Machine Vision Market Size was valued at USD 12.1 Billion in 2022. The Machine Vision market industry is projected to grow from USD 13.1 Billion in 2023 to USD 21.3 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.2% during the forecast period (2024 - 2030).
The market is expanding due to rising demand for industrial automation across various industries, including semiconductors, consumer electronics, consumer goods, and food and packaging.
Figure 1: Machine Vision Market Size, 2024-2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Recently, it has been observed that automation, especially industrial automation, is trending in the market. Since its inception, machine vision has constantly been advancing in optical technology, processors, and software algorithms, making it easier for end-users. Aside from robotic precision, advances in machine vision have enabled automated machines to perform more complex and precise tasks. In 3-D bin picking, for example, random parts are recognized and picked quickly and easily from a bin through emerging technology.
As machine vision technology becomes increasingly integrated with automated machines, benefits such as high speed, accuracy, efficiency, and reduced costs will be recognized. To ensure each operation in the assembly process is completed correctly, SDC uses machine vision in almost every machine it builds. To determine whether a part should be "rejected" or moved forward in the automation process, the vision system sends a "pass/fail" message to the machine using machine vision; parts can also be tracked and where they are in the automation process based on their pass/fail results.
Based on end-user type, the Machine Vision market segmentation includes Automotive, Pharmaceuticals & Chemicals, Electronics & Semiconductors, Pulp & Paper, Printing & Labeling, Food & Beverage, Glass & Metal, Postal & Logistics, and Others. The automotive industry is one of the fastest-growing market for machine vision, expected to register a growth of 8.68% through the forecast period. The primary end-use market for machine vision systems globally is the automotive sector. In the upcoming years, the sector is expected to grow rapidly.
Moreover, installed MV systems in the automobile industry are frequently utilized for inspection tasks like assembly verification, error proofing, presence/absence checking, and final inspection. Moreover, these MV systems are deployed in the automotive industry for robotic guidance, testing automation, and dimensional gauging.
Figure 2: Machine Vision Market, by End-user, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The food and beverage industry leads the market with a share of 22% in 2023 and is expected to grow at a CAGR of 6.25% through the forecast period. MV systems are widely utilized in packaging and bottling processes in the food and beverage industries. Machine vision systems are anticipated to experience significant growth in the pharmaceuticals and chemicals, printing and labeling, and other industry verticals, such as agriculture, rubber and plastic processing, solar paneling, machinery and equipment, and security and surveillance, after the end-use industry segment for food and beverage. Furthermore, the food and beverage industry is one of the most significant industries for machine vision systems because of the rising safety culture and stringent government laws that require enterprises to use advanced inspection techniques as part of automation.
The machine vision market is segmented into PC-based and smart camera-based segments based on product type. The PC-based segment holds a market share of 61.3% in 2023 and is expected to grow at a CAGR of 6.9% through the forecast period. The market's most popular product category was PC-based MV systems. The increase in the use of cameras for 3D sensing and imaging is blamed for the surge.
On the other hand, smart camera-based systems are anticipated to increase rapidly during the forecast period. Throughout the projected period, the segment is expected to increase the fastest. The significant segment growth can be attributed to the increasing use of cameras for 3D imaging.
Vision systems, often known as "machine vision systems," comprise several cameras. Depending on the needs, these cameras are sometimes positioned over the assembly lines to view and evaluate the products and collect data. This encourages these systems to use smart cameras more frequently.
February 2023: - According to Elliptic Labs, a leading provider of AI software and virtual smart sensors, the AI Virtual Human Presence Sensor will be available on several Lenovo ThinkPad X and T Series laptops. The Lenovo ThinkPad T14, T14s, and T16 Gen 4, as well as the ThinkPad X13 Gen 4 and ThinkPad X13 Yoga Gen 4, are all included in this launch.
February 2023 - The SENSORA Heart Disease Detection Platform has officially launched, according to Eko, a digital health business using artificial intelligence to combat heart and lung illness. Care Pathway Analytics software offers downstream visibility and measurements of the patient journey through the healthcare system, and AI, which objectively identifies structural murmurs, an indication of valvular heart disease, is currently featured in SENSORA.
