Vancouver, Sept. 20, 2023 (GLOBE NEWSWIRE) -- The global machine vision market size is expected to reach USD 20.3 billion in 2030 and register a revenue CAGR of 7.1% over the forecast period, according to the latest report by Emergen. Increasing requirement for automation and quality inspection is driving global machine vision market revenue growth. Machine vision has several advantages in automation. Machine vision inspection is widely recognized as a critical component of production line automation. The use of inline inspection lowers manufacturing costs, improves customer satisfaction, and eliminates waste. It is essential for maintaining product and batch integrity, as well as avoiding batch mix.
Machine vision systems are also widely used in vision-guided robotics systems The advancement of industrial robots has significantly increased the efficiency of manufacturing. While individuals still change jigs or settings according to a plan, calibrate the system, and run tests and revisions before commencing production, vision-guided robots are gaining traction as a method to eliminate this time-consuming task.
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Increasing risk of cyberattacks on industrial machine robots and devices is a major factor expected to restrain revenue growth of the market. The use of machine vision-enabled robots in critical infrastructure poses a variety of difficulties. Security, safety, accuracy, and trust are the most common concerns. The amount of security these robots have is mostly connected to the level of protection they have against various types of cyberattacks. Various security issues, obstacles, vulnerabilities, and threats emerge on a regular basis, including the illegal use of these robots via cyberattacks, which can result in serious injury or even death.
A recent trend in the market is the use of machine vision to improve Augmented Reality (AR) and Virtual Reality (VR) capabilities. AR and VR are being utilized for real-time instructions, training personnel, and much more, far beyond their potential utility in video games and entertainment. In the search of more accurate virtual restorations of reality, machine vision is expanding the capabilities of AR and VR to the next level.
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Scope of Research
| Report Details | Outcome |
| Market size in 2021 | USD 10.8 Billion |
| CAGR (2022–2030) | 7.1% |
| Revenue forecast to 2030 | USD 20.3 Billion |
| Base year for estimation | 2021 |
| Historical data | 2021-2030 |
| Forecast period | 2022-2030 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2022 to 2030 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Component, Deployment, End-Use, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, U.K., France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, U.A.E., Israel, and Rest of MEA |
| Key companies profiled | Cognex Corporation, Basler AG, Omron Corporation, Keyence Corporation, Teledyne Technologies Incorporated, TKH Group, National Instruments Corp., Sony Corporation, Texas Instruments Incorporated, and Intel Corporation |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global machine vision market is fairly consolidated, with few large and medium-sized companies accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective machine vision products. Some major companies included in the global machine vision market report are:
- Cognex Corporation
- Basler AG
- Omron Corporation
- Keyence Corporation
- Teledyne Technologies Incorporated
- TKH Group
- National Instruments Corp.
- Sony Corporation
- Texas Instruments Incorporated
- Intel Corporation
Strategic Development
- On 25 May 2022, PIXM released a new computer vision solution for mobile phishing. PIXM mobile uses computer vision tech to identify and stop phishing attacks on mobile devices in real-time, as a user clicks on a malicious link
- On 23 September 2021, The TKH Group announced the launch of the TKH Vision umbrella brand, which combines the vision technology companies Allied Vision, Chromasens, LMI Technologies, Mikrotron, NET, SVS-Vistek, and Tattile with the reselling company, TKH Vision Italy
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Some Key Highlights From the Report
- The hardware segment is expected to account for a larger revenue share during the forecast period owing to the availability of new and advanced hardware in the market. The hardware of a machine vision system is the most apparent component. The two forms of hardware architecture are external and integrated hardware. The type of examination and the speed with which it is carried out are important considerations when selecting hardware. Machine vision edge computing currently has powerful and diverse hardware on the market. Vision systems can benefit from edge computing to improve reaction time, handle many interfaces, and execute complex processing.
- The robotics cell segment is expected to register a rapid growth rate during the forecast period owing to their cost effectiveness and ability to handle a large number of product variants as components, which are changed without stopping production by simply changing the robot program and inspection software. In addition, the robot vision cell offers the best learning environment for robotics and vision.
- The automotive segment is expected to register a rapid growth rate during the forecast period owing to an increased focus on automation in the sector. In the automobile sector, machine vision systems can scan barcodes, 2D data matrix codes, and characters written on components, labels, and packaging. This cutting-edge technology assists in the detection of components and patterns, as well as the providing of unit-level data for error-proofing, process control, and the tracking of quality-control measures.
- The machine vision market in North America is expected to account for the largest revenue share among other regional markets during the forecast period. This is attributed to increasing technological advancements and investments in R&D in countries in the region. In terms of technical advances and effective engineering techniques, the U.S. is a global leader in R&D. The semiconductor industry's dominance in the region is another factor expected to drive revenue growth of the market. Machine vision technologies are shrinking in size and becoming more intelligent in order to incorporate into automation applications such as autonomous cars, AI-driven bin picking, better inspection technologies, and others. All of these variables are likely to contribute to the region's revenue growth of the market.
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Emergen Research has segmented the global machine vision market based on component, deployment, end-use, and region:
- Component Outlook (Revenue, USD Million, 2022–2030)
- Hardware
- Software
- Deployment Outlook (Revenue, USD Million, 2022–2030)
- General
- Robotics Cell
- End-Use Outlook (Revenue, USD Million, 2022–2030)
- Automotive
- Electronics & Semiconductor
- Consumer Electronics
- Glass
- Metals
- Wood & Paper
- Pharmaceuticals
- Food & Packaging
- Rubber & Plastics
- Printing
- Machinery
- Solar Panel Manufacturing
- Textiles
- Regional Outlook (Revenue, USD Million, 2022–2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- Israel
- Rest of Middle East & Africa
- North America
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