Machine Vision Market is increasing due to the rising need for quality inspection and automation
New York, US, Sept. 26, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Machine Vision Market Analysis by Type, By Application, By Components, By End Users - Forecast till 2030” valuation is poised to reach USD 21.35 Billion by 2030, registering an 12.55% CAGR throughout the forecast period (2022–2030).
Machine Vision Market Overview
The machine vision system can completely replace human visual and inspection capabilities. These systems use a camera with several features, image processing, sensors, and measurement.
Machine Vision Market Report Scope:
Market Size by 2030
USD 15.7 Billion
7.6% From 2022 to 2030
Omron Corporation, Cognex Corporation, Keyence, Vitronic GmbH, ViDi Systems SA, Perceptron, USS Vision and Microscan Systems
Key Market Opportunities
Manufacturing companies across the globe are preparing to invest more in automation post-COVID-19, and the need for automated quality assurance has also increased
Key Market Drivers
Rising need for quality inspection and automation
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Machine Vision Market Drivers
The global market for machine vision has recorded significant growth in the last few years. The market's growth is attributed to the growing investments and increasing requirements for quality inspection and automation.
Machine Vision Market Restraints
The constantly changing end-user requirements are the major restraint faced by the players across the global market.
Machine Vision Market Segments
Among all the components, the hardware segment is anticipated to dominate the global market for machine vision over the assessment timeframe. The segment encompasses objects like LED lighting, processors, cameras, optics, frame grabbers, and sensors. The camera subsegment will likely account for the largest market share over the projected timeframe. The segment's growth is attributed mainly to the growing demand for CMOS imaging sensors.
Among all the products, the PC-based segment is anticipated to lead the global martlet for machine vision over the forecasted timeframe. The segment's growth is credited primarily to the growing applications of the systems. On the other hand, the camera-based systems are likely to register the highest CAGR over the review timeframe. The increasing implementation of the cameras in 3D imaging is the primary aspect boosting the segment's growth.
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Out of all the end use sectors, the automotive end-use sector is projected to account for the highest revenue across the global market for machine vision over the review timeframe. Currently, the industry is the primary adopter of the machine vision systems across the globe and is likely to register a healthy CAGR over the assessment timeframe. On the other hand, the food and beverage sector is projected to record the highest CAGR over the assessment timeframe. MV systems in the industry are highly used in bottling and packaging operations.
Among all the application areas, the quality assurance and inspection segment are projected to acquire the highest revenue share across the global market for machine vision over the assessment timeframe. The systems are widely utilized for identifying and scanning labels, texts, and barcodes, particularly in the packaging sector. This automates packaging activities, thus boosting efficiency, avoiding human errors, and saving time.
Machine Vision Market Regional Analysis
The global market for machine vision is analyzed across five major regions, including North America, Latin America, Asia-Pacific, Europe, and the Middle East & Africa.
As per the analysis reports by MRFR, the Asia-Pacific region is dominating the global market for machine vision with a market share of approximately 30% of the net market share. The region's growth is mainly credited to the region having significant manufacturing markets such as China, India, Japan, and South Korea, where automation of manufacturing processes is the highest priority globally. Furthermore, the competitive nature of the regional market is another significant parameter boosting the growth of the regional market.
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The European region is likely to record substantial growth over the forecasted timeframe. The regional market's growth is mainly due to strong demand from the healthcare and automotive industries.
The North American regional market for machine vision is anticipated to register substantial growth over the assessment timeframe.
The global COVID-19 pandemic has caused a severe impact on the majority o the market sectors. The machine vision market is also no different than others. In the early phase of the pandemic, the market faced a significant fall in demand across the globe. Human vision is restricted to a particular electromagnetic wavelength that differs significantly from the operationalities of video cameras. Industrial automation is now picking up the pace across manufacturing and other sectors. The companies in the field are focusing on launching innovative solutions to the market with enhanced operational efficiency. During the pandemic, amid the travel restrictions and social distancing norms imposed across several regions worldwide, technology has helped the manufacturing sector to help with the production of several products. Furthermore, the machine vision market plays a crucial part in the fight against coronavirus using automated lab systems that help in processing and testing the vaccine inspection systems and thermal imaging to detect body temperature in crowded locations, medical products, and pharmaceuticals. On the other hand, the pharmaceutical sector is the oldest adopter of this technology as it offers product safety assurance and integrity to the present digital infrastructure.
The machine vision market has witnessed a substantial rise in demand recently. On the other hand, the demand is anticipated to be impacted by the fall in IT expenditure budgets due to the travel restrictions and lockdowns imposed across various regions worldwide. With the global economy getting back on track, the global market for machine vision is also projected to grow over the coming years.
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Machine Vision Market Competitive Analysis
Dominant Key Players on Machine Vision Market Covered are:
Omron Corporation (Japan)
Cognex Corporation (U.S.)
Vitronic GmbH (Germany)
ViDi Systems SA (Switzerland)
Perceptron Inc. (U.S.)
USS Vision (U.S.)
Microscan Systems (U.S.)
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