Tokyo, Japan, June 22, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future (MRFR), “Machine Vision Market By Product, by Application, by End-use Industry and By Region (Asia-Pacific, North America, Europe, and Rest of the World) - Forecast till 2030. The market size for machine vision was estimated at USD 12.1 billion in 2022. The market for machine vision is anticipated to increase from USD 13.1 billion in 2023 to USD 21.3 billion in 2030, with a compound yearly growth rate (CAGR) of 7.2% over the five-year forecast period (2023–2030). Increased demand for industrial automation in a number of sectors, including semiconductors, consumer electronics, consumer products, food, and packaging, is driving the market's growth.
Market Synopsis:
Automation, especially industrial automation, has recently been seen as a market trend. Machine vision has continuously improved since its inception in terms of optical technology, processors, and software algorithms, making it simpler for end users. In addition to robotic accuracy, developments in machine vision have made it possible for automated machines to do more difficult tasks.
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For instance, using cutting-edge technology, random pieces can be rapidly and simply pulled out of a bin using 3-D bin picking. Benefits like high speed, precision, efficiency, and lower costs will be realised as machine vision technology becomes more and more integrated with automated machinery.
SDC incorporates machine vision into nearly every machine it manufactures to guarantee that every step of the assembly process is carried out properly. With the aid of machine vision, a vision system can tell whether a part should be "rejected" or advanced in the automation process by sending a "pass/fail" message to the machine. Parts can also be tracked based on their pass/fail outcomes to see where they are in the automation process.
Machine Vision Market Competitive Landscape:
Major players in the Machine Vision market include
- Omron Corporation
- Keyence Corporation
- Cognex Corporation
- Teledyne FLIR LLC
- Atlas Copco AB
- National Instruments Corporation
- Vitronic Machine Vision LTD
- Basler AG
- Optotune
- USS Vision LLC
- TKH Group
- SICK AG
- MVTEC Software GMBH
- Datalogic S.P.A.
- Zebra Technologies Corp.
- Among others.
Scope of the Report - Machine Vision Market:
| Report Metrics | Details |
| Market Size by 2030 | USD 21.3 Billion |
| CAGR during 2023-2030 | 7.2% |
| Base Year | 2022 |
| Forecast | 2023-2030 |
| Key Market Opportunities | Digital transformation and hyper automation scale demands for Machine Vision. |
| Key Market Dynamics | Increasing technological change Increasing growth of Industrial automation dynamics |
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Segmentation:
Automotive, Pharmaceuticals & Chemicals, Electronics & Semiconductors, Pulp & Paper, Printing & Labelling, Food & Beverage, Glass & Metal, Postal & Logistics, and Others make up the Machine Vision market segmentation based on end-user type. One of the machine vision markets with the quickest growth is the automotive sector, which is anticipated to increase by 8.68% throughout the projected period.
Based on the type of product, the machine vision market is divided into PC-based and smart camera-based sectors. With a market share of 61.3% in 2023, the PC-based category is anticipated to expand at a CAGR of 6.9% during the projected period. PC-based MV systems were the most widely used product type on the market. The rise is attributed to an increase in 3D sensing and imaging using cameras.
The quality assurance and inspection, positioning and guiding, measurement, and identification market segments are included in the machine vision market segmentation based on application type. With a 35.4% market share in 2022, the quality assurance and inspection sector is expected to continue to dominate the market throughout the forecast period with a CAGR of 7.9%.
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Regional Insights:
North America, Europe, Asia-Pacific, and the rest of the globe are the regions into which this market has been divided. With a share of 40.4%, the Asia-Pacific region held the largest portion of this market and is anticipated to continue to rule it throughout the projection period.
The largest countries in the area, such as China, Japan, India, and South Korea, are in charge of the market's growth since they have the most advanced factories and prioritise the automation of production processes. Through the adoption of various technologies, the area's rapid industrial growth has significantly contributed to the emergence and success of several breakthroughs.
The machine vision market is anticipated to grow with a CAGR of 5.31% in the North American area, which is the second-largest market. Additionally, there is a sizable market for machine vision system suppliers in North America. The early adoption of factory automation and a sizeable number of regionally based market suppliers are expected to contribute to the regional market's expected significant growth over the course of the projection period.
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Increased technological advancement and R&D spending in the countries of the region provide an explanation for this. In terms of research and development (R&D), the United States leads the globe in useful engineering methods. Another factor that is projected to support increased market revenue is the dominance of the semiconductor sector in the area.
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