The 3D machine vision market was valued at USD 1.5 billion in 2020 and is projected to reach USD 2.4 billion by 2025; it is expected to grow at a CAGR of 9.4% from 2020 to 2025. The rising awareness of consumers about product quality has led to an increased demand for quality inspection and automation of end products. A growing number of companies are focusing on automation systems to reduce their production costs post-COVID-19. Changes related to high-quality standards have also led to the introduction of factory automation solutions, thereby increasing the demand for 3D machine vision systems and solutions in industries.
The major factors driving the growth of the 3D machine vision market include the integration of 3D vision systems with robot controllers, rising demand for 3D object analyses in manufacturing applications, and increasing demand for non-industrial 3D machine vision systems.
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The key players in the ecosystem of the 3D machine vision market profiled in this report are OMRON Corporation (Japan), Keyence Corporation (Japan), Cognex Corporation (US), ISRA Vision AG (Germany), Basler AG (Germany), Stemmer Imaging (Germany), National Instruments (US), MVTec Software GmbH (Germany), and Tordivel AS (Norway). These players have adopted various growth strategies, such as product launches, acquisitions, partnerships, and agreements, to expand their presence in the global machine vision market further. Acquisitions and new product launches and developments have been the most dominating strategies adopted by major players from January 2017 to May 2020, which helped them to innovate on their product offerings, cope up with the COVID-19 outbreak and broaden their customer base.
Top 2 players in the Machine vision Market are:
OMRON is a dominant player in the 3D machine vision market. It has a strong employee base and a robust focus on R&D. It concentrates on developing innovative and diverse products. The company’s vision sensors and machine vision systems are capable of analyzing images for appearance inspection, character inspection, positioning, and defect inspection. In this product category, the company offers vision sensors, PC vision systems, smart cameras, lightning systems, and lenses. OMRON depends on the market in Asia, especially Japan and China, for its revenue. The company has a high concentration of production units in Asia. It could open production units in other geographic regions to increase its worldwide presence and emerge as a strong market player globally.
Cognex is among the front runners in the 3D machine vision market in the US and globally. Cognex offers machine vision systems, software, sensors, surface inspection systems, and industrial ID readers for automation processes. In 2015, the company sold its Surface Inspection Systems Division (SISD) business to AMETEK, Inc. (US), a global manufacturer of electronic instruments and electromechanical devices based in the Americas. Currently, it has only one reportable segment—Modular Vision Systems Division (MVSD)—which provides inspection and automation-related products and services used for the production of cellular phones, aspirin bottles, automobile wheels, metals, paper, plastics, and glass, among others. The products of Cognex Machine vision are widely used in the manufacturing sector where the technology is considered as an essential component of the automated product and quality assurance. The company also launched new machine vision learning softwares amid the COVID-19 outbreak to further strengthen its portfolio and support Industry 4.0
3D Machine Vision Market with COVID-19 impact, by Offering (Hardware and Software), Product (PC-based and Smart Camera-based), Application, Vertical (Industrial and Non-Industrial) & Geography - Global Forecast till 2025.
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