MV Camera Market to Grow 9% Through 2025
The machine vision camera market is expected to register a CAGR of over 9.0% over the forecast period (2020 - 2025). The machine vision technology uses image-recognition algorithm to the object within the image and facilitates a more detailed and accurate picture of the object without distortion for the applications such as automation, robotics, agriculture drones, and 3D modeling.
The industries across the domains globally are moving towards automation with the adoption of advanced technologies for more efficient operations and processes. The manufacturing industries have been using cameras since decades for quality assurance, but with the advancements along with AI, the applications range widened for inspection, measurement, and also for microscopy. The growing implementation of advanced technologies across industries are driving the market of machine vision camera.
The adoption has gained traction in real-time traffic counting with machine vision and image recognition enables the automation of control room work and preventive intervention in situations. The companies offering machine vision camera are experiencing significant growth in recent years due to increasing demand for such products.
For instance, the revenue of Cognex, a global provider of machine vision system including software and hardware have reached USD 806 million and grew with a CAGR of 21% in the last five years. Also, companies are highly investing in developing their products. In 2018, Cognex spent 14% of its revenue on research and development.
However, the lack of skilled labor and inconsistency in demand and requirements from the industries are limiting the growth of the market to an extent.
Scope of the Report
The scope of the study for the machine vision camera market is limited to both types, Inline and area scan. The study has considered the offerings of the product as well as machine vision camera accessories by vendors and their applications in a wide range of industries globally.
Key Market Trends
The Demand from Automotive Industry to Grow Significantly
The automotive industry is transforming rapidly with the autonomous vehicle and automation within the manufacturing plant itself. According to Goldman Sachs, in the ten years, the revenue of ADAS/AV is expected to witness a CAGR of 42% to reach USD 197 billion by 2030.
With continuous technological advancement, the adoption of machine vision camera has increased for the application of autonomous vehicles including parking camera, CMS camera for side view, SVS cameras for a 360-degree view around the car. The increasing penetration of ADAS and autonomous vehicle across the world is expected to drive the market the machine vision cameras.
Further, the machine vision cameras are used in the automotive manufacturing process, including inspection, and for measurement in research and development of new parts. These applications use a barcode scanner, 3D imaging cameras, line scan cameras, etc.
Goldman Sachs has also stated that the camera segment has potential to reach the market size of over USD 28 billion for automotive vehicle component suppliers.
Many automotive companies are also expanding their production capacity and presence internationally which will create more demand for machine vision cameras. For instance, in 2018, BMW inaugurated its new manufacturing plant for autonomous electric vehicles in Dingolfin, Lower Bavaria.
Asia-Pacific Region to Witness the Fastest Growth
The demand for machine vision cameras is expected to see a steady growth rate in the region owing to the growing end-user industries. In the automotive sector specifically, the increasing investments in the region coupled with the growth in investments related to e-vehicles are further expected to propel the machine vision camera market. For instance, General Motors has invested USD 2.8 billion as new investment in South Korea in 2018 over the next ten years as part of its plan to restructure its embattled unit in the country.
Further, international key electronics and automation companies are investing in Asian machine vision companies seeing growth in the region. For instance, in 2018, Samsung in partnership with ABB, Chinese venture firm Tsing Capital and Hong Kong’s Waterwood, has invested USD 20 million in Vion Technologies, a Chinese company specializing in machine vision systems including cameras and artificial intelligence (AI).
Moreover, the region is investing in connected infrastructure projects, which represent 10% of the total global projects are currently running towards energy, transportation, water, and rail. These developments in the region are driving the demand for machine vision camera market growth.
The market for machine vision camera is moderately consolidated with a few numbers of dominating players in the market. The companies are adopting strategic partnerships and new product development strategies to gain more market share and presence across the world. The companies are also focusing on increasing their product portfolio for machine vision camera accessories.
April 2019 - Fierce Electronics launched GigE zoom camera featuring 20x optical zoom, autofocus, autoiris, and with Power over Ethernet (PoE) suitable for a variety of machine vision tasks where objects vary in size or distance such as automation, quality assurance, logistics, ITS (intelligent traffic systems) and CCTV.
April 2019 - STEMMER IMAGING signed an agreement with Canon Europe, a lens manufacturer for the distribution of the renowned Canon professional camera and large format lenses portfolio into the industrial imaging marketplace across Europe. With this partnership, the company has planned to leverage the Canon’s high-performance EF format lenses.
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