Machine Vision Systems Market Outlook 2031:
The global machine vision system market size was valued at USD 40.95 Billion in 2022 and is projected to reach USD 107.33 Billion by 2031, expanding at a CAGR of 11.3% during the forecast period 2023 - 2031. The growth of the market is attributed to the growing demand for quality control and automation in various industries.
The machine vision equipment is composed of a combination of hardware and software to provide operational control of image acquisition and processing equipment. These systems are based on sensors with special optical elements to process, analyze, and measure various characteristics to make decisions. It helps to check the details of objects that are too small for the human eye.
The main components of vision system include lighting, lens, image sensor, vision, and communication. The image processing camera sensor converts this light into a digital image, which is then sent to the processor for analysis. The vision system is powerful, reliable, stable, and cheap. Industries such as automobiles, food and beverages, and pharmaceuticals are striving to reduce labor-intensive processes and improve accuracy & speed.
The vision system can perform difficult repetitive tasks with high precision and consistency. The vision system includes frame grabbers, image sensors, processors, PLCs, and other components, which run on software packages to run custom applications. Vision systems are also used in technical applications such as robot control, part collection and placement, and liquid distribution.
The Covid-19 pandemic affected the demand and supply of machine vision system market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Machine Vision Systems Market Trends, Drivers, Restraints, and Opportunities
- Growing demand for quality inspection and automation is projected to boost the market during the forecast period.
- Rapid growth of the manufacturing industry and government initiatives for manufacturing sector are major factors fueling the market in the coming years.
- Increasing demand for vision enabled robotic systems is anticipated to drive the market during the forecast period.
- High installation cost and lack of affordability by small manufacturing organization is projected to restrict the market growth.
- Lack of skilled labor in manufacturing industries to operate the system act as major challenges that can hamper the market growth during the forecast period.
- R&D investment and technological advancement in machine vision system with artificial intelligence enabled systems and rise in adoption of industry 4.0 is anticipated to offer immense opportunities for the market players.
Scope of the Machine Vision Systems Market Report
The report on the global machine vision systems market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Machine Vision Systems Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Components (Hardware and Software), Products (PC-based and Smart Camera Based), and End-users (Automotive, Healthcare, Electronics & Semiconductor, Food & Beverages, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Sony Corp.; Keyence Corp.; National instruments Corp.; Cognex Corp.; and Omron Corp.
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Machine Vision Systems Market Segment Insights
The hardware segment is projected to hold a major market share
On the basis of components, the machine vision systems market is bifurcated into hardware and software. The hardware segment is expected to represent a key share of the market during the forecast period. Hardware components include various objects, such as cameras, frame grabbers, optical components/lenses, LED lights, and processors.
Due to growing demand for CMOS image sensors, cameras are estimated to occupy major share during the forecast period. Hardware segment is mainly driven by advances in imaging technology and increasing demand for industrial application automation and increased investment in R&D of smart cameras.
The smart camera based segment is expected to expand at a rapid pace
Based on products, the machine vision systems market is bifurcated into pc-based and smart camera based. The smart camera based segment is expected to hold a key share of the market during the forecast period due to the increasing use of 3D cameras.
Machine vision systems, also known as vision systems, consist of multiple cameras and are installed on assembly lines to observe and inspect products and collect data as required. The camera can read tags and automatically guide the goods without manual intervention.
Minimal human intervention results in less errors and high accuracy when checking labels and smart camera vision systems are economical, compact & flexible, and easier to implement.
The automotive segment is anticipated to expand at a rapid CAGR
In terms of end-users, the machine vision systems market is segmented into automotive, healthcare, electronics & semiconductor, food & beverages, and others. The automotive segment is expected to represent a key share of the market during the forecast period owing to increase productivity and product quality.
The main application of these systems in this field is quality control and machine control. In quality control, these systems determine whether a part or assembly is defective or functional. On the other hand, the machine vision in the machine control system improves the speed and accuracy of assembly robots and automatic handling equipment. It plays a fundamental role in the connection of motorized chassis.
Asia Pacific is anticipated to dominate the market
On the basis of regions, the machine vision systems market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to dominate the market during the forecast period.
Countries in the Asia-Pacific, such as China and South Korea, have some of the major manufacturing facilities, and automation is increasingly being used. It is expected that automation in the region are projected to increase through favorable government initiatives.
Segments
The global machine vision systems market has been segmented on the basis of
Components
Products
- PC-based
- Smart Camera Based
End Users
- Automotive
- Healthcare
- Electronics & Semiconductor
- Food & Beverages
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the machine vision systems market include Sony Corp.; Keyence Corp.; National instruments Corp.; Cognex Corp.; and Omron Corp.
Some of these players are using several market strategies including mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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