The Machine Vision Market Size was valued at USD 9.76 billion in 2023 and is expected to reach USD 18.62 billion by 2031 and grow at a CAGR of 8.4% over the forecast period 2024-2031.
Miniaturization may be viewed as a development in the production of more compact optical and electronic products and gadgets. A reduction in size but an improvement in ability is referred to as miniaturization. We can observe that the tendency toward compact gadgets is steadily expanding when we look at the current situation. Machine miniaturization is progressing quickly. The structure of these miniaturize goods is extremely complex. These miniaturize items need to be examined. However, the examination of these miniaturize goods goes beyond what the human eye can see. The visual inspection and decision-making abilities of humans are successfully replaced by the machine vision system. For inspection and measurement, machine vision systems employ cameras with a range of characteristics, sensors, and image processing. Machine vision systems are effectively used to check and measure miniaturized objects, machinery, and gadgets.
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KEY DRIVERS:
Increased demand for ASICs.
Rising need for robotic systems with vision guidance.
Increasing demand for automation and quality control.
RESTRAINTS:
Insufficiently qualified workers in manufacturing facilities.
Increasing threat of cyberattacks on machines and robots used in industry.
Insufficient adaptable machine vision solutions.
OPPORTUNITIES:
The deployment of vision-guided industrial robots and other automation technologies, particularly in China, is being driven by rising salaries.
Government programmes to advance technology connected to AI.
Increasing the production of electric and hybrid cars.
CHALLENGES:
Lack of user knowledge of machine vision technology's quick change.
Integration of machine vision systems' inherent complexity.
With the COVID-19 disaster, the world is witnessing a health crisis, as well as an economic epidemic. This has led many businesses to close down their manufacturing industries and stop most of their operations. At this critical juncture, the main purpose of companies is to stabilize their businesses by finding secure ways to continue their productive work or to explore other sustainable ways to make their money flow. The market concept of the machine vision in the pre and post-COVID-19 scenario has been extensively analyzed in this study.
Based on Product, the machine vision market is segmented into Smart Cameras and PC- based. Machine vision systems, also called detection systems, have multiple cameras. Sometimes, depending on needs, these cameras are mounted on assembly lines to monitor and evaluate products and capture data. This leads to greater adoption of smart cameras in these systems. Cameras can also read labels and direct products automatically without human involvement. Reduced human intervention has led to reduced errors and increased accuracy in testing labels and tags. These smart camera features contribute to the adoption of technology in various industrial sectors, thereby accelerating market growth as a whole.
Based on Application, the machine vision market is segmented into Quality Assurance & Inspection, Measurement, Predictive maintenance, Positioning & Guidance and Identification. On the basis of the application, the market is divided into quality assurance and testing, standing and direction, measurement, and identification. Systems are widely used to scan and identify labels, barcodes, and documents, especially in the packaging sector. This performs automatic packing operations, thus saving time, avoiding human errors, and increasing efficiency.
Based on End Use Industry, the machine vision market is segmented into Automotive, Food & Packaging, Consumer Electronics, Metals, Pharmaceuticals, Printing, Solar Panel Manufacturing, Electronics and Semiconductor, Glass, Wood and Paper, Rubber & Plastics, Machinery/Equipment and Textile. Due to a shortage of skilled workers, automotive companies are increasingly focusing on changing themselves in their production processes. Machine detection enables the measurement of the size of precision machine components, such as connectors, transmitters, and other sub-assemblies such as IVS-ASAI. In machine vision systems, dimensional gauging measuring lines, angles, diameters, and tolerances. Diagnostic systems are easily configured to follow all of these guidelines and measurement instructions. In doing so, machine vision ensures that only parts with accurate tolerance levels are included in the vehicle assembly line. The growing production of integrated and electric vehicles is expected to provide growth opportunities in the automotive machine vision market in the automotive industry.
BY COMPONENT
Hardware
Software
Service
BY PRODUCT
Smart Cameras
PC- based
BY DEPLOYMENT
Robotic cell
General machine vision system
BY APPLICATION
Quality Assurance & Inspection
Measurement
Predictive maintenance
Positioning & Guidance
Identification
BY END-USE INDUSTRY
Automotive
Food & Packaging
Consumer Electronics
Metals
Pharmaceuticals
Printing
Solar Panel Manufacturing
Electronics and Semiconductor
Glass
Wood and Paper
Rubber & Plastics
Machinery/Equipment
Textile
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APAC is expected to grow at the highest CAGR in the machine vision market. Countries such as China, Japan, and South Korea are expected to make a significant contribution to the APAC market. The increase in manufacturing activity contributes mainly to China's economic development, and the growing need to integrate Industry 4.0 and improved production methods to increase automation across all Indian applications contributes to the growing AI growth in the APAC computer vision.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The key players in the machine vision market are Allied Vision Technologies, Cognex Corporation, LMI Technologies, National Instruments Corporation, Sick, Basler, Keyence Corporation, Microscan Systems, OMRON Corporation, Tordivel & Other Players.
