Machine Vision Market by Component (Hardware, Software), Deployment (General, Robotic Cells), Product (PC-based Machine Vision System, Smart Camera-based Machine Vision System), End-user Industry, Region – Global Forecast to 2027
The machine vision market is projected to grow from USD 12.0 billion in 2022 to USD 17.2 billion in 2027; it is expected to grow at a CAGR of 7.4% during the forecasted period. Machine vision is mainly used in industries for quality assurance & inspection, positioning & guidance, measurement, identification, predictive maintenance.
“Market for smart camera based products is expected to grow at highest CAGR during forecasted period.”
The machine vision market is segmented in to two types of products PC based and smart camera based products. Smart cameras are employed for a number of automated functions, whether complementing a multipart machine vision system or as standalone image-processing units. Smart camera based machine vision systems consist of an embedded controller with integrated vision software that is directly connected to one or more cameras. Smart camera based systems are cost-effective.
“Deployment by robotic cells to have significant growth opportunities between 2022 and 2027”
Machine vision and robotic systems are being integrated and used in the manufacturing industry due to the advent of low-cost smart cameras and pattern-matching software. Machine vision, paired with AI and deep learning, inflate the role of robots in performing production-line tasks, such as picking, sorting, placing, and performing a manufacturing line scan. Vision-guided robots make processes completely automatic and enable flexibility in inspection and integrated functions and motion performed by robots, such as rotating and tilting.
“Market for Asia Pacific is to grow at highest CAGR during forecast period.”
The machine vision market is expected to grow at highest CAGR in Asia pacific region. The fastest growth of the machine vision market in Asia Pacific can be attributed to the growing opportunities for machine vision systems in industries such as consumer electronics, food & packaging, pharmaceutical, electronics & semiconductor. In the Asia Pacific region china is the country expected to grow at the highest CAGR during forecasted period. Being a hub for various manufacturing industries, China has a huge market for machine vision system. The growth of the market in China is mainly driven by the consumer electronics market.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the machine vision market space. The break-up of primary participants for the report has been shown below:
By Company Type: Tier 1 – 55%, Tier 2 – 20%, and Tier 3 – 25%
By Designation: C-level Executives – 35%, Manager Level – 65%
By Region: North America –10%, APAC– 40%, Europe – 20%, and RoW – 30%
The report profiles key players in the machine vision market with their respective market ranking analysis. Prominent players profiled in this report are Cognex Corporation (US), Keyence (Japan), Teledyne Technologies (US), TKH GROUP (Germany), Basler (Germany), OMRON Corporation(Japan), NATIONAL INSTRUMENTS CORP (US), Intel Corporation(US).
This research report categorizes the machine vision market on the basis Product type, Components, Deployment, Geography, End-user Industry. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the machine vision market and forecasts the same till 2027. Apart from these, the report also consists of leadership mapping and analysis of all the companies included in the machine vision ecosystem.
Key Benefits of Buying the Report
The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall machine vision market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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