PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419092
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419092
Machine Vision Market size was valued at USD 16,902.4 Million in 2022, expanding at a CAGR of 13.1% from 2023 to 2030.
Machine vision systems utilize digital signal processing, analog-to-digital conversion, and one or more video cameras to enable a computer to watch, examine, and analyze task performance. After being captured, the data is imported into the computer for analysis and output generation.
The market is mainly driven by the growing need for automation and quality inspection across various industrial verticals. Furthermore, the market is anticipated to develop due to the necessity for vision-guided robotic systems in the automotive, food and beverage, pharmaceutical and chemical, and packaging sectors. These systems are especially helpful when it comes to workplace supervision. In industrial applications, it provides capabilities including robotic guiding, process control, and autonomous inspection. The complexity of industrial production and manufacturing processes is rising daily, making it harder and less reliable for the human eye to accurately identify, track, and analyze production processes. Due to the growing need for accurate and efficient inspection and measurement, the technology is being widely adopted in industrial processes and is gradually replacing manual inspection and measurement. Smart cameras and image processing are used by machine vision systems to carry out measurements and inspections. The primary driving forces behind the remarkable adoption of machine vision technology are the growing demand for better inspection and increased automation.
The Global Machine Vision Market is segmented on the basis of Product, Application, End-User, and Region.
The market is divided into two categories based on Product: PC based, and smart camera based. The PC based segment dominates the market. The smart camera-based segment is projected to grow at the fastest CAGR over the forecast period due to high need for smart cameras.
The market is divided into four categories based on Application: quality assurance and inspection, positioning and guidance, measurement, and identification. The quality assurance and inspection segment dominate the market and is likely to maintain its dominance during the forecast period. High demand for quality checks in automotive and other sector is boosting segment growth.
The market is divided into seven categories based on End-User: automotive, pharmaceutical, electronics, pulp & paper, food & beverages, Logistics, and others. The automotive segment dominates the market and is likely to maintain its dominance during the forecast period. The growing adoption of MV and smart camera system in automotive system is proliferating the market growth.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
To gain a larger foothold in the market, the major players focus on developing new product innovations and venture capital funding. Prominent players are pursuing strategic efforts such distribution alliances, partnerships, mergers, and acquisitions because of rising investments being made in R&D to advance machine vision technology and associated advancements. For example, in October 2022, Basler launched a new model to its blaze Time-of-Flight (ToF) camera family that features a compact and rugged structure.
In June 2023, Allied Vision, a TKH Technology business, unveiled a substantial range of knowledges and products at 'Automatica' in Munich, Italy.
In June 2023, SICK announced its new multiScan100 family with the launch of the 'multiScan136', which uses time of flight (TOF) dimension to generate a 3D insight of its surroundings.
In May 2023, Cognex Corporation launched the 'Advantage 182' vision system for the automation of complex location, classification, and inspection tasks, particularly in the life sciences industry.
The scope of this report covers the market by its major segments, which include as follows: