The global machine vision market size is expected to reach USD 41.60 billion by 2030, according to a new report by Grand View Research, Inc. The ability of machine vision systems to process a large amount of information in a fraction of seconds is a major factor driving the market. The quick processing ability of machine vision systems is paving the way for manufacturers to achieve new milestones in manufacturing products with negligible defects. Moreover, the increasing adoption of robots across the industrial sectors is leading to the application of vision-guided robotic systems. Industrial verticals such as automotive, pharmaceutical, packaging, and food and beverage are prominent sectors where robotic systems are used, eventually fueling the demand for machine vision systems.
Machine Vision Market Report Highlights
- The PC-based product segment accounted for the largest revenue share in 2022 and is estimated to dominate the market over the forecast period
- The identification application segment is anticipated to exhibit the fastest growth rate over the forecast period followed by the positioning and guidance application segment
- By end-use industry, the food and beverage industry is expected to register the highest CAGR over the forecast period
- The industry is expected to witness substantial growth in the Asia Pacific region over the next decade. This growth is witnessed in the wake of ample opportunities offered due to the presence of large manufacturing hubs in prominent countries (across the food and packaging, automotive, pharmaceutical, industrial, and consumer electronic sectors) such as China and Japan
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Machine vision uses sensors (cameras), processing hardware, and software algorithms to view an image then process and interpret the image and instruct other components in the system to act upon that data. It gives industrial equipment the ability to see or visualize what it is doing and make rapid decisions based on what it sees. Some applications include automatic inspection, process control, robot guidance, positioning, identification, verification, measurement, and flaw detection.
Machine vision technology encompasses various components in order to capture images of products to analyze them depending on different parameters of quality and safety. The technology is a combination of software and hardware that provides operational control to devices to execute functions such as capturing and processing images and measuring various characteristics required for decision-making. Major components of the system comprise lighting, lens, image sensors, vision processing, and communication devices. Machine vision systems assist in resolving complicated industrial tasks with reliability.
Industrial machine vision systems are usually more robust and demand high reliability, stability, and accuracy as compared to those used in institutional or educational applications. They cost lesser than systems used in military, aerospace, defense, and government applications. These factors are expected to lead to greater adaptability of the technology in the industrial sectors. In addition, the robotic vision systems used across the industries are also leading to the increasing adoption of the technology, thereby strengthening the overall market.
The technology has proven to be of key importance in the area of manufacturing and quality control owing to the increasing need for quality inspection and production. In addition, the growing automation in industrial segments is facilitating the growth of the market at a considerable rate. The technology has been witnessing extensive developments and innovative upgrades since its emergence. Several factors such as the growing inception of the technology and the increasing need for quality products are influencing the market growth. Furthermore, machine vision systems are gaining traction in medical and healthcare applications at a considerable pace. The analysis of medical images and robotic applications for carrying out various medical activities are the key roles of the technology in these sectors.
The automotive end-use industry held the largest revenue share in 2022. The inspection process which includes error-proofing and presence/absence checking, among others is responsible for the adoption of machine vision in the automotive industry. The food and beverage industry is expected to witness the highest growth over the projected period owing to the use of machine vision systems in packaging and bottling operations.
The Asia Pacific region grabbed the largest revenue share in 2022, which can be attributed to ample opportunities offered on account of large manufacturing practices carried out in the region. Countries such as China, Japan, Australia, and Singapore are considered to be potential markets for upcoming technologies, including machine vision. The region’s significant industrial expansion has been contributing to the prosperity and development of various innovations and the adoption of different technologies significantly.
In addition, factors such as increasing focus on developments, expenditures on vision-related research activities, and the growing manufacturing base in the region are expected to spur the market growth in Asia Pacific. The regional market is anticipated to exhibit the fastest growth rate over the forecast period. The industry is facing challenges due to the lack of awareness among users regarding the rapidly advancing machine vision technology. Moreover, the complexity of integrating machine vision systems is a major difficulty being faced by manufacturers, which is restraining the smoother growth of the industry.
Machine Vision Market Insights By Region
Asia Pacific regional growth can be accredited to the lucrative opportunities in automotive, packaging, pharmaceutical, and other industrial applications. As the region is establishing itself to become a global manufacturing hub, the technology is anticipated to gain significant traction over the forecast period. In addition to this, the expenditure and operational benefits, coupled with the initiatives being undertaken by the governments of emerging countries, such as South Korea, India, Taiwan, and Singapore, are responsible for catapulting investments and encouraging different industry players to establish their production units in the Asia Pacific region.
Competitive Analysis By Key Companies
Increasing investments are being carried out in R&D activities to improve machine vision technology and related developments, due to which prominent players are undertaking strategic initiatives such as distribution alliances, partnerships, mergers, and acquisitions. With greater opportunities being offered by both developing and developed nations such as the U.S., Germany, the U.K., China, Japan, Australia, and Brazil, the prominent players are continuously striving for new product developments and venture capital investments to acquire market presence. Some prominent players in the global machine vision market include:
- Allied Vision Technologies GmbH
- Basler AG
- Cognex Corporation
- Keyence Corporation
- LMI Technologies, Inc.
- Microscan Systems, Inc.
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Machine Vision Market Segmentation
Grand View Research has segmented the global machine vision market based on offering, product, application, end-use industry, and region:
- Machine Vision Offering Outlook (Revenue, USD Million, 2017 – 2030)
- Machine Vision Product Outlook (Revenue, USD Million, 2017 – 2030)
- Machine Vision Application Outlook (Revenue, USD Million, 2017 – 2030)
- Machine Vision End-use Industry Outlook (Revenue, USD Million, 2017 – 2030)
- Machine Vision Regional Outlook (Revenue, USD Million, 2017 – 2030)
- List of Key Players of Machine Vision Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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