Machine Vision Market: Industry 4.0 Shift to Boost Prospects

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Machine Vision Market Industry 4.0 Shift to
Boost Prospects
The desire to reduce human interference in
various operations and accelerate process
efficiency has necessitated the adoption of
automation. A digitally focused world, coupled
with rapidly evolving technology, has paved the
way for advanced automation, such as machine
vision (MV). According to Triton Market
Researchs experts, the global machine vision
market is estimated to advance at a CAGR of 5.90
in the forecast years from 2023 to 2030. Machine
vision provides innovative solutions in the
direction of industrial automation for a range of
manufacturing processes. It effectively replaces
the need for human scrutiny for visual inspection
and quality control, and is the best solution for
tedious inspection as it can quickly extract
precise information. The need for superior defect
detection is a key driver of the market, as a
number of organizations across several industry
verticals are seen adopting MV systems.
Machine Vision Systems Deployment Scope across
Verticals The electronics, semiconductor, and
automotive industries have been the traditional
end-users of MV systems due to the increased need
for quality inspection and visual data
collection. However, in recent years, more
non-traditional sectors have commenced using
machine vision components for their specific
applications, thereby influencing market growth.
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Machine vision sees huge potential in healthcare,
which is expected to grow with the highest CAGR
of 6.53 in the vertical segment over the
forecast period. The pharmaceutical medical
device industries are emerging as leading users
of machine vision, with a growing demand for
application-specific systems. Pharma companies
produce millions of capsules, tablets, caplets,
and gels each month, with the help of advanced
systems used in the pharmaceutical continuous
manufacturing market. Careful inspection of each
of these products is required before they are
packed and shipped to distributors. With their
high accuracy, ASMV systems largely help in this
regard, as they are specially built to
accommodate variations in product design and
size, among other factors. Manufacturers in the
food industry have also turned to MV systems in
order to improve the quality of their products
and reduce waste manual labor costs. They are a
cost-effective option to evaluate quality and
ensure a high level of consistency, thus offering
food product manufacturing companies multiple
benefits over manual inspection techniques. Food
packaging is anticipated to grow at a CAGR of
6.25 in the vertical segment in the period 2023-
2030. The food processing sector in Japan has
grown significantly due to increased consumer
demand. This has prompted firms to implement
automation solutions to boost production and
influenced the demand for machine vision. Along
with South Korea and China, the country accounts
for the major revenue share of the Asia-Pacific
machine vision market, which is expected to
record a CAGR of 6.66 over the estimated
period. Prospects in the Coming Years Artificial
intelligence and machine learning, along with
emerging technologies like computational, non-
visible, and 3D imaging, have bolstered the
efficiency of machine vision systems, which are
being increasingly adopted across a range of
manufacturing industries. In February 2022,
Basler AG expanded its 3D imaging offering by
adding an industrial-grade stereo camera series
to its existing product portfolio, recording
increased sales. Furthermore, manufacturing hubs
like China and Germany are upgrading to fully
automated smart factories to stay ahead of
competing nations. The United Arab Emirates also
established the Mobilis smart factory in Dubai,
deploying advanced technologies like robotics,
the Internet of Things (IoT), and cloud computing
for its manufacturing processes. The adoption of
Industrial IoT, which links production technology
with information technology, has led to a
renaissance in the field of machine vision. Its
integration facilitates extensive data capture
and leverages analytics to optimize factory
operations. Final Words Machine vision will play
a crucial role in the move towards Industry 4.0,
especially with the advancements in data
analytics. Agile and precise MV systems offer
100 product inspection, low false rates, and
real-time quality control. Data captured from
these systems can be used along with centralized
data analytics visualization technologies in
order to gain deeper insights into improving
product quality, yield, and business processes.
Thus, industries are increasingly employing
advanced tech-integrated systems to broaden
capacities and gain a competitive advantage,
which will bolster the
machine vision markets development prospects in
the journey towards automation.
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FAQs Q 1) What are the revenue estimates for the
machine vision market? The global market for
machine vision was valued at 11267.65 million in
2022. It is estimated to gain a revenue of
17890.88 million by 2030. Q 2) Which are the
different verticals in which MV systems are
used? Automotive, electronics semiconductors,
healthcare, food packaging, and other
industries are the key verticals that use machine
vision systems. Q 3) Which are the components
used in machine vision systems? MV systems are
made of software and hardware components. The
latter further consists of illuminations,
cameras, ASMV, processors, sensors, and other
hardware components.