The machine vision laser market was valued at US$ 3,711.3 million in 2019, and it 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.
Europe dominated the machine vision laser market in 2019, followed by North America and Asia Pacific. The growth of the market in Europe is primarily attributed to the increasing automation in industries and rising adoption of a whole range of machine vision products, from simple and easy-to-use products to sophisticated and complex ones. Several activities, such as the formation of smart factory or production of future car, can be achieved by using machine vision as crucial technology. Incentives by the governments of European countries, and new environmental regulations and safety standards for the manufacturing sector are transforming the industrial sector, thereby driving the steady adoption of smart factory solutions—such as machine vision. Additionally, the machine vision laser market in APAC is expected to grow at the highest CAGR during 2020–2027.
Impact of COVID-19 Pandemic on Machine Vision Laser Market
The COVID-19 outbreak is adversely affecting economies of several countries worldwide. Businesses around the world are facing severe economic difficulties as they either suspending their operations or reducing their activities in a substantial manner. The world is facing an economic slowdown owing to business shutdown across various countries, and it is most likely to continue in 2021. 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. They are delaying the new projects, which need implementation of machine vision laser system 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.
Lucrative Regional Markets for Machine Vision Laser Providers
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Machine Vision Laser Market Insights
Growing Demand for Laser-Based Machine Vision Technologies
Laser-based machine vision is a valuable tool for manufacturers aiming to improve prototyping, assembly, inspection processes, among others. The technology enables better 3D visualization throughout the manufacturing process, and it is continuously evolving. Although the machine vision technology is typically employed in manufacturing industries, its reach now extends farther to pharmaceutical, agriculture, traffic monitoring, security, and laser measurement applications. The laser-based measurement method has become much safer, faster, and more informative. Thus, the laser beam is placed directly on the camera's delicate sensor. Industrial lasers often operate at a near-infrared (NIR) wavelength (~1060–1080 nm) that is invisible to naked eyes. Therefore, camera sensors used for measurements need to be sensitive in those wavelengths. Hence, the growing demand for laser-based machine vision technology is boosting the machine vision laser market.
Type -Based Market Insights
Based on type, the machine vision laser market is segmented into smart machine vision lasers, 3D machine vision lasers, and PC-based machine vision lasers. The smart machine vision lasers segment holds the largest market share. The same segment is expected to be the fastest-growing segment during the forecast period and continue its dominance until 2027. The market growth for the smart machine vision lasers segment is attributed to the continuously increasing demand for automation in automobile industry.
Machine Vision Laser Market, by Type – 2019 and 2027
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Application -Based Market Insights
Based on application, the machine vision laser market is segmented into process control, automatic inspection, industrial inspection, and others. The automatic inspection segment dominates the machine vision laser market and is foreseen to continue its dominance throughout the forecast period. Many automotive components must be assembled appropriately into subcomponents before they can be installed, and their installation requires proper inspection. Stemmer imaging produces machine vision systems to address factory automation or inspection problems. By creating a variety of solutions, Stemmer Imaging covers all industrial sectors and their specific needs. Machine vision systems deploy smart cameras and image processing to perform measurements and inspections in various industries.
End User-Based Market Insights
Based on end user, the machine vision laser market is segmented into automotive, electronics and semiconductors, food and beverages, pharmaceuticals, logistics, and others. The automotive segment held the largest share of the market. The automotive industry plays a significant role in the manufacturing sector. Machine vision laser in this industry is extensively used for various inspection purposes, such as presence-absence checking, error proofing, assembly verification, and final inspection. Lasers are also used for dimensional gauging, robotic guidance, and testing automation purposes, which comes under the measure, gauge, and guide applications. The 3D machine vision technology is also used in automatic driver assistance systems (ADAS), by installing sensors and cameras in vehicles.
