Market Trends of Machine Vision Camera Industry
This section covers the major market trends shaping the Machine Vision Camera Market according to our research experts:
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 a machine vision camera has increased for the application of autonomous vehicles, including parking cameras, CMS cameras for side view, SVS cameras for a 360-degree view around the car. The increasing penetration of ADAS and autonomous vehicles 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 the 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.
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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.
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