Meticulous Research®—a leading global market research company published a research report titled “3D Machine Vision Market by Component (Hardware, Software), Product, Application, End-User (Industrial [Automotive, Electronics & Semiconductor, Food & Beverage], Commercial [Healthcare, ITS], Government), and Geography—Global Forecasts to 2028.”
According to this latest publication from Meticulous Research®, the 3D machine vision market is projected to reach $3.1 billion by 2028, growing at a CAGR of 12.1% during the forecast period. This market is largely driven by the growing demand for automated quality inspection technologies, vision-guided robotic systems, and the advent of Industry 4.0.
However, depth errors caused due to shiny surfaces and complexity in integrating 3D machine vision systems are expected to hamper the growth of this market to a certain extent.
The 3D machine vision market is segmented based on component (hardware [camera, frame grabbers, optics, lighting, others], software), product (PC-based, smart camera), application (quality assurance & inspection, positioning & guidance, measurement, identification, and sorting), and end-user (industrial [automotive, pharmaceuticals & chemicals, electronics & semiconductor, printing & labeling, food & beverage, glass & metal, others], commercial [healthcare, intelligent transportation system, logistics], government [security & surveillance, military & defense]). The study also evaluates industry competitors and analyses the market at the country level.
Based on component, the 3D machine vision market is segmented into hardware and software. The software segment is expected to grow at a faster CAGR during the forecast period. The high growth rate of this segment is attributed to the increasing demand for new and upcoming software for varied applications of 3D machine vision systems.
Based on product, the 3D machine vision market is segmented into PC-based and smart cameras. The smart cameras segment is expected to grow at a higher CAGR during the forecast period. The high growth rate of this segment is attributed to its rapidly increasing demand due to features such as compact design, lower cost, ease of installation, and reduced need for peripheral devices. However, the PC-based segment is expected to command the largest revenue share of the 3D machine vision market in 2021.
Based on application, the 3D machine vision market is segmented into quality assurance & inspection, positioning & guidance, measurement, identification, and sorting. The sorting segment is expected to grow at the highest CAGR during the forecast period. Adoption of vision-guided robotic systems and widespread usage in the food & beverage sector are some of the factors contributing to the growth of this segment.
Based on the end-user, the 3D machine vision market is segmented into industrial and government. Under the industrial segment, the food & beverage sector is expected to grow at the highest CAGR during the forecast period.
This research report analyzes major geographies and provides a comprehensive analysis for North America (U.S. and Canada), Europe (France, Germany, Italy, U.K., and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and RoAPAC), Latin America, and the Middle East & Africa.
In 2021, Asia-Pacific is poised to command the largest share of the 3D machine vision market, followed by Europe and North America. The large market share of the Asia-Pacific region is mainly attributed to the growth of manufacturing industries and the rapid implementation of robotic processes in countries such as Japan and China.
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The key players operating in the 3D machine vision market are Cognex Corporation (U.S.), Keyence Corporation (Japan), ISRA Vision AG (Germany), Sick AG (Germany), Basler AG (Germany), Omron Corporation (Japan), National Instruments (U.S.), LMI Technologies (Canada), Sony Corporation (Japan), Stemmer Imaging (Germany), Teledyne Technologies (U.S.), Canon Inc. (Japan), Torvidel AS (Norway), Balluff GmBH (Germany), and Industrial Vision System (U.K.).
Key questions answered in the report-
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