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Machine Vision Laser Market: Strategic Insights
Market Size Value in US$ 3,711.3 Million in 2019 Market Size Value by US$ 7,144.4 Million by 2027 Growth rate CAGR of 8.5% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Machine Vision Laser Market: Strategic Insights
| Market Size Value in | US$ 3,711.3 Million in 2019 |
| Market Size Value by | US$ 7,144.4 Million by 2027 |
| Growth rate | CAGR of 8.5% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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The players operating in the machine vision laser market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
- In 2020, LASER COMPONENTS introduced a green dot laser module (515 nm) with a diameter of 3.3 mm. The LC-LMD-515-07-01-A has a length of just 7.8 mm without pins and can thus be integrated into compact systems (e.g., in alignment, positioning, or measuring devices). This small module is equipped with high-quality glass lenses and, therefore, offers optimum beam quality. The automatic power control (APC) automatically switches off the power supply if the voltage is too high. In this way, the entire module is protected against overload.
- In 2019, Cognex Corporation, the leader in machine vision for factory automation and industrial barcode reading, announced the acquisition of SUALAB, a Korean-based developer of vision software using deep learning for industrial applications.
Global Machine Vision Laser Market – by Type
- Smart Machine Vision Laser
- 3D Machine Vision Laser
- PC-Based Machine Vision Laser
Global Machine Vision Laser Market – by Application
- Process Control
- Automatic Inspection
- Industrial Inspection
- Others
Global Machine Vision Laser Market – by End User
- Automotive
- Electronics and Semiconductor
- Food and Beverages
- Pharmaceuticals
- Logistics
- Others
By Geography
North America
- US
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
Asia Pacific (APAC)
- Australia
- China
- India
- Japan
- South Korea
- Rest of APAC
Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
South America (SAM)
- Brazil
- Argentina
- Rest of SAM
Company Profiles
- Cavitar Ltd.
- Cognex Corporation
- Laser Components GmbH
- Laserex
- Keyence Coproration
- ProPhotonix
- RAYLASE GMBH
- RPMC Lasers
- STEMMER IMAGING AG
- Z-LASER GmbH
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type , Application , and End User (Automotive, Electronics and Semiconductor, Food and Beverages, Pharmaceuticals, Logistics, and Others
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Laser-based machine vision is a valuable tool for manufacturers aiming to improve prototyping, assembly, inspection processes, among others. The technology enables better 3D visualization throughout the manufacturing process, and it is continuously evolving. Although the machine vision technology is typically employed in manufacturing industries, its reach now extends farther to pharmaceutical, agriculture, traffic monitoring, security, and laser measurement applications. The laser-based measurement method has become much safer, faster, and more informative. Traditionally, laser properties are measured by bringing it in direct contact with the sensor of a high-resolution camera. Thus, the laser beam is placed directly on the camera's delicate sensor. Industrial lasers often operate at a near-infrared (NIR) wavelength (~1060—1080 nm) that is invisible to naked eyes. Therefore, camera sensors used for measurements need to be sensitive in those wavelengths. Laser-based triangulation sensors have developed to a mature level of use in a variety of in-line measurement applications. It is a well-established technology used where the third dimension is needed to perform inspection or optimization.
The automotive segment led the market in 2019 with highest share and is expected to continue its dominance during the forecast period. The automotive industry plays a significant role in the manufacturing sector. Machine vision laser in this industry is extensively used for inspection purposes, including presence-absence checking, error proofing, assembly verification, and final inspection. The lasers are also used for dimensional gauging, robotic guidance, and testing automation purposes, which comes under the measure, gauge, and guide applications. The 3D machine vision technology is also used in automatic driver assistance systems, including sensors and cameras installed in vehicles. The automotive industry is also known for its considerable innovation.
Machine vision techniques use cameras and sensors and employ their computing power to understand images and enable machines (robots or other industrial tools) to complete their allocated tasks such as manufacturing and quality verification. The automotive sector provides several growth opportunities for the machine vision laser market. The demand for machine vision laser is increasing in the automotive sector. It offers improved accuracy in critical activities including bin picking and part positioning—e.g., positioning doors and panels for assembly. Moreover, due to the shortage of skilled laborers and the reducing manufacturing prices of automobiles, automobile companies focus more on automation in their production processes, which is propelling the adoption of machine vision laser solutions in the automotive sector.
The List of Companies - Machine Vision Laser Market
- Cavitar Ltd.
- Cognex Corporation
- Laser Components GmbH
- Laserex
- Keyence Coproration
- ProPhotonix
- RAYLASE GMBH
- RPMC Lasers
- STEMMER IMAGING AG
- Z-LASER GmbH
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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