Cognex Corporation-Company Financial Analysis
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 9.76 Billion |
| Market Size by 2031 | US$ 18.62 Billion |
| CAGR | CAGR of 8.4% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Component (Hardware, Software, Service) • By Product (Smart Cameras, PC- Based) • By Deployment (Robotic Cell, General Machine Vision System) • By Application (Quality Assurance & Inspection, Measurement, Predictive Maintenance, Positioning & Guidance, Identification) • By End Use Industry (Automotive, Food & Packaging, Consumer Electronics, Metals, Pharmaceuticals, Printing, Solar Panel Manufacturing, Electronics And Semiconductor, Glass, Wood And Paper, Rubber & Plastics, Machinery/Equipment, Textile) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Allied Vision Technologies, Cognex Corporation, LMI Technologies, National Instruments Corporation, Sick, Basler, Keyence Corporation, Microscan Systems, OMRON Corporation and Tordivel. |
| Key Drivers | • Increased demand for ASICs. • Rising need for robotic systems with vision guidance • Increasing demand for automation and quality control. |
| Restraints | • Insufficiently qualified workers in manufacturing facilities. • Increasing threat of cyberattacks on machines and robots used in industry. • Insufficient adaptable machine vision solutions. |
Ans: The Machine Vision Market size was valued at US$ 14.31 billion in 2022.
The market value is expected to reach USD 25.71 billion by 2030.
The market has been segmented with respect to component, product, deployment, end-use industry and application.
Top-down research, bottom-up research, qualitative research, quantitative research, and Fundamental research.
Ans: The Machine Vision Market is to grow at a CAGR of 8.4% during the forecast period 2024-2031.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Machine Vision Market Segmentation, by component
8.1Introduction
8.2 Hardware
8.3 Software
8.4 Service
9. Machine Vision Market Segmentation, by Product
9.1Introduction
9.2 Smart Cameras
9.3 PC- based
10. Machine Vision Market Segmentation, by Deployment
10.1 Introduction
10.2 Robotic cell
10.3 General machine vision system
11. Machine Vision Market Segmentation, by Application
11.1 Introduction
11.2 Quality Assurance & Inspection
11.3 Measurement
11.4 Predictive maintenance
11.5 Positioning & Guidance
11.6 Identification
12. Machine Vision Market Segmentation, by End-use Industry
12.1 Introduction
12.2 Automotive
12.3 Food & Packaging
12.4 Consumer Electronics
12.5 Metals
12.6 Pharmaceuticals
12.7 Printing
12.8 Solar Panel Manufacturing
12.9 Electronics and Semiconductor
12.10 Glass
12.11 Wood and Paper
12.12 Rubber & Plastics
12.13 Machinery/Equipment
12.14 Textile
13. Regional Analysis
13.1 Introduction
13.2 North America
13.2.1 USA
13.2.2 Canada
13.2.3 Mexico
13.3 Europe
13.3.1 Germany
13.3.2 UK
13.3.3 France
13.3.4 Italy
13.3.5 Spain
13.3.6 The Netherlands
13.3.7 Rest of Europe
13.4 Asia-Pacific
13.4.1 Japan
13.4.2 South Korea
13.4.3 China
13.4.4 India
13.4.5 Australia
13.4.6 Rest of Asia-Pacific
13.5 The Middle East & Africa
13.5.1 Israel
13.5.2 UAE
13.5.3 South Africa
13.5.4 Rest
13.6 Latin America
13.6.1 Brazil
13.6.2 Argentina
13.6.3 Rest of Latin America
14. Company Profiles
14.1 Tordivel
14.1.1 Financial
14.1.2 Products/ Services Offered
14.1.3 SWOT Analysis
14.1.4 The SNS view
14.2 Allied Vision Technologies
14.3 Cognex Corporation
14.4 LMI Technologies
14.5 National Instruments Corporation
14.6 Sick
14.7 Basler
14.8 Keyence Corporation
14.9 Microscan Systems
14.10 OMRON Corporation
15. Competitive Landscape
15.1 Competitive Benchmark
15.2 Market Share Analysis
15.3 Recent Developments
16. Conclusion
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