The endemic started with its epicenter in China in 2019 and has been unceasingly spreading by then to worldwide, so far 216 countries and territories have been pretentious with COVID-19, the U.S. being on the top with cases attainment to about 4.38 million followed by Brazil, India and then by many European countries such as Russia, Spain, Italy and others. The COVID-19 cases reaching to the big termed countries with strong supremacy in the global market which has adversely affected the economy globally. The extent of coronavirus has led to the global downturn, many companies are being bound to take severe actions of laying of their employees, small business are being shut and the manufacturing facilities are being put on hold. There has been a disturbance in supply chain of many industries due to constraint in logistics and closing of manufacturing facilities. In addition, the strike in economy has lowered the spending capability of individuals and people are saving money for emergencies.
The pandemic has impacted the growth of machine vision market and has noted a gradual reduction in the request due to lockdown and COVID-19 norms as many manufacturing sectors were closed due to lockdown and governmental standards due to which there is halt in the projects related to machine vision in their respective companies and factories which reduces the demand for machine vision machines. However, in recent times, the lockdown and restrictions were uplifted which results to the adoption of automation systems such as machine vision for reducing their production costs by the companies.
The epidemic has brought a huge drop in auctions for the machine vision market as the lockdown prevailed in most of the regions. The lockdown led to shutdown of various manufacturing and industrial sectors. The lockdown led producers and consumers to completely stop the procedures for few months. The demand for machine vision market faced drastic downfall due to shut down of various manufacturing and industrial facilities. However, it has gradual demand in the healthcare sector for implementing techniques such as camera based machine vision system which have helped the hospital authorities by monitoring the patient's health and other parameters which were constantly observed. The things are getting usual day-by-day, government is captivating advantages to unlock business step-by-step. Post COVID-19, the machine vision market may see an increased demand as the companies will adopt automation for their business process at an exponential rate.
The epidemic also had a huge impact on the supply chain of machine vision market. The logistics and transportation of assets detoriated a lot. The supply chain was unfavorably affected as the lockdown prevailed in many regions globally, government has restricted the workers. Companies are making their operation work permitting to the government regulations by making limited workers work in different shifts. However, now there is an development in the supply chain as most of the facilities and travel restrictions have opened and working in the most optimum volume.
As the COVID-19 crisis endures to expand, the manufacturers would possible face challenges on varied fronts. Producing companies would be searching for immediate measures to stay their personnel safe and their trades solvent. Makers would conjointly have to be bound to look on the far side their financial viability. Because the COVID-19 pandemic intensifies, makers would possible face continued pressure on demand, production and revenues. They’d continuously face cash-flow liquidity challenges and difficulties in managing debt obligations. The pandemic has brought dropped down in the sales of machine vision. Thus, the developers, manufacturers and providers were focusing towards strategic decisions such as partnerships, acquisitions, product launches, mergers and collaborations to meet the losses and cope up in the COVID-19 outbreak.
From the above exploration, it is evident that the machine vision market is detecting a huge downfall and low demand due to the COVID-19 administrative social norms as closure of facilities. Post COVID-19, when facilities re-open, we will slight increase in the demand amongst the customers. Manufacturers were focusing towards corporations and collaborations to meet the losses in the COVID-19 outbreak. Organizations operating under the market need to build-up new strategies to boost the machine vision market growth.