Chicago, April 03, 2024 (GLOBE NEWSWIRE) -- The global Machine vision market is expected to grow from USD 12.9 billion in 2023 to USD 18.4 billion by 2028, registering a CAGR of 7.3%. The growth of the machine vision market is propelled by growing need for quality control and automated inspection in manufacturing sector, increasing installation of vision-guided robotic systems in various sectors, and rising need for safety and enhancing product quality in industrial sectorto boost the machine vision market.
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Robotic cell segment is expected to grow at the highest CAGR during the forecast period.
Robotic cell segment is expected to grow at the highest CAGR during the forecast period. The growth of robotic cell in the machine vision market is driven by the the increasing need for automation and stringent quality control across industries. The combination of machine vision technology with robots enables precise assembly, defect detection, and improved quality control, thus fueling the rise of robotic cells. Their versatility in handling diverse tasks and ability to quickly adapt to changing production environments, along with the enhanced performance and safety features provided by machine vision, firmly establish their foothold for substantial growth within industrial domains.
Camera segment to record the highest CAGR during the forecast period
Camera segment is expected to grow at the highest CAGR during the forecast period. The machine vision market has experienced significant growth in camera technology. High-resolution cameras equipped with advanced features like higher frame rates, lower latency, and improved image processing capabilities have become indispensable for applications such as automation, robotics, and quality inspection. Additionally, there has been a rise in demand for specialized cameras tailored to specific industry requirements, further driving the market's expansion.
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Smart Camera-based segment to record the highest CAGR during the forecast period
Smart Camera-based segment is expected to grow at the highest CAGR during the forecast period due to their cost-effectiveness, ease of integration, flexibility, and scalability. These systems integrate image processing capabilities directly into the camera hardware, reducing overall system costs and making them accessible to a wider range of industries. Additionally, their compact design and simplified installation process make them attractive to small to medium-sized enterprises and industries seeking to implement machine vision with minimal technical expertise. Moreover, smart camera-based systems offer flexibility and scalability, allowing for easy adaptation to changing production needs and environments.
Food & Packaging segment will dominate the market during the forecast period
Food & Packaging segment is expected to grow at the highest CAGR during the forecast period. There is a growing emphasis on quality control and food safety, driving the adoption of machine vision systems to uphold product standards and regulatory compliance. Additionally, these systems enhance production efficiency by minimizing errors and increasing throughput. Moreover, the demand for traceability in the supply chain fuels the adoption of machine vision technology, allowing for accurate tracking of products throughout their lifecycle. Furthermore, ongoing technological advancements tailored to the specific requirements of the food and packaging sector further contribute to its growth potential in the machine vision market.
Asia Pacific is expected to account for the largest share of the machine vision market during the forecast period.
Asia Pacific is expected to account for the largest share of the machine vision market during the forecast period. Rapid industrialization across sectors like manufacturing, automotive, and electronics drives demand for machine vision technologies to enhance productivity and quality control. Additionally, the increasing adoption of automation, particularly in manufacturing, fuels the need for machine vision systems for automated inspection and process monitoring. Furthermore, the region's prominence in electronics and semiconductor manufacturing contributes to the growth of the machine vision market, as these industries rely heavily on advanced vision technologies for quality assurance and production efficiency..
Key players operating in the Machine vision market include Cognex Corporation (US), Basler AG (Germany), Omron Corporation (Japan), Keyence Corporation (Japan), Teledyne Technologies (US), Sick AG (Germany), National Instrument Corporation (US), TKH Group (Netherland), Sony Corporation (Japan), Texas Instruments Incorporated (US), Intel Corporation (US), Atlas Copco (Sweden), Microsoft (US) and Others in the Machine vision market.
This research report categorizes the overall Machine vision market based on Deployment, Component, Product, industry, and region. This report describes the drivers, restraints, opportunities, and challenges influencing the market’s growth. The value chain analysis, ecosystem, trade analysis, and the competitive landscape of the market leaders have also been included in the report’s scope.
