D machine vision also delves into in-depth insights on the factors and opportunities affecting the sales in the market across seven major regions. This reports also explicates analysis on leading market players, incumbents, and existing players for the upcoming decade.
As per our global 3D machine vision market analysis, With manufacturing organizations expecting to increase their expenditures in automation, quality control in automation is becoming increasingly essential and important. Additionally, when businesses realized they needed automated quality control in their production processes, demand for automated equipment grew. Because of the significant demand that the COVID-19 outbreak has generated, there is less need for human intervention. As a result, machine vision is becoming more widely acknowledged as a crucial step in the long-term evolution of automation. The value of 3D machine vision is probably going to grow as the industrial sector shifts from product standardization to product customization. Due to the wide range of industrial industries and the fact that technical specifications change depending on the needs of each unique customer, it is challenging to develop a standard machine vision system.
|Market size value in 2021||USD 5.12 billion|
|Market size value in 2030||USD 5.81 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global 3D Machine Vision Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global 3D Machine Vision Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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On the basis of application, the market is categorized into quality assurance & inspection, positioning & guidance, measurement, and identification.
The Asia Pacific 3D Machine Vision Market is expected to account for more than 30% of the demand share in the global market. Factors attributing to the growth are expansion of manufacturing, automotive, and food & beverage industry in India and Japan.
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