Machine Vision Market Opportunities: Exploring Growth Potential Across Various Applications

 The global machine vision market size was valued at USD 18,475.6 million in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 12.7% from 2024 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.

 

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.

 

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

 

Offering Insights

In 2023, the hardware segment accounted for the largest revenue share of more than 62% and is anticipated to dominate the market over the forecast period. On the basis of offering, the market has been segregated into hardware, software, and services segments. Hardware components comprise several objects such as cameras, sensors, processors, frame grabbers, LED lightings, and optics. Cameras held the largest revenue share in 2023, which is attributed to the increasing demand for CMOS imaging sensors. Based on the hardware components used in the machine vision systems, the hardware segment has been further segregated into camera, frame grabber, optics, LED lighting, and processor sub-segments.

 

Product Insights

The product segment has been sub-categorized into PC based and smart camera-based systems. In 2023, the PC based segment held a market share of exceeding 54% in the global market and expected to exhibit a CAGR of nearly 12.4% from 2024 to 2030. The segment is anticipated to continue growing and lead the market in terms of revenue over the estimated duration. However, smart camera-based systems are projected to exhibit a robust growth rate over the forecast period. The segment is subjected to grow at the fastest rate from 2024 to 2030. This considerable growth of the segment is attributable to the growing adoption of cameras in 3D imaging.

 

Application Insights

In 2023, the quality assurance & inspection segment held the largest market share of more than 51% in the global market and expected to exhibit a CAGR of 12.4% from 2024 to 2030. On the basis of application, the market has been segmented into quality assurance and inspection, positioning and guidance, measurement, identification, and predictive maintenance. The systems are extensively used for scanning and identifying labels, barcodes, and texts, especially in the packaging sector. This automates packaging activities, thereby saving time, avoiding human errors, and increasing efficiency.

 

End-Use Industry Insights

In 2023, the automotive end-use industry held the largest market share of more than 19% in the global market and expected to exhibit significant CAGR from 2024 to 2030.  On the basis of end-use industry, the market has been categorized into automotive, pharmaceuticals and chemicals, electronics and semiconductors, pulp and paper, printing and labeling, food and beverage (packaging and bottling), glass and metal, postal and logistics, and others. Currently, the automotive industry is the largest adopter of machine vision systems worldwide and it will continue growing at a steady rate over the forecast period.

 

Browse through Grand View Research's Technology Industry Research Reports.

 

·        Cognitive Radio Market: The global cognitive radio market size was estimated at USD 9,562.4 million in 2024 and is projected to grow at a CAGR of 15.3% from 2025 to 2030.

 

·        Service Virtualization Market: The global service virtualization market size was valued at USD 786.0 million in 2023 and is projected to grow at a CAGR of 17.4% from 2024 to 2030.

 

Regional Insights

Asia Pacific dominated the market with a revenue share of over 42.0% in 2023. The region is likely to grow at a robust rate from 2024 to 2030. This large market share and regional growth can be accredited to the lucrative opportunities in automotive, packaging, pharmaceutical, and other industrial applications in the Asia Pacific region. As the region is establishing itself to become a global manufacturing hub, the technology is anticipated to gain significant traction over the forecast period. China and Japan are prominent countries having the potential to offer extensive opportunities for emerging as well as matured technologies such as machine vision. The numerous manufacturing industries are contributing to the growth and prosperity of the regional economic growth.

 

Key Machine Vision Market Company Insights

Some of the key players operating in the market include, Keyence Corporation and Sick AG among others.

 

·        Keyence Corporation develops and manufactures industrial automation and inspection equipment across the globe. The company’s products include code readers, static eliminators, laser markers, sensors, machine vision, microscopes, and measuring systems. Additionally, the company offers pressure, temperature, analog, and flow sensor controllers for monitoring equipment processes.

 

·        Sick AG is engaged in the production of sensors and sensor solutions for industrial applications. It operates through process automation, logistics automation, and factory automation segments. It provides a broad range of product portfolio including encoders, photoelectric sensors, proximity sensors, opto-electronic protective devices, magnetic cylinder sensors, and safety switches among others.

 

OMRON Corporation, and National Instruments Corp. are some of the emerging market participants in the target market.

 

·        OMRON Corporation manufactures automation equipment, systems, and components. The company also specializes in power supplies, robotics, motion/drivers, environment measurement equipment/energy conservation support, automation systems, relays, control components, switches, safety components, sensors, and automation systems, among others. The company is also known for its medical equipment, including nebulizers, blood pressure monitors, and digital thermometers. The company also provides environmental solutions and power distribution and controls for drilling rigs.

 

·        National Instruments Corp. manufactures and sells virtual instrumentation software and automated test equipment. The company offers its products and solutions to automotive, advanced research, automated test equipment, commercial aerospace, consumer electronics, computers, continuous process manufacturing, government, pharmaceutical, energy, telecommunications, and other industries.

 

Key Machine Vision Companies:

The following are the leading companies in the machine vision market. These companies collectively hold the largest market share and dictate industry trends. Financials, strategy maps & products of these machine vision companies are analyzed to map the supply network.

 

·        Allied Vision Technologies Gmbh

·        Basler AG

·        Cognex Corporation

·        Keyence Corporation

·        LMI Technologies, Inc.

·        National Instruments Corp.

·        OMRON Corporation

·        Sick AG

·        Tordivel AS

 

Order a free sample PDF of the Machine Vision Market Intelligence Study, published by Grand View Research.