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The study conducted by Astute Analytica foresees a major growth in revenue from US$ 14,970.1 Mn in 2021 to US$ 29,705.2 Mn by 2030 for the Global Machine Vision and Vision Guided Robotics Market, registering a CAGR of 8.22% during the forecast period 2022-2030. In terms of volume, the market was valued at 1,88,907 units in 2021 and is projected to reach 3,71,080 units by 2030. The growing impetus of the global machine vision and vision guided robotics market is attributed to rising need for quality inspection and automation.
Significance of the Global Machine Vision and Vision Guided Robotics Market
Machine vision systems have come a long way since their conception, from standalone proprietary box modules to modular vision components and 3D displacement sensors. These systems are used to analyze and interpret sections of real-world models using non-contact optical sensing. Machine vision systems are proving to be beneficial to manufacturing companies all over the world, particularly in areas where redundant operations, such as inspection, must be completed with precision. In high-speed production lines and hazardous situations, they perform a critical role. Increased productivity, less machine downtime, and tighter process control are just a few of the key advantages given by these systems.
The automotive sector is on the edge of a revolution, to move towards autonomous vehicles to meet the demands of an increasingly connected and fast-paced world. Majority of the automotive OEMs are investing heavily in developing autonomous vehicles. Machine vision cameras and associated technology will play a critical role in the safety of autonomous cars, by assisting the car in identifying and recognizing potential hazards, as well as how to avoid them.
The growing need for better inspection and increased automation are two significant influencing elements that are paving the way for machine vision technology to become more widely adopted. Furthermore, the demand for enhanced quality control among customers and manufacturers, as well as government regulations requiring compliance with specified requirements, is projected to propel the adoption of machine vision technology.
Cyberattacks are becoming more vulnerable as people become more reliant on internet and IoT devices like AI embedded gadgets. Surging risk of cyber-attacks on industrial machine robots and devices is a challenge for the machine vision and vision guided robotics industry. Manufacturers can benefit from AI machine vision and automation, but they must also keep an eye on the fundamentals of cyber security. Downloading and installing the most recent software and updates, as well as educating employees on the latest cybersecurity safeguards, are all part of cyber defense.
Impact of COVID-19
The implementation of lockdown due to COVID-19 in several regions resulted in the prohibition of import and export, which further led to a sharp decline in its consumption. Disruption in Chinese chemical exports, large scale manufacturing interruptions in Europe, and the shutdown of production plants in the United States has placed intense pressure on the industry. However, the adoption of automation to ensure quality production and meet market demand, and the growing demand from small- and medium-scale enterprises in developing countries is fueling the growth of machine vision and vision guided robotics market globally.
A glance at the competitors
Segmentation Overview of the Global Machine Vision and Vision Guided Robotics Market
By Component Segment of the Machine Vision and Vision Guided Robotics Market is Sub-Segmented into:
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By Application Segment of the Machine Vision and Vision Guided Robotics Market is Sub-Segmented into:
By Industry Segment of the Machine Vision and Vision Guided Robotics Market is Sub-Segmented into:
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