The Machine Vision market in Asia-Pacific is Expected to Witness Significant Growth at a CAGR of 8.8% During the Forecast Period 2023–2030

Machine Vision Market Overview

The global Machine Vision market is projected to grow at a 7.2% CAGR during the forecast period, 2023–2030.

Regional Analysis

The geographic analysis of the Machine Vision market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

Asia-Pacific accounted for the largest market share, with a market value of USD 5,009.1 Million in 2020; it is expected to register a CAGR of 9.4% during the forecast period. Europe was the second-largest market in 2021, valued at USD 3,715.7 Million; it is projected to register CAGR of 7.2%. Asia-Pacific holds the largest market share and is expected to grow at highest CAGR in the market of machine vision on the global scale during forecast period. The main factor which is driving the market in this region has been identified as growing manufacturing industry in China, Japan, South Korea, and Taiwan. Also, most of the countries of this region is in developing phase creating heavy demand for automation which is helping the market of machine vision in Asia Pacific.

It is also estimated that Asia Pacific is one of the largest suppliers of the components used in the machine vision systems such as cameras, sensors and other hardware equipment’s and as the manufacturing sector along with semiconductor, foods and beverages, security and surveillance are increasing, in future the demand for the machine vision systems is expected to rise simultaneously. Additionally, the market for machine vision systems in Asia Pacific is expanding as a result of a number of important factors, including rising investments in automation and Industry 4.0 technologies, increased need for safety and inspection vision systems, and a high rate of product innovation. Many sectors are adopting machine vision technologies like presence detection to perform real-time inspection and grading duties in challenging conditions. These applications now have a wider range of uses due to COVID-19.

Europe stands as second biggest market for machine vision. Europe's industrial sectors are being transformed by digital technology. It has been putting a lot of effort into moving toward automated, autonomous technologies in order to cut operational costs. Government initiatives that support automation adoption are pushing SMEs businesses in that direction. Additionally, the European Union is incentivizing the manufacturing sector to comply with new safety and environmental laws in order to preserve ecosystem balance, which is promoting the constant deployment of smart factory technologies like machine vision.

North America is the third largest market share in global market of machine vision. Presence of global players and developed nations such as U.S. and Canada give North America a competitive advantage over other countries. Also factors such as leader in technology development and high investment in the R&D for the development of efficient manufacturing process is driving the market of machine vision in North America. Additionally, due to the early adoption of factory automation and the presence of a sizeable number of market vendors with local roots, the regional market is anticipated to expand significantly over the course of the projection period. During covid, sales of machine vision systems and components that give robots and other machines vision intelligence decreased in the first half of 2020, according to the Association for Advancing Automation, but the market rebounded in North America in the second half of 2020.

Competitive Analysis

The key players of the Machine Vision market include Omron Corporation, Keyence Corporation, Cognex Corporation, Teledyne FLIR LLC, Atlas Copco AB, National Instruments Corporation, Vitronic Machine Vision LTD, Basler AG, Optotune, USS Vision LLC, TKH Group, SICK AG, MVTEC Software GMBH, Datalogic S.P.A, and Zebra Technologies Corp.

Segmental Analysis

The Machine Vision Market has been segmented based on Component, type, application, end-user, and region.

Based on Component, the global Machine Vision market has been segmented into Hardware and Software)

Based on Type, the global Machine Vision market has been segmented into 1D Machine Vision, 2D Machine Vision, and 3D Machine Vision

Based on Application, the global Machine Vision market has been segmented into Inspection, Gauging, Guidance, Identification, and Others

Based on End-Users the global Machine Vision market has been segmented into Automotive, Electronics & Semiconductor, Healthcare, Food & Packaging, and Others.