NEWARK, Del, March 03, 2024 (GLOBE NEWSWIRE) -- The machine vision market is expected to be valued at US$ 9.9 billion in 2024. The valuation CAGR for 2023 was 10.7%. The market's progress is projected to be invigorating from 2024 to 2034, with a CAGR of 8.1%. By 2034, the market value is forecasted to have hit US$ 21.6 billion.
The growing need for automation and quality control in various industries has paved the way for the expansion of the machine vision systems market. Machine vision technology is increasingly being used to streamline complex processes, reducing human errors and increasing operational efficiency. This technology has become an indispensable component of many industries as it enables organizations to improve their production processes and product quality.
The rise of Industry 4.0 has been a significant contributor to the growth of machine vision systems. Industry 4.0 is all about creating smart factories that incorporate the latest technologies such as IoT, big data, and machine learning. These advanced technologies work together to optimize manufacturing processes, improving productivity, and reducing costs.
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The increasing adoption of robotics. As robots become more advanced, they require better vision systems to navigate their surroundings and perform tasks accurately. Machine vision systems are used to enable robots to see, recognize, and interact with objects in their environment, making them more efficient and effective.
There is an increasing demand for high-quality inspection systems, which is another factor contributing to the growth of the machine vision systems market. Machine vision systems are being used to inspect products for defects, ensuring that they meet quality standards and comply with regulations. This technology has become essential in industries such as automotive, pharmaceuticals, and food and beverage, where product quality and safety are crucial.
“There are significant market opportunities for improving quality control and efficiency in manufacturing processes. Machine vision systems are capable of rapidly and precisely detecting product defects, which can reduce the requirement for manual inspections and potentially enhance product quality. This can result in higher customer satisfaction levels and lower production costs."- says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Key Takeaways from the Machine Vision Market:
- The global machine vision market is estimated to register a CAGR of 8.1% with a valuation of US$ 21.6 billion by 2034.
- The 1-D vision system is anticipated to dominate the global market by considering an 8.0% market CAGR from 2024 to 2034.
- With a 7.6% market CAGR, PC-based will drive the global market through 2024 to 2034.
Leading Key Players:
- Cognex Corporation
- Basler AG
- Teledyne Technologies, Inc.
- Keyence Corporation
- Omron Corporation
- National Instruments Corporation
- Sony Corporation
- Allied Vision Technologies GmbH
- Texas Instruments, Inc.
- FLIR Systems, Inc.
Competitive Landscape:
The market is highly competitive, with numerous players vying for market share. Companies offering a variety of machine vision solutions, including software, hardware, and services, and have a global presence. The competition in the machine vision market is expected to continue to intensify as new players enter the market and existing players innovate to stay ahead.
Recent Developments in the Machine Vision Market:
- In 2023, Omron Automation Americas has recently introduced its latest product, the F440 Smart Camera, which offers enhanced flexibility to machine vision operations. The camera features a high-resolution sensor, customizable lighting and optics, and a simplified vision system configuration through the user-friendly ‘AutoVISION’ software. This smart camera is a great solution for various applications such as cap inspection, box count, fill level inspection, measurement, and label barcode & OCR, among others.
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Machine Vision Market Segmentation:
By Material Type:
- 1-D Vision System
- 2-D Vision System
- 3-D Vision System
By System Type:
- PC based
- Smart Camera
- Others
By Industry:
- Semiconductor
- Healthcare
- Automotive
- Manufacturing
- Others
By Region:
- North America
- Latin America
- East Asia
- South Asia
- Europe
- Oceania
- MEA
Authored By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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