The global machine vision market size is expected to reach USD 21.17 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.9% from 2021 to 2028. The ability of machine vision systems to process a large amount of information in a fraction of seconds is a major factor driving the market. The quick processing ability of machine vision systems is paving the way for manufacturers to achieve new milestones in manufacturing products with negligible defects. Moreover, the increasing adoption of robots across the industrial sectors is leading to the application of vision-guided robotic systems. Industrial verticals such as automotive, pharmaceutical, packaging, and food and beverage are prominent sectors where robotic systems are used, eventually fueling the demand for machine vision systems.
Machine
vision technology encompasses various components in order to capture images of
products to analyze them depending on different parameters of quality and
safety. The technology is a combination of software and hardware that provides
operational control to devices to execute functions, such as capturing and
processing images and measuring various characteristics required for decision
making. Major components of the system comprise lighting, lens, image
sensors, vision processing, and communication devices. Machine vision systems
assist in resolving complicated industrial tasks with reliability.
Industrial
machine vision systems are usually more robust and demand high reliability,
stability, and accuracy as compared to those used in institutional or
educational applications. They cost lesser than systems used in military,
aerospace, defense, and government applications. These factors are expected to
lead to greater adaptability of the technology in the industrial sectors. In
addition, the robotic vision systems used across the industries are leading to
the increasing adoption of the technology, thereby strengthening the overall
market growth.
The
technology has proven to be of key importance in the area of manufacturing and
quality control owing to the increasing need for quality inspection and
production. In addition, the growing automation in the industrial segments is
facilitating the growth of the market worldwide at a considerable rate.
The
technology has been witnessing extensive developments and innovative upgrades
since its emergence. Several factors such as the growing inception of the
technology and increasing need for quality products are influencing the market
growth. Furthermore, machine vision systems are gaining traction in medical and
healthcare applications at a considerable pace. The analysis of medical images
and robotic applications for carrying various medical activities are the key
roles of the technology in these sectors.
The
automotive end-use industry held the largest market share in 2020. The
inspection process, which includes error-proofing and presence/absence
checking, is responsible for the adoption of machine vision in the automotive
industry. The food and beverage industry is expected to register the highest
growth rate in the coming seven years owing to the use of machine vision
systems in the packaging and bottling operations.
The
Asia Pacific region held the largest market share in 2020. This can be
attributed to ample opportunities offered on account of large manufacturing
practices carried out in the region. Countries such as China, Japan, Australia,
and Singapore are considered to be potential markets for upcoming technologies,
including machine vision. The region’s huge industrial expansion has been
contributing to the prosperity and development of various innovations and the
adoption of different technologies significantly.
In
addition, factors such as increasing focus on developments and expenditures in
vision-related research activities and the growing manufacturing base in the
region are expected to spur the market growth in the Asia Pacific, in turn,
driving the overall market at a notable pace. The regional market is
anticipated to exhibit the fastest growth rate over the forecast period.
The
industry is facing challenges due to the lack of awareness among users about
the rapidly advancing machine vision technology. Moreover, the complexity of
integrating machine vision systems is the major difficulty being faced by
manufacturers, which is restraining the smoother growth of the industry.
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Machine Vision
Market Report Highlights
- The PC-based
product segment accounted for the largest market share in 2020 and is
estimated to dominate the market over the forecast period
- The
identification application segment is anticipated to exhibit the fastest
growth rate over the forecast period, followed by the positioning and
guidance application segment
- The food and
beverage end-use industry segment is expected to register the highest CAGR
over the forecast period
- The market in
Asia Pacific is expected to witness substantial growth over the forecast
period. This growth is attributed to the ample opportunities offered due
to the presence of large manufacturing hubs in prominent countries, such
as China and Japan, across the food and packaging, automotive,
pharmaceutical, industrial, and consumer electronic sectors
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Machine Vision
Market Segmentation
Grand View Research has
segmented the global machine vision market based on offering, product,
application, end-use industry, and region:
Machine Vision
Offering Outlook (Revenue, USD Million, 2017 - 2028)
- Hardware
- Camera
- Frame Grabber
- Optics/Lenses
- LED Lighting
- Processor
- Software
- Barcode Reading
- Standard Algorithm
- Deep Learning Software
- Services
- Integration
- Solution Management
Machine Vision
Product Outlook (Revenue, USD Million, 2017 - 2028)
- PC Based
- Smart Camera Based
Machine Vision
Application Outlook (Revenue, USD Million, 2017 - 2028)
- Quality Assurance & Inspection
- Positioning & Guidance
- Measurement
- Identification
Machine Vision
End-use Industry Outlook (Revenue, USD Million, 2017 - 2028)
- Automotive
- Pharmaceuticals & Chemicals
- Electronics & Semiconductor
- Pulp & Paper
- Printing & Labelling
- Food & Beverage (Packaging and Bottling)
- Glass & Metal
- Postal & Logistics
- Others (Agriculture, Security & Surveillance,
Rubber, Plastics, Solar Paneling, Machinery, and Others)
Machine Vision
Regional Outlook (Revenue, USD Million, 2017 - 2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Italy
- Asia Pacific
- China
- Japan
- Australia
- Singapore
- South America
- Brazil
- Middle East & Africa
- Israel
List of Key
Players of Machine Vision Market
- 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
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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