3D Machine Vision Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global 3D Machine Vision Market: Snapshot
The 3D machine vision market has been estimated to experience numerous growth avenues in the foreseeable years. The market is predicted to progress at a CAGR rate of 9.4% during the forecast period from 2021 to 2030. The growth impetuses in the 3D machine vision market have been attributed to the increasing consumer awareness related to the quality of the product. This further boosts the demand for quality automation and inspection of end products. These factors are likely to fuel the growth avenues in the 3D machine vision market in the near future.
The sudden outbreak of the COVID-19 across the world has brought several changes in the 3D machine vision market. Numerous companies around the world are concentrating on automation systems in order to reduce the cost of their production. This step has been taken by the companies as they have encountered severe issues related to cash flow during the pandemic. Thus, based on these factors, the 3D machine vision market is predicted to drive the growth avenues in the upcoming years.
Numerous manufacturing companies around the world are planning to invest a handsome amount in automation. This factor is estimated to fuel the expansion avenues in the 3D machine vision market in the near future.
The companies are also concentrating to implement the process with the lesser intervention of human beings. This factor has further resulted in an increased acceptance of the machine vision as an integral part of the automation development procedures for the long term. Thus, based on these factors, the 3D machine vision market is predicted to grow at a noticeable pace in the following years.
In recent years, there has been a noteworthy increase in the importance of 3D machine vision across the manufacturing sector. Thus, based on this factor, the 3D machine vision market has been projected to grow at a significant speed in the foreseeable years.
Global 3D Machine Vision Market: Overview
The commercial availability of software tools and algorithms that can measure and process pixels in three dimensions is a key characteristic of the global market for machine vision. A variety of techniques such as 3D triangulation, stereo vision, and point clouds are used to achieve 3D machine vision. Although currently 3D machine vision is commonly used in the measurement and inspection of complex 3D surfaces, newer areas of applications are continuously springing up.
Global 3D Machine Vision Market: Key Trends
Greater adoption of robotics and automation in innumerable industry verticals such as food and beverages, transportation and logistics, automotive, and pharmaceutical promises major growth opportunities. 3D machine vision is expected to be the future of robotic vision. This is expected to create a plethora of growth opportunities for the global 3D machine vision market over the forecast period. Recent advancements in the field of image processing, such as image recognition, hand-written text recognition, face recognition, object recognition, and motion recognition, signify the great potential held by 3D machine vision.
On the flip side, the high cost of this technology might restrict growth. However, the emergence of Internet of Things (IoT) and Industrial Internet of Things (IIoT) can ensure consistent growth of the market.
Global 3D Machine Vision Market: Market Potential
Cameras are likely to witness an upsurge over the forthcoming period with the launch of novel camera technologies in the market. For instance, Ensenso 3D cameras designed by AZO optics are an ideal solution for faster, more precise, and cost-efficient 3D image capture. Being an ultra-flexible 3D camera system, the camera features 100W LED projector power along with incorporated GigE switch. Similarly, in July 2015, Canon made its entry in the global 3D machine vision market, with the introduction of three new models, RV1100, RV300, and RV500.
Robots based on 3D machine vision technology with deep learning are expected to be developed by Prime Vision in collaboration with Delft Robotics, according to an announcement made by the firm in April 2017. Prime Vision will incorporate its postal recognition technology in the new robots, which is likely to bring automation in the postal or logistics vertical.
Global 3D Machine Vision Market: Regional Outlook
The growing popularity of automation technologies across domains such as healthcare and early adoption of robotics in European and North American countries might place these regions at the fore. However, vast potential for expansion of the global 3D machine vision market is held by Asia Pacific. The presence of a number of leading manufacturers in countries such as China, Japan, India, and South Korea will help the market progress. Several beneficial initiatives and the growing need for superior quality, for example, in product packaging, has been promoting growth. Factory automation is gaining traction globally. South Korea has increasingly been adopting machine vision in the electronics industry, while in India, pharmaceutical, automotive, and consumer product verticals are tapping the potential of 3D machine vision technology.
Global 3D Machine Vision Market: Competitive Analysis
ISRA Vision AG, Basler AG, Cognex Corporation, Sick AG, Keyence Corporation, Tordivel AS, MVTec Software GmbH, Stemmer Imaging, LMI Technologies, and National Instruments are some of the leading players in the global 3D machine vision market.
A number of partnerships, collaborations, acquisitions, and mergers are being established by numerous companies. For example, in November 2016, Massachusetts-based machine vision specialist Cognex acquired Germany-based EnShape in order to introduce innovative 3D machine vision products in the global market.
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