Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Vision Inspection System Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, June 30, 2021 (GLOBE NEWSWIRE) -- The Global Vision Inspection System Market is expected to grow at a CAGR of around 13.5% from 2020 to 2027 and reach the market value of over US$ 25.5 Bn by 2027.
Asia Pacific dominates the visual inspection system market by recording considerable share
Asia Pacific has dominated the visual inspection system market in the past and is expected to do so again during the forecast period. The technology is expected to gain significant traction over the forecast period as the region establishes itself as a global manufacturing hub. China and Japan are notable countries with the potential to provide extensive opportunities for both emerging and mature technologies such as machine vision. The region's numerous manufacturing industries contribute to the region's overall economic development's growth and prosperity.
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Furthermore, the expenditure and operational benefits, combined with initiatives undertaken by governments of emerging countries such as South Korea, India, Taiwan, and Singapore, are responsible for catapulting investments and encouraging various industry players to establish production units in the Asia Pacific region.
Market Drivers
The growing demand for quality inspection and automation across various industrial verticals is expected to drive the market for vision inspection systems. Furthermore, the demand for vision-guided robotic systems in the automotive, food and beverage, pharmaceutical and chemical, and packaging sectors is expected to drive market growth.
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Market Restraint
Lack of skilled professionals impedes the market of global visual inspection market from growing worldwide
A machine vision system enables fast, dependable, and precise control, as well as efficient production and increased delivery reliability. However, it necessitates significant investments in operator training and education, which is required to help the technology enter new markets. This restraint, however, is expected to be overcome during the forecast period, owing to continuous research activities by key market players and increased penetration of machine vision systems in various industries.
Market Trend
Rising need for quality inspection and automation bolster the growth of global visual inspection system market
Manufacturing firms around the world intend to increase their investments in automation following COVID-19. Additionally, as industries have realized the importance of automated quality assurance in manufacturing processes, the demand for it has increased. This need has been aggravated by the COVID-19 outbreak, which has resulted in less human intervention in the process. As a result, machine vision is now widely accepted as an essential component of long-term automation development processes.
Segmental Outlook
The global visual inspection systems market is segmented as offering, product, application, and end-use. Offering is segregated as hardware, software, and services. By product, the market is classified into PC based and smart camera based. Further, application is segmented as quality assurance & inspection, positioning & guidance, measurement, and identification. End-use is further segmented as automotive, pharmaceuticals & chemicals, electronics & semiconductor, pulp & paper, printing & labeling, food & beverage (packaging and bottling), glass & metal, postal & logistics, and others (agriculture, security & surveillance, rubber, plastics, solar paneling, machinery, and others).
Competitive Landscape
The major players involved in the vision inspection system market involve Allied Vision Technologies GmbH, Basler AG, Cognex Corporation, Keyence Corporation, LMI TECHNOLOGIES INC., Omron Microscan Systems, Inc., NI, (National Instruments Corporation), and among others.
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Some of the key observations regarding the vision inspection system industry include:
- In April 2020, Cognex Corporation announced a new product launching namely, "In-Sight® D900 embedded vision system". The newly launched product is a first-of-its-kind solution, the In-Sight D900 features Cognex’s ViDiTM deep learning software inside an In-Sight industrial-grade smart camera. The self-contained system is designed to solve a broad range of complex in-line inspection applications including optical character recognition (OCR), assembly verification, and defect detection.
- In July 2020, Keyence Corporation announced a collaboration with CVD Equipment Corporation. The collaboration aims to accelerate the development of CVDM’s novel c-VACNT™ Extracorporeal Membrane Oxygenation (ECMO) platform. ECMO devices are used to add Oxygen and remove Carbon Dioxide from a blood stream during periods when the patient’s lungs are not performing at appropriate levels. Typically, they are used during heart/lung surgery, but have recently been used as a last resort for recovery from COVID-19 illness.
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