The market was valued at US$ 3,711.3 milliion in our most recent market study, "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,

Europe ranked second in the machine vision laser market in 2019 with a respectable market share, and from 2020 to 2027, it is predicted to see a consistent CAGR. From 2019 to 2027, the region's capital investment in technology is anticipated to increase at a CAGR of 8.3%, reaching US$ 1410.9 billion in 2019. The EU economy receives 87 billion dollars from the European auto sector. Machine vision lasers increase picking and positioning precision for auto parts in the automotive industry. Due to a lack of trained workers, manufacturers are concentrating on automating their production processes to reduce the cost of making automobiles.

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The production process could be changed by machine vision laser to improve throughput, quality, and productivity. Another important industry in Europe is the food sector. Automation lowers the potential for contamination in this sector, which benefits both the manufacturer and the client. Among the sectors boosting the European market are the automotive and electronics sectors. A warehouse is necessary for storage and assembly in the automotive sector. Robots with machine vision lasers are installed in these warehouses, and they are capable of carrying out a number of activities like inspection, verification, and reading character blocks on engines.

With an 11.3% revenue share in 2019, APAC dominated the global machine vision laser market, followed by Europe and North America. Australia, China, India, Japan, South Korea, and the rest of APAC comprise the market segments in APAC. APAC is highly known for the technological advancements taking place in these nations. The expansion of numerous markets in the region is supported by stable economies and technological improvements. Some of the biggest manufacturing facilities are located in China, Japan, India, and South Korea, and automation of production processes has been given top emphasis in these locations. Additionally, the adoption of machine vision lasers in the area is boosted by fierce competition among producers. India and China are two nations where industrialization is expanding quickly. The majority of the world's key industrial items are produced in China, which is the world's largest manufacturing powerhouse. The most prestigious automakers in the world are concentrated in APAC, and the sector produces a lot of cars at a high rate of sales.

Companies use inorganic techniques to increase their global footprints and meet the escalating end-user demand. The well-established businesses pursue an acquisition and partnership strategy to improve their capabilities and broaden their reach around the globe. For instance, Cognex Corporation revealed in 2019 that it had acquired SUALAB, a Korean company that specialises in creating deep learning-based vision software for commercial use.

Impact of COVID-19 Pandemic on Machine Vision Laser Market

Worldwide logistics and supply chains are being affected by the COVID-19 outbreak. Countries all across the world are still battling the outbreak and limiting community expansion. With a key objective to lower their manufacturing costs, businesses are concentrating on automating their business activities. Companies are experiencing economic difficulties as a result of the lockdown and social segregation practises across nations. The new projects that require the installation of machine vision laser systems in their factories are being delayed by these. The machine vision laser market is being hampered by some manufacturing companies stopping their operations. Following the COVID-19 outbreak, manufacturing companies all across the world want to increase their investments in automation. However, as a result of the COVID-19 epidemic, industries now want more automated quality assurance in order to assure less human interference. Browse More Related Reports by the insight partners:

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