Market Size – USD 12.06 Billion in 2021, Market Growth - CAGR of 5.80%, Market Trends –the increasing demand from electronics industry is widening the scope for Machine Vision System Market.
According to the current analysis of Introspective Market Research, the global Machine Vision System Market was valued at USD 12.06 Billion in 2021 and is expected to reach USD 17.90 Billion by the year 2028, at a CAGR of 5.80%.
Machine vision systems are technologies and methods used in the industrial automation and electronics industries to provide image-based automatic inspection, robot direction, and process control. One of the most recent market trends is the shrinking of machine vision systems. Researchers have invented a microchip that captures the visual nuances of video images while using very little energy. The chip's video function, according to the researchers, utilizes 20 times less power than the best available chips in its class. EQSCALE is one of these chips, and it has the potential to shrink intelligent vision systems to the millimeter. Robotics are becoming more affordable, allowing for the construction of less expensive but more adaptable vision systems. One or more robots with cameras and lighting attached on their end effectors make up these vision-based robotic work cells. This system can inspect a variety of product variations and can be readily reconfigured.
Government programme are being launched all around the world to help the manufacturing sector flourish. Countries are increasingly focusing on promoting industrialization, particularly in the manufacturing and process industries, in order to achieve long-term economic growth. Various governments, particularly those in India and China, are taking steps to create inclusive and sustainable industrialization through regulations, innovation promotion, and knowledge exchange. Manufacturing companies have been encouraged to invest in advanced systems and processes by the rapidly changing technology landscape in the manufacturing and process industries around the world, which can help them achieve high operational efficiencies and enable them to meet the challenging demands of today's customers. In all major industrial sectors, the twenty-first century is marked by fierce competition. Costs, quality, technology, service, and time-to-market are all factors that producers of diverse systems must contend with. As a result, firms are progressively investing in innovative systems in order to maintain market position and achieve long-term development.
Machine Vision System Market Report Highlight
- By component, software segment is anticipated to hold the maximum machine vision system market share over the forecast period.
- By product, Over the forecast period, the PC-based machine vision system segment is likely to hold the largest share of the machine vision system market. The most popular product segment in the market was PC-based MV systems.
- By application automotive segment is expected to capture the largest machine vision system market share throughout the forecast period. Machine vision systems in the automobile industry are primarily used to increase product production and quality.
- North America is regarded as one of the world's fastest-growing revenue producers. This is due to the semiconductor industry's dominance in the region, which is a crucial segment for MV systems.
Machine Vision System Market Segmentation:
By Component
- Hardware
- Software
By Product
- PC-Based Machine Vision System
- Vision Sensors & Image-Based Bar Code Readers
- Vision Controllers
- Standalone Vision System
- Others
By Application
- Automotive
- Semiconductors
- Consumer Electronics
- Life Sciences
- Food & Packaging
- Other End-Uses
Major Key Players for Machine Vision System Market:
- Omron Corporation (Japan)
- BASLER AG (Germany)
- Toshiba Corporation (Japan)
- Cognex Corporation (US)
- Texas Instruments (US)
- IDS Imaging Development Systems GmbH (Germany)
- Intel Corporation (US)
- ISRA VISION AG (Germany)
- KEYENCE Corporation of America
- MVTec Software GmbH (Germany)
- National Instruments Corporation (US)
- Omron Microscan Systems Inc. (US)
- Sony Corporation (Japan)
- Baumer Ltd. (Switzerland)
- Canon Inc. (Japan)
- Flir Systems Inc. (US)
- National Instrument Corporation (US)
- Sick AG (Germany)
- others.
For this report, Introspective Market Research has segmented the Machine Vision System Market based on of region:
Regional Outlook (Revenue in USD Billion; Volume in Units, 2022-2028)
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Turkey
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Vietnam
- Thailand
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Iran
- Rest of MEA
- Latin America
- Brazil
- Argentina
- Rest of LATAM