Based on application type, the machine vision market segmentation includes quality assurance and inspection, positioning and guidance, measurement, and identification. The quality assurance and inspection segment accounted for the largest share of this market, with a share of 35.4% in 2022 and is also projected to drive the market at a CAGR of 7.9% through the forecast period. Particularly in the packaging industry, the systems are widely utilized for label, barcode, and text identification. This automates packing tasks, which reduces the time spent on them, eliminates human mistakes, and boosts productivity.
Furthermore, 2D machine vision has difficulty assessing issues with image inspection like color irregularity, distortion level, or inspecting the solder or welding profile. However, this problem is resolved by 3D machine vision by identifying height and surface details. One of the key factors propelling the growth of this market is the quick uptake of 3D machine vision for scanning and assessing the quality of objects in industrial sectors like automotive, electronics, semiconductor, and pharmaceutical.
The packaging, pharmaceutical, and consumer products industries all often employ technology. The use of technology in these industries has significantly decreased the number of counterfeit goods produced, thus helping the market gain momentum for more adoption. In addition to using machine imaging for identification, other applications include traffic monitoring, number plate recognition, and camera surveillance.
During the projected period, the predictive maintenance segment is anticipated to grow the fastest. When an item is in a state of degradation, predictive maintenance is performed, which lowers the cost compared to other methods.
This market has been segmented by region into North America, Europe, Asia-Pacific, and the rest of the world. The Asia-Pacific region accounted for the largest share of this market, with a share of 40.4%, and is expected to dominate the market through the forecast period. The major nations in the region, including China, Japan, India, and South Korea, which have the most progressive factories and where the automation of manufacturing processes has been prioritized, are responsible for the market's expansion. The region's rapid industrial growth has greatly aided in the development and success of several innovations by adopting diverse technologies.
However, the North American region is the second largest market and is projected to boost the machine vision market with a CAGR of 5.31% in the upcoming years. Furthermore, the North American market for providers of machine vision systems is considerable. The regional market is predicted to grow significantly throughout the forecast period due to early factory automation adoption and a sizable number of market suppliers with a regional origin. This is explained by escalating technological development and spending on R&D in the region's nations. The United States is a world leader in R&D for technical advancements and effective engineering techniques. The dominance of the semiconductor industry in the region is another element anticipated to promote market revenue growth.
Figure 3: Machine Vision Market, by Region, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
More intelligent manufacturing and logistics solutions are required as industrial output becomes more networked. Due to automation and the widespread availability of computing power, Industry 4.0 in logistics and warehousing is on the rise. Industry 4.0 is a result of the interconnectedness of machines and their processing. Moreover, it permits Internet of Things-powered autonomous production techniques.
The market in Asia Pacific is also anticipated to increase due to additional variables, including a greater emphasis on advancements, spending on vision-related research activities, and an expanding industrial base in the area.
Major players in 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., are among the others.
Cognex Corporation
Deci AI
Eko
Lenovo
Relation Therapeutics
Teledyne FLIR LLC
National Instruments Corporation
Vitronic Machine Vision LTD
Basler AG, Optotune
USS Vision LLC
TKH Group, SICK AG
MVTEC Software GMBH
Datalogic S.P.A,
Zebra Technologies Corp
February 2023: - Deci, a deep learning business that uses AI to create AI, has updated its deep learning platform to assist developers in further streamlining the AI lifecycle and removing obstacles in the way of production. With this updated version, Deci's platform will now support the optimization of generative AI models and improve its already-existing inference acceleration and optimization capabilities without sacrificing accuracy.
February 2023:- Relation Therapeutics, a pioneer in the development of life-changing medications by the application of high-resolution biology, machine learning, and clinical insights, announced the launch of their flagship integrated wet-dry laboratory. The 5,500 square foot laboratory and offices are situated in the center of London's Knowledge Quarter, adjacent to partners and collaborators like internationally recognized academic research centers and significant pharmaceutical corporations
PC-Based
Smart Camera Based
Quality Assurance & Inspection
Positioning & Guidance
Measurement
Identification
Automotive
Pharmaceuticals & Chemicals
Electronics & Semiconductor
Pulp & Paper
Printing & Labeling
Food & Beverage
Glass & Metal
Postal & Logistics
Others
US
Canada
Germany
France
UK
Italy
Spain
Rest of Europe
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Middle East
Africa
Latin America
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)