Machine Vision Market Size Worth $25.92 Billion By 2030

 Machine Vision Industry Overview

The global machine vision market size was valued at 13.23 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.7% from 2022 to 2030. The increasing demand for quality inspection and automation in different industrial verticals is likely to drive the market. Additionally, the need for vision-guided robotic systems across the automotive, food and beverage, pharmaceutical and chemical, and packaging segments is expected to fuel the market growth. The surge in demand for application-oriented machine vision systems is also boosting the adoption of the technology over the forecast period.

MV systems involve the ability of a computer to observe, inspect, and scrutinize the work performance by employing one or more video cameras, digital signal processing, and analog to digital conversion. The captured data is then transferred to the computer to analyze and provide the desired output. Resolution and sensitivity are two important aspects of any MV system. Resolution is responsible for differentiating between objects, whereas sensitivity is the machine’s ability to detect objects or weak impulses despite dim lights or invisible wavelengths.

 

Gather more insights about the market drivers, restrains and growth of the Global Machine Vision market

 

These systems particularly assist in supervising work environments. It offers features such as process control, robotic guidance, and automatic inspection in industrial applications. Industrial production and manufacturing activities are becoming increasingly complicated day by day, creating difficulties and increasing unreliability for the human eye to keenly detect, observe, and examine production activities.

The technology is witnessing high adoption in industrial operations and is significantly replacing manual inspection and measurements owing to the increasing necessity for efficient and reliable inspection and measurements. Machine vision systems deploy smart cameras and image processing to perform measurements and inspections.

The intensifying need for superior inspection and increasing automation are the key influencing factors paving the way for the notable adoption of machine vision technology. Furthermore, the need for increased quality control by consumers and manufacturers, coupled with government regulations to abide by the prescribed specifications, is expected to catapult the adoption of machine vision technology.

The technology is gaining considerable traction across food and packaging, automotive, pharmaceutical, and other industrial verticals owing to abilities such as improved detection of objects, enhanced analysis, monitoring tolerance, and accurate component measuring.

All these factors are expected to boost the market growth over the forecast period. However, the lack of efficient system operators due to inadequate training is a restraining factor that is likely to obstruct the smooth growth of the market.

 

The outbreak of COVID-19 has adversely impacted the economic condition due to government measures such as lockdown and border closures leading to delays in procurement, manufacturing, and delivery. China being one of the first countries in Asia to start its economic activity has seen a recovery trend in its economic progress. On the other hand, while the U.S. and Europe were having a positive turnaround, the economic trend remained sluggish.

 

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Machine Vision Market Segmentation

Grand View Research has segmented the global machine vision market report on the basis of offering, product, application, end-use industry, and region:

• Offering Outlook (Revenue, USD Million, 2017 - 2030)
  • Hardware
    • Camera
    • Frame Grabber
    • Optics/Lenses
    • LED Lighting
    • Processor
  • Software
    • Barcode Reading
    • Standard Algorithm
    • Deep Learning Software
  • Services
    • Integration
    • Solution Management

 

• Product Outlook (Revenue, USD Million, 2017 - 2030)
  • PC Based
  • Smart Camera Based

 

• Application Outlook (Revenue, USD Million, 2017 - 2030)
  • Quality Assurance and Inspection
  • Positioning and Guidance
  • Measurement
  • Identification

 

• End-use Industry Outlook (Revenue, USD Million, 2017 - 2030)
  • Automotive
  • Pharmaceuticals & Chemicals
  • Electronics & Semiconductor
  • Pulp & Paper
  • Printing & Labeling
  • Food & Beverage (Packaging and Bottling)
  • Glass & Metal
  • Postal & Logistics
  • Others (Agriculture, Security & Surveillance, Rubber, Plastics, Solar Paneling, Machinery, and Others)

 

• Regional Outlook (Revenue, USD Million, 2017 - 2030)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

 

Market Share Insights

• March 2021: Cognex has launched its new product called DataMan 8700 Series which is the next generation of handheld barcode readers built on a complete newly designed platform. The device delivers cutting-edge performance and very easy to use with no tuning or operator training required prior.
• March 2021: Cognex introduced Cognex Edge Intelligence (EI) which is used to help customers prevent downtime and boost the productivity of manufacturing and logistics operations by providing its barcode reading performance monitoring and device management.

 

Key Companies profiled:

Some prominent players in the global machine vision market include:

• Allied Vision Technologies GmbH
• Basler AG
• Cognex Corporation
• Keyence Corporation
• LMI Technologies, Inc.
• Microscan Systems, Inc.
• National Instruments Corporation
• OMRON Corporation
• Sick AG
• Tordivel AS

 

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