The 3D Machine Vision Market was valued at USD 1.5 billion in 2020 and is projected to reach USD 2.81 billion by 2027; it is expected to grow at a CAGR of 9.4% from 2020 to 2027. A 3D machine vision system comprises a variety of techniques including stereo vision, point clouds, and 3D triangulation, which enables automatic sensing, receiving and interpreting an image of a real scene to obtain information and control machines or processes. It also comprises multiple cameras or one or more laser displacement sensors, which provides the robots with part orientation information. Increased demand and quality concerns are prompting developed as well as developing countries to opt for 3D machine vision systems to keep up with customer requirements for automated inspection. Companies across industry verticals are rapidly adopting automation in their manufacturing processes to remain competitive in the market. The 3D machine vision systems find applications in a number of industries, from textiles to pharmaceuticals.
Manufacturing companies across the globe are planning to invest more on 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 due to less intervention by human involved in the process. This has resulted in the widespread acceptance of machine vision as an integral part of long-term automation development processes.
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Recently, vision-guided robotics systems have led to significant changes in the machine vision market. There has been a rapid growth 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.
The importance of 3D machine vision is likely to increase in the manufacturing sector, as the industry undergoes a gradual transition from product standardization to product customization. It is difficult to develop a standard machine vision system, as there are several manufacturing industries to cover, and specifications differ based on individual customer requirements.
The key players of the global 3D machine vision market are OMRON Corporation (Japan), Canon Inc. (Japan), Cognex Corporation (US), National Instruments (US), Keyence Corporation (Japan), Robotic Vision Technologies, Inc. (US), Sony Corporation (Japan), Coherent, Inc. (US), Hermary Opto Electronics Inc. (Canada) and Basler AG (Germany).
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The 3D machine vision market in APAC is expected to hold a major market share during the forecast period as countries in APAC such as China, Japan, India, and South Korea have some of the largest manufacturing facilities wherein automation of manufacturing processes has been taken as the highest priority. Also, strong competition among consumer electronics companies in APAC is likely to boost the adoption of machine vision systems in the region. The growing awareness about and demand for high-quality and zero-defect products has fueled the need for 3D machine vision in inspection-related applications in the manufacturing fields.
However, the outbreak of COVID-19 has significantly affected the manufacturing sector of APAC. As the neighbouring countries are linked to one another through trade relations and supply chain the entire region is affected with the outbreak of COVID-19 which will have a significant impact on the said market in this region for the forecast period.
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