The global machine vision market size was valued at USD 10.81 Billion in 2022 and is anticipated to reach USD 18.42 Billion by 2031, expanding at a CAGR of 6.1% during the forecast period, 2023 – 2031. Companies are experiencing significant cash flow problems due to the global lockdown and are deferring new projects linked to the adoption of machine vision in their facilities.
The ongoing COVID-19 pandemic has disrupted economies and supply chain, leading to the adoption of a global supply chain model by businesses across various industries. A number of manufacturing firms have suspended operations, causing collateral harm to the supply chain and a downturn in the machine vision industry. However, the relaxation in restrictions is estimated to fuel the market growth.
Machine Vision Market Trends, Drivers, Restraints, and Opportunities
- Growing requirement for quality inspection and automation in various industrial verticals is driving the market growth.
- Increasing demand for application-oriented machine vision (MV) systems is anticipated to spur the growth of the market.
- Rising technological adoption is expected to fuel the market growth during the forecast period.
- Increasing requirement for quality inspection and automation following COVID-19 pandemic and the demand for automated quality assurance is estimated to drive the growth of the market.
- Varying end users’ requirements as there are numerous industries to cover and specifications change based on unique client requirements, developing a standard machine vision system is challenging, which can negatively impact the market.
- Growing demand for vision guided robotics system in the automotive and consumer electronics industries and the usage of industrial robots for automation are estimated to fuel the market growth.
Scope of Machine Vision Market Report
The report on machine vision market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Machine Vision Market - Global Industry Analysis, Size, Share, Growth, Trends, And Forecast
Products (PC-based Vision System and Smart Camera-based Vision System), Offerings (Hardware, Software, and Services) Applications (Quality Assurance & Inspection, Positioning & Guidance, Measurement, Identification, and Predictive Maintenance) End-users (Automotive, Electronics and Semiconductor, Consumer Electronics, Glass, Metals, Wood and Paper, Pharmaceuticals, Food & Packaging, Rubber & Plastics, Printing, Machinery/Equipment, Solar Panel Manufacturing, and Textiles)
Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
Key Players Covered in the Report
Cognex Corporation, Basler AG, Omron Corporation, Keyence, National Instruments, Sony Corporation, Teledyne Technologies, Texas Instruments, Intel Corporation, ISRA Vision, Sick AG, and FLIR Systems.
Machine Vision Market Segmentation Insights
Smart camera-based machine vision segment to expand at a sustainable CAGR
Based on product types, the market can be bifurcated into PC-based vision system and smart camera-based vision system.
The smart camera-based machine vision segment is estimated to grow at a sustainable rate during the forecast period. Smart camera-based machine vision systems are cost-effective, compact, and adaptable as it is easier to incorporate modifications in these systems based on new regulations and standards.
Furthermore, with advancements in smart camera technology and IoT, which can be readily connect with smart cameras, the penetration of smart camera-based machine vision systems is estimated to grow rapidly in the coming years.
Hardware segment to dominate the market
On the basis of offerings, the market can be divided into hardware, software, and services.
The hardware segment held more than 60% of the market share and is estimated to dominate the market during the forecast period. The hardware segment consists of several objects such as cameras, frame grabbers, optics/lenses, and LED lightings and processors. Increasing demand for CMOS imaging sensors is anticipated to drive the growth of the segment.
In terms of applications, the market can be divided into quality assurance & inspection, positioning & guidance, measurement, identification, and predictive maintenance. The predictive maintenance segment is anticipated to expand at a high CAGR during the forecast period.
Time-based preventative maintenance helps to reduce cost. The ultimate goal is to provide cost saving over scheduled preventative maintenance or unexpected reactive maintenance, which can cause machines to go unavailable during key period.
Automotive segment to constitute a significant market share
Based on end-users, the market can be segregated into automotive, electronics and semiconductor, consumer electronics, glass, metals, wood and paper, pharmaceuticals, food & packaging, rubber & plastics, printing, machinery/equipment, solar panel manufacturing, and textiles.
The automotive segment is projected to hold a significant market share during the forecast period. The machine vision system improves precision in key tasks such as bin selection and placement of parts for assembly, such as doors and panels, in the automobile industry. Automobile manufacturers are concentrating increasingly on automation in their production processes as a result of a scarcity of qualified employees and lower manufacturing costs.
Asia Pacific to account a major market share
On the basis of regions, the market can be classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Asia Pacific held a large market share in the machine vision market. The large production facilities in China, Japan, India, and South Korea, where automation of industrial processes is a highest priority is estimated to drive the regional market growth. However, the outbreak of COVID-19 pandemic has significantly affected the manufacturing sector of Asia Pacific. On the other hand, the relaxation in restrictions is estimated to drive the market growth in region.
- PC-based Vision System
- Smart cameras-based vision system
- Quality Assurance & Inspection
- Positioning & guidance
- Predictive maintenance
- Electronics and semiconductor
- Consumer Electronics
- Wood and Paper
- Food & Packaging
- Rubber & Plastics
- Solar Panel Manufacturing
- North America
- Latin America
- Asia Pacific
- Middle East & Africa.
- Cognex Corporation
- Basler AG
- Omron Corporation
- National Instruments
- Sony Corporation
- Teledyne Technologies
- Texas Instruments
- Intel Corporation
- ISRA Vision
- Sick AG
- FLIR Systems
The key market players are Cognex Corporation, Basler AG, Omron Corporation, Keyence, National Instruments, Sony Corporation, Teledyne Technologies, Texas Instruments, Intel Corporation, ISRA Vision, Sick AG, and FLIR Systems.
Cognex is the dominant player in the machine vision market in the US and globally. The company offers machine vision systems, software, sensors, surface inspection systems, and industrial ID readers for automation processes.
In 2015, the company sold its Surface Inspection Systems Division (SISD) business to AMETEK, Inc., a global manufacturer of electronic instruments and electromechanical devices based in the US.