Global 3D Machine Vision Market to Grow at a CAGR of 14.8% During 2021-2031

Introduction

In 3D machine vision (MV) systems, one or more video cameras, digital signal processing, and analog-to-digital conversion permit a computer to monitor, inspect, and analyze task performance. After capturing the data, the computer analyses it and generates the required outcome. Sensitivity and resolution are fundamental components of any MV system. Resolution enables the differentiation of objects, while sensitivity refers to the machine's ability to detect weak impulses or objects in the presence of low light or inaudible wavelengths. It offers the capability for industrial applications such as robotic guidance, process control, and autonomous inspection.

Market Dynamics

Increasing Need for Quality Inspection and Productivity Drives the Global Market

In 3D machine vision systems, 3D imaging is performed using either scanning or snapshot technologies. Compared to human inspection, the 3D machine vision system can inspect hundreds of thousands of components per minute on the production line. Moreover, there is a considerable probability of inaccuracy for complex and unstructured scenarios when the human inspection is employed. Additionally, the primary disadvantages of human inspection include long-term unreliability, the need for periodic relaxation, slower speed than a machine, and variation among inspectors. Therefore, guidance and monitoring based on 3D machine vision are effective when manufacturing requires a minute and keen eye. As a result, demand for 3D machine vision is predicted to increase during the projected period.

Growing Popularity of the Machine Vision in Different Verticals Creates Tremendous Opportunities

Machine vision has been widely utilized in industry settings and is now expanding into non-industrial fields. In non-industrial areas, a collection of technologies that can replace human engagement has been implemented. 3D machine vision is utilized in the pharmaceutical business, vineyards, breweries, and other bottling factories, as well as gamma-ray and X-ray technology. The adoption of 3D technology in the food processing industry is anticipated to drive the market throughout the forecast period. In addition, the manufacturing industry rapidly adopts automated procedures to reduce human intervention in production operations and related activities to eliminate human error. As a result, these variables affect the demand for 3D machine vision and generate growth potential for market participants.

Regional Analysis

Asia-Pacific is the most significant shareholder in the global 3D machine vision market and is expected to grow at a CAGR of 16.7% over the forecast period. The expansion might be ascribed to the region's attractive potential in the automotive, packaging, pharmaceutical, and other industrial sectors. Rapid implementation of robotic processes across all industries in Japan and China, particularly in the automotive and consumer electronics sectors, is another critical element driving regional market demand. In the early phases of COVID-19, the manufacturing industry, one of the most significant consumers of 3D machine vision systems, was also halted, reducing market revenue.

Europe is anticipated to grow at a CAGR of 12.4% over the forecast period. Europe's 3D machine vision market is growing due to various industrial automation applications and government initiatives to develop advanced robots for industries. Around fifty percent of Germany's 3D machine vision system sales are for part inspection. In Germany, the use of 2D and 3D metrology increased in 2020. Additional applications include component and character recognition, vision-guided robotic systems, and code reading. Additionally, the industrial sector is undergoing a digital transition in European nations. EU government incentives for the industrial industry, coupled with environmental rules and safety standards to maintain the ecosystem's equilibrium, stimulate the regional adoption of 3D machine vision systems.

Key Highlights

• The global 3D machine vision market size was valued at USD 1,711.12 million in 2022. It is estimated to reach USD 5,926.42 million by 2031, growing at a CAGR of 14.8% during the forecast period (2023–2031).
• Based on the offering, the global 3D machine vision market is divided into hardware and software. The hardware segment is the highest contributor to the market and is expected to grow at a CAGR of 14.9% over the forecast period.
• Based on product, the global 3D machine vision market is divided into PC-based and smart camera based. The PC-based segment owns the highest market share and is estimated to grow at a CAGR of 14.5% over the forecast period.
• Based on application, the global 3D machine vision market is divided into quality assurance and inspection, positioning and guidance, measurement, and identification.The quality assurance and inspection segment is the highest contributor to the market and is estimated to grow at a CAGR of 14.5% over the forecast period.
• Based on the end-user, the global 3D machine vision market is divided into automotive, electronics and semiconductor, printing and labeling, glass and metal, pharmaceuticals and chemicals, pulp and paper, food and beverage, postal and logistics, and others.The automotive segment owns the highest market share and is projected to grow at a CAGR of 15.6% during the forecast period.
• Asia-Pacific is the most significant shareholder in the global 3D machine vision market and is expected to grow at a CAGR of 16.7% over the forecast period.

Competitive Players

1. Basler AG
2. Keyence Corporation
3. Cognex Corporation
4. LMI Technologies Inc.
5. National Instruments Corporation
6. Sick AG
7. Tordivel AS
8. ISRA Vision AG
9. MVTEC SOFTWARE GMBH
10. Stemmer Imaging

Recent Developments

• January 2023- Percipio.xyz, a China-based leader in 3D machine vision, announced the completion of its Series C fundraising round. Percipio.xyz will primarily use the funds from this investment round to increase its market share and leadership and expand into international markets.

• February 2023- Deep Learning Robotics (DLR), a leading innovator in robotics and artificial intelligence, announced at the AI Week in Tel-Aviv the issuance of a new patent for a cutting-edge technology enabling the training of machine vision models with the aid of robotic devices to recognize the visual and 3D features of objects.

Segmentation

1. By Offering
   1. Hardware
   2. Software
2. By Product
   1. PC-Based
   2. Smart Camera Based
3. By Applications
   1. Quality Assurance and Inspection
   2. Positioning and Guidance
   3. Measurement
   4. Identification
4. By End-User Industry
   1. Automotive
   2. Pharmaceutical and Chemicals
   3. Electronics and Semiconductor
   4. Pulp and Paper
   5. Printing andLabeling
   6. Food and Beverage
   7. Glass and Metal
   8. Postal and Logistics
   9. Others