The new report by Expert Market Research titled, ‘Global 3D Machine Vision Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global 3D machine vision market, assessing the market based on its segments like offerings, products, applications, end uses, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): About USD 1.6 Billion
- Forecast CAGR (2023-2028):10%
- Forecast Market Size (2028): Around USD 2.9 Billion
The 3D machine vision industry is being propelled by the growing demand for automation and high-quality products. 3D machine vision improves production and efficiency while also saving time and money, which is driving the market growth. In the coming years, the rising demand for 3D machine vision from industries, such as automotive, healthcare, defence, aerospace, and food and beverage is expected to create lucrative growth opportunities for the market expansion.
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The increasing automation in major industry verticals is also estimated to fuel the market growth. With the growing popularity of vision-guided robotic systems combining machine vision and industrial robots owing to their high integration and versatility, the market is projected to grow robustly. Further, the growing demand for vision-guided robotic systems for pick and sort applications is anticipated to propel the industry growth in the forecast period.
Industry Definition and Major Segments
Machine vision is a technique for providing imaging-based automated analysis. Process control, robot navigation, and autonomous inspection are examples of applications where 3D machine vision technology is applied. 3D machine vision scanners produce a point cloud (three-dimensional coordinates). It is a digitised model representing the position and shape of the scanned object(s). It is capable of combining point clouds from many scanners.
The various offerings of 3D machine vision are:
- Hardware
- Software
By product, the market includes:
- Smart Camera-Based Systems
- PC-Based Systems
On the basis of application, the market is divided into:
- Quality Assurance and Inspection
- Positioning and Guidance
- Measurement
- Identification
- Others
The major end uses of 3D machine vision are:
- Automotive
- Pharmaceuticals and Chemicals
- Electronics and Semiconductor
- Pulp and Paper
- Printing and Labelling
- Food and Beverage (Packaging and Bottling)
- Postal and Logistics
- Others
On the basis of region, the market is divided into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Market Trends
The market growth is expected to benefit from new and untapped markets in developing nations and the increasing demand for customised and application-specific 3D machine vision solutions. The increasing investments in automation, rapid industrialisation, technological advancements, and expanding research and development (R&D) activities are contributing to the market growth of 3D machine vision.
The rising requirement for image processing, compactness, and high-quality images, which is surging the utilisation of 3D machine vision. Moreover, the growing demand for 3D machine vision in inspection-related manufacturing applications owing to the rising consumer preference for high-quality and defect-free products is projected to propel the market growth in upcoming years.
Key Market Players
The major players in the market are Cognex Corporation, ISRA Vision AG, TKH Group, Keyence Corporation, and MVTec Software GmbH, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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