Tap into the $15.5 billion by 2026 Bn(by 2026) Machine Vision Market

Impact of Covid-19 on machine vision market:

With the COVID-19 crisis, the world is witnessing health, as well as an economic pandemic. This has led a number of businesses to shut down their manufacturing plants and halt most of their operations. During this crisis, the main objective of the companies is to sustain their businesses by finding safe ways to continue their manufacturing operations or explore other sustainable ways to get their revenue streams flowing. The machine vision market in the pre-and post-COVID-19 scenario has been analyzed further in this study.

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Market Dynamics

Drivers : Growing need for quality inspection and automation

Manufacturing companies across the world are planning to invest more in automation post COVID-19. Also, the need for automated quality assurance has increased as industries have realized its importance in manufacturing processes. This need is, however, further elevated due to the COVID-19 outbreak that has led to less human intervention in various processes. This has resulted in the widespread acceptance of machine vision as an integral part of long-term automation development processes. The use of machine vision in automated production processes helps identify problems in a short span of time. This, in turn, helps reduce costs and improve response times. Also, it helps recognize flawed goods, reducing the risk of return of products and ensuring higher customer satisfaction. The need for machine vision in quality assurance has increased as all products on the production lines are examined equally and with the same focus with this technology. Also, if any defect is detected, then the products are reworked—this is the biggest cost driver. According to Forbes, automating quality testing with machine learning can increase defect detection rates by up to 90%.

Growing demand for vision-guided robotic systems

Recently, vision-guided robotics systems have led to significant changes in the machine vision market. There has been a rapid increase in the use of industrial robots for automation in the automotive and consumer electronics sectors. This is leading to an increasing need for the integration of machine vision systems with vision-guided robot controllers. Machine vision systems enhance the efficiency of robots by allowing them to see and respond to their environments. For instance, when different car models are being assembled on a single production line, vision-guided robotics systems can identify the given situation and ensure the proper assembly of vehicles. If a robot is applying adhesive beading, a machine vision system can ensure that there are no gaps. A vision-guided robot is capable of working side-by-side with humans in a shared workspace, even without a protective fence, as it safely avoids any collision

Restraints : Surging risk of cyber-attacks on industrial machine robots and devices

A weakness hacking can be done easily through the scanners to survey Internet of Things (IoT) devices. Usernames and passwords unchanged from the factory defaults can also work as vulnerabilities or glitches in the software, which can be identified through reverse engineering. The growing reliance on connectivity and IoT devices such as AI embedded devices increases vulnerability to cyberattacks. Although manufacturers can exploit the benefits of AI machine vision and automation, they must also keep an eye on the basics of cyber health. Cyber protection includes downloading and installing the latest software and patches and also educating staff for the updated precautions for cybersecurity.

Robotic cell machine vision market is expected to grow at a faster rate in the machine vision market

Robot cells are cost-effective and can handle the increasing number of product variants as component types can be changed without stopping the production process, simply by changing the inspection software and robot program. Also, robot cells are more accurate and reliable as the field of view of the camera, and perspective can be tailored. Therefore, robotic cells are growing at a faster rate than the general machine vision market.

Automotive industry to hold the second-largest market in the machine vision in the forecast of 2021

Due to the shortage of skilled laborers, automobile companies focus more on automation in their production processes. Machine vision enables the dimensional gauging of precision-machined components, such as fasteners, transmissions, and other sub-assemblies such as IVS-ASAi. In machine vision systems, dimensional gauging measures lines, angles, diameters, and tolerances. Machine vision systems are easily programmable to follow all these directions and commands for measuring. In doing so, machine vision ensures that only parts having accurate tolerance levels are installed in the vehicle assembly line. The growing production of hybrid and electric vehicles is also expected to provide growth opportunities to the machine vision market in the automotive industry.