Pune, India, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The global machine vision market reached a value of USD 9.01 billion in 2022 and is anticipated to witness growth, reaching USD 16.82 billion by 2030, with a projected Compound Annual Growth Rate (CAGR) of 8.2% during the forecast period starting from USD 9.68 billion in 2023. Machine vision (MV) facilitates the inspection, observation, and scrutiny of work performance through the deployment of one or more video cameras, analog-to-digital conversion, and digital signal processing. The collected data is then transferred to a computer for analysis to derive the desired outcomes. The key components of MV systems include resolution, configured for recognizing different objects, and sensitivity, enabling object detection in poorly lit or completely dark environments. These insights are presented in the report titled "Global Machine Vision Market, 2023–2030" by Fortune Business Insights.
Browse in-depth TOC on “Machine Vision Market”
54 - Tables
25 - Figures
140 – Pages
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Machine Vision Market Dynamics:
Drivers:
Quality Inspection and Automation are in Higher Demand, Supporting Market Growth
The market will likely be fueled by the rising demand for automation and quality inspection across numerous industrial sectors. The demand for vision-guided robotic systems in the chemical, packaging, automotive, food and beverage, and pharmaceutical industries is also anticipated to drive market expansion. The surge in demand for application-focused vision systems is also anticipated to result in an increase in the technology's implementation and machine vision market share during the forecasted period.
However, a shortage of skilled labor may impede the machine vision market growth.
Opportunities:
The machine vision market presents various opportunities for growth and development. As the demand for advanced inspection and observation capabilities continues to rise, businesses operating in this sector have the chance to capitalize on the expanding market. Key opportunities include the integration of innovative technologies to enhance machine vision systems, catering to the increasing need for high-resolution imaging and improved sensitivity.
Restraints:
Machine vision systems contribute to streamlined manufacturing processes, enabling faster, more precise, and reliable deliveries. However, the adoption of this technology requires substantial financial investments in educating and training operators, a crucial aspect for its successful integration into new markets. While inspecting a large volume of items with a single smart camera can be challenging, this methodology offers a viable solution to address such complexities.
List of Key Players in Construction Equipment Market:
- Cognex Corporation (U.S.)
- Basler AG (Germany)
- Omron Corporation (Japan)
- Keyence (Japan)
- National Instruments (U.S.)
- Sony Corporation (Japan)
- Teledyne Technologies (U.S.)
- Texas Instruments (U.S.)
- Intel Corporation (U.S.)
- ViDi Systems SA (Switzerland)
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Report Coverage:
The report offers:
• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into the regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Regional Analysis:
North America will Dominate Market Share, Driven by Ongoing Technological Advancements
North America dominates the machine vision market as a result of the prominence of the semiconductor sector, a vital industry for machine vision systems. In order to be integrated into automation applications like autonomous vehicles, AI-driven bin picking, etc., machine vision technologies are also becoming more complex and portable.
Asia Pacific is expected to grow in near future due to the presence of large factories in the region’s key countries such as South Korea, India, Japan, and China. These factories primarily focus on automated manufacturing operations.
Market Segmentation:
2-D Vision Systems to Retain Most Market Share due to its use in Photographs
Based on type, the market is divided into 1-D vision system, 2-D vision system, and 3-D vision system. The 2-D vision system sector is likely to have a commanding market share during the anticipated timeframe. This is so that it can be used to photograph items with a digital camera.
PC-based Industry Will Continue to Lead in the Future due to High Popularity
By system, the market is segregated into PC based, smart camera, and others (Compact, etc.). PC-based MV systems were the most popular product category on the market. The sector is predicted to maintain its position in the worldwide market throughout the forecast period.
Automotive Sector to Display Stable CAGR due to its Usage in Various Processes in the Industry
Based on the industry, the market is segmented into semiconductor, healthcare, automotive, manufacturing, and others (retail, banking, etc.). It is projected that the automobile industry will expand quickly in the years to come. MV systems deployed in the automobile industry are used for presence/absence checking, error proofing, assembling verification, and final inspection.
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Competitive Landscape:
Important Players Release New Products to Increase Market Presence
Market participants frequently make investments in new product development to increase their market presence. The leading competitors control between 62% and 67% of the market. To meet certain system requirements, these businesses are concentrating on providing specialized and diverse goods. For instance, Omron, Panasonic, and Toshiba are providing MV systems that may be used to conduct character, appearance, defect, and placement checks. Similar to this, Sony provides CMOS image sensors that aid in factory automation.
KEY INDUSTRY DEVELOPMENTS:
Advanced motor condition monitoring systems from OMRON Corporation were introduced. In order to minimize inspection effort and prevent unexpected failure, the K7DD-PQ numerically tracks trends in the degeneration and wear of machine tools, servomotors, & other equipment.
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Machine Vision Key Players Market Share Insights and Analysis, 2022
- Global Machine Vision Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2019-2030
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- Key Findings
- By Type (USD Bn)
- 1-D Vision System
- 2-D Vision System
- 3-D Vision System
- By System (USD Bn)
- PC based
- Smart Camera
- Others (Compact, etc.)
- By Industry (USD Bn)
- Semiconductor
- Healthcare
- Automotive
- Manufacturing
- Others (Retail, Banking, etc.)
- By Region (USD Bn)
- North America
- Europe
- Asia-Pacific
- Middle East & Africa
- South America
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- North America Machine Vision Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2019-2030
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- Key Findings
- By Type (USD Bn)
- 1-D Vision System
- 2-D Vision System
- 3-D Vision System
- By System (USD Bn)
- PC based
- Smart Camera
- Others (Compact, etc.)
- By Industry (USD Bn)
- Semiconductor
- Healthcare
- Automotive
- Manufacturing
- Others (Retail, Banking, etc.)
- By Country (USD Bn)
- U.S.
- By System
- PC based
- Smart Camera
- Others (Compact, etc.)
- By System
- Canada
- By System
- PC based
- Smart Camera
- Others (Compact, etc.)
- By System
- Mexico
- By System
- PC based
- Smart Camera
- Others (Compact, etc.)
- By System
- U.S.
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TOC Continued…!
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