Machine vision refers to a technology that is employed for process control, robot guidance, and to offer image based automatic inspection. It converts analog signals into digitals signals utilizing one or multiple cameras and helps in visualizing the work environment. This technology is extensively replacing manual measurements and inspection. The smart cameras deployed in machine vision technology do not require manual or computer handling, they function independently. Over the coming years, the machine vision technology is likely to gain prominence across industrial and non-industrial sectors.
According to a report published by Transparency Market Research, the global machine vision technology market is projected to register a strong 8.40% CAGR from 2015 to 2021. The market is expected to rise to a valuation of US$28.5 bn by the end of 2021 from US$15.7 bn in 2014.
How will the manufacturing sector enhance the adoption of machine vision technology?
The global machine vision technology market is primarily driven by the growing manufacturing sector. It is widely used for examining lead frames, capacitors, microchips, resistors, and various other components. With the manufacturing industry striving to achieve process automation, the demand for machine vision technology is also rising in this sector as it is a crucial part of automation technology. The complexity of measurements and the need for accuracy increases with the level of automation technology. As a result of this, the demand for accurate machine vision equipment such as PC-based machine vision is also intensifying. The deployment of machine vision technology is also high in the automotive industry as it helps in examining the functionality of industrial robots, welding QC, engine irregularities, and the control systems related to the painted surfaces.
To meet the growing demand of various end-use industries, the companies in the global machine technology market are focusing on innovation and investing highly in research and development projects. For instance, the NBASE-T Alliance, which is a conglomerate of around 40 companies in all prime networking infrastructure facets, recently introduced a new Ethernet, the NBASE-T technology that will enhance the working of the machine technology.
What factors might slow down the growth of the market in the market?
The growth of the global machine vision technology market is likely to be adversely impacted by the dearth of efficient system operators as a result of lack of professional training. Lack of standardization is also expected to hinder the growth of the market. All the systems employed in machine vision technology equipment need to adhere to a set of standards to make the devices well-suited with each other. This makes the working of the technology more complex.
On what should manufacturers focus to make a profit in future?
Manufacturers of machine vision technology equipment are likely to gain lucrative prospects from the use of three dimensional vision technology. At present, the machine vision technology only displays 2D images, but with the advent of 3D vision, it will be able to rotate, zoom, and work in a 3D space using 3D edge tools.