Report : Machine Vision Laser Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Type (Smart Machine Vision Lasers, 3D Machine Vision Lasers, and PC-Based Machine Vision Lasers), Application (Process Control, Automatic Inspection, Industrial Inspection, and Others), and End User (Automotive, Electronics and Semiconductor, Food and Beverages, Pharmaceuticals, Logistics, and Others
According to our latest market study on “Machine Vision Laser Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Type (Smart Machine Vision Lasers, 3D Machine Vision Lasers, and PC-Based Machine Vision Lasers), Application (Process Control, Automatic Inspection, Industrial Inspection, and Others), and End User (Automotive, Electronics and Semiconductor, Food and Beverages, Pharmaceuticals, Logistics, and Others),” the market was valued at US$ 3,711.3 million in 2019 and is projected to reach US$ 7,144.4 million by 2027; it is expected to grow at a CAGR of 8.5% from 2020 to 2027.
In 2019, APAC led the global machine vision laser market with 11.3% revenue share, followed by Europe and North America. The market in APAC is segmented into Australia, China, India, Japan, South Korea, and the Rest of APAC. APAC is well known for technological innovations happening in these countries. Stable economies and technological advancements support the growth of various markets in the region. China, Japan, India, and South Korea have a few of the largest manufacturing facilities, wherein automation of manufacturing processes has been the highest priority. Also, strong competition among manufacturers boosts the adoption of machine vision lasers in the region. Industrialization in countries such as China and India are growing at a significant pace. China is the world's largest manufacturing powerhouse, and it produces ~50% of its major industrial goods. APAC consists of the world’s most esteemed vehicle manufacturers, and the automotive industry generates a huge number of automobile sales with high production levels.
In 2019, Europe stood second in the machine vision laser market with a decent market share, and it is anticipated to witness a steady CAGR from 2020 to 2027. The capital invested in technology in the region is expected to grow at a CAGR of 8.3% from 2019 to 2027, to reach US$ 1410.9 billion of capital investment in 2019. The auto industry in Europe generates US$ 87 billion for the EU economy. In the automotive sector, machine vision lasers provide improved accuracy in picking and positioning parts of automobiles. Manufacturers are focusing on automating their production processes due to the shortage of skilled labor and lowering the manufacturing prices of automobiles. Machine vision laser has the potential to transform production for increased throughput, quality, and productivity. The food industry is also one of the major industries in Europe. In this industry, automation helps reduce the contamination risks and benefits both customer and manufacturer. Automotive and electronics are among the industries driving the European market. The automotive industry requires a warehouse for storage and assembling purposes. These warehouses are equipped with robots with machine vision lasers that can perform various tasks such as inspection, verification, reading of character blocks on the engine.
Companies adopt inorganic strategies to expand their footprints across the world and meet the growing demand from end users. The well-established firms adopt the strategy of acquisition and collaboration with various companies to enhance their capabilities and expand its footprint in different geographies. For instance, in 2019, Cognex Corporation announced the acquisition of SUALAB, a Korean-based developer of vision software using deep learning for industrial applications.
Impact of COVID-19 Pandemic on Machine Vision Laser Market
The COVID-19 epidemic is disrupting supply chain and logistics across the world. Countries across the globe are continuing to combat the outbreak and control community spread. Companies are focusing on automating their business operations with a major goal to reduce their production costs. Due to the lockdown and social distancing norms across countries, companies are facing economic issues. These are delaying the new projects that need the implementation of machine vision laser systems in their factories. Several manufacturing companies are halting their production, which is hindering the machine vision laser market. Manufacturing companies across the countries are planning to invest more in automation post-COVID-19 pandemic. Moroever, to ensure less human intervention, the need for automated quality assurance has increased among industries amid the COVID-19 outbreak.
The report segments the global machine vision laser market as follows:
By End User