I. Overview of Machine Vision
Machine vision is the automatic reception and processing of images of real objects through optical devices and sensors to obtain the necessary information or to control the movement of robots.
Machine vision encompasses technologies from many fields such as artificial intelligence, computer science, image processing, and pattern recognition, and possesses advantages that human vision cannot match, such as high precision, high speed, and high reliability.
Machine vision equipment generally consists of two parts:
(1) Vision: refers to hardware components, including: light source, lens, industrial camera, and image acquisition card.
(2) Vision: i.e. visual processing software and algorithms.
In a typical machine vision system, the hardware components such as the light source and light source controller, lens, and camera are responsible for imaging, while the vision control system is responsible for processing and analyzing the results and outputting the analysis results.
In terms of the global market structure of machine vision, the high-end market is dominated by overseas brands, with Keyence (Japan) and Cognex (USA) accounting for more than 50% of the global market share.
II. Machine Vision Industry Chain
(1) The upstream mainly includes light sources, industrial lenses, industrial cameras, image acquisition cards, software and algorithms;
(2) The midstream includes vision systems and vision equipment integration.
(3) Downstream applications include consumer electronics, semiconductors, robotics, automobiles, medical care and other fields.
III. Key Elements and Individual Stocks
Cost breakdown: Lenses, industrial cameras, light sources, and optical controllers account for 45% of the total cost, while software costs account for 35%.
3.1 Light source and light source controller
The light source controller is used in conjunction with the light source. The light source controller supplies power to the light source and controls the light source's illumination status, brightness, flicker, etc.
The high-end market of the light source industry is dominated by foreign companies such as CCS (Japan) and AI (USA), while the localization rate in the mid-to-low-end market exceeds 90%, resulting in fierce competition.
Domestic manufacturers include: Opto, Han's Laser, and Opto-Electronics.
Opto: Products include core machine vision components such as light sources, light source controllers, lenses, cameras, and vision control systems.
3.2 Industrial Lenses
The lens is equivalent to the lens of the human eye. It is the starting point for machine vision to acquire and transmit information about the object being photographed. The lens used is an industrial-grade lens.
In terms of market structure, foreign companies have a higher market share in the high-end market, while the localization rate in the mid-to-low-end market is nearly 80%.
Domestic industrial lens manufacturers include: United Optoelectronics, Phoenix Optics, Yutong Optics, Zhongrun Optics, and Lianchuang Electronics.
United Optoelectronics: specializing in professional lenses and optical system solutions with optical imaging, optical display, and optical sensing as its core technologies.
Zhongrun Optics: It holds the world's number one market share in security ultra-high magnification zoom lenses and is competitive in fields such as super telephoto lenses and industrial lenses.
3.3 Industrial Cameras
A camera is the image acquisition unit in machine vision, equivalent to the retina of the human eye, converting light signals into electrical signals.
Industrial cameras are the most valuable component (accounting for 23%) in machine vision equipment. They consist of image sensors, image acquisition cards, and various chips, and have high technological barriers.
The global industrial camera market is dominated by European and American brands, such as Basler from Germany, DALSA from Canada, and Cognex from the United States. Domestic brands are gradually replacing imports, starting from the low-end market.
Domestic manufacturers include: Opto, Hikrobot (a subsidiary of Hikvision), Huarui Technology (a subsidiary of Dahua Technology), and Daheng Technology.
Hikvision: China's largest supplier of security video surveillance products; Hikvision Robotics is expanding into the mid-to-high-end industrial camera market.
Dahua Technology: A leading domestic security video surveillance company, whose subsidiary, Huarui Technology, focuses on machine vision, industrial mobile robot products and solutions.
3.4 Image Processing Software and Algorithms
The underlying software algorithms process the acquired visual signals and are the key to machine vision systems. Companies that master the underlying software algorithms are more likely to gain an advantage.
In the industrial sector, there are already many mature vision algorithm software programs available, including Vision Pro, Halcon, OpevCV, Mil, Hexsight, and Evision.
Domestic software and algorithm vendors include: Lingyun Optoelectronics, Shenzhen Keda, SenseTime, ArcSoft, CloudWalk Technology, etc.
ArcSoft: A one-stop provider of visual artificial intelligence solutions, with products including intelligent low-light enhancement solutions, intelligent multi-camera vision solutions, and intelligent driving vision solutions.
CloudWalk Technology: Provides human-machine collaborative operating systems and artificial intelligence solutions. The company's independently developed cross-camera tracking, 3D structured light face recognition, and adversarial neural network technologies are at the forefront.
3.5 Machine vision equipment and integration
Vision equipment is composed of vision systems with the addition of automated equipment.
In addition to independently developing, producing and selling standardized core machine vision components, machine vision manufacturers also deeply integrate with downstream real-world scenarios to provide complete systems in the form of overall solutions.
Domestic machine vision equipment manufacturers include: Tianzhun Technology, Lingyun Optoelectronics, Juzi Technology, Jingsheng Electronics, Saiteng Technology, Orbbec, Jintuo Technology, Taihe Intelligent, and Bai'ao Intelligent.
Lingyun Optoelectronics: Focusing on the fields of machine vision and optical communication, it has ranked first in sales revenue in the machine vision industry for many consecutive years. Its products include configurable vision systems and intelligent vision equipment.
Tianzhun Technology: With machine vision as its core technology, it focuses on the industrial field, and its products include visual measurement equipment, visual inspection equipment, and visual process equipment.
Orbbec: A leading manufacturer of 3D vision sensors, whose products help service robots efficiently perform functions such as facial recognition, distance perception, obstacle avoidance, and navigation.
Juzi Technology: Manufacturer of machine vision, laser engraving, control unit and other equipment
