3D Machine Vision Market - Application, Growth and Forecast 2024

3D machine vision is a crucial innovation that holds a strong future potential. It has started being utilized for a number of purposes. This technology aids in accurate three-dimensional inspection & measurement of complicated 3D free formed surfaces. Research is underway to discover other uses of this technology. Owing to 3D machine vision’s many beneficial features and versatility, the necessity for it has risen over the past decade. This, in turn, has proven to be advantageous for the global 3D machine vision market.            

In layman terms, 3D vision is basically a process in which three-dimensional digital models are constructed inside a machine. In most cases, the machine is a computer. Manipulations can be made to the model as and when required. This is possible because the 3D prototype consists of a set of distinct data points. These are used to specify different parts of the object and also provide other information regarding it like reflectivity, quality and color.

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This technology has many applications in varied fields. It is employed for surveillance and monitoring, remote sensing, industrial assessment and as a vision for self-directed automobiles. On the whole, it can be concluded that 3D vision will soon become an inseparable part of industrial operations.

Market Summary

At present, every industrial sector is undergoing some sort of technological reformation. Observing this, it would not be wrong to say that the global 3D machine vision market will grow by leaps and bounds in the coming years. During the forecast period of 2018-2022, the market is estimated to earn above USD 1.98 billion. When it comes to CAGR, the industry will develop at the rate of 8.89%.

The success of this market is a result of the cumulative contribution of many growth drivers. High usage of this technology in the automotive and electrical sector can be termed as a crucial growth booster for the market. It helps vendors to identify the malfunctions in the products and helps in manufacturing high-quality products.

Constant technological advancements and introduction of smart cameras and other imaging devices can be listed as additional growth drivers for the market.

The market may, however, face certain restraints like rapidly changing customer needs, insufficient awareness amongst the masses and shortage of technically sound personnel. Although, as the industry develops, these issues will be overcome.

Market Segmentation

The worldwide 3D Machine Vision Market has been divided into five equal parts – verticals, products, applications, components and geographies.

On the basis of verticals, the market has been split into healthcare, defense & automotive.

On account of products, the industry is bifurcated into PC based & smart camera based.

Inspection, quality assurance & measurement form the applications segment.

The components division comprises of software & hardware. The hardware portion can be further subdivided into camera, devices, computers, communication devices and lenses.

Region wise, the 3D machine market is spread across North America, Europe, Asia Pacific and Rest of the World.

Innovations

One of the most recent innovations in the global 3D machine vision market has been the easy accessibility of software tools and algorithms. The purpose of these two is to process and measure the pixel size in three-dimensional objects. Easy obtainability of these have positively impacted the market.

Key Players & Growth Strategies

This 3D machine vision industry is full of competitive market players. Some of the most successful ones are Cognex Corporation, Omron Corporation, Robotic Vision Technology and Canon. The major growth strategies used by these brands are strategic expansion of business and heavy investment in research and development procedures.

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