The ‘Global Machine Vision Market Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the machine vision market, assessing the market on the basis of its segments like offering, product, application, end-use industry, and major regions.
Machine Vision Market Share, Size, Price, Growth, Trends, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 10.09 billion
• Forecast CAGR (2023-2028): 7.80%
• Forecast Market Size (2028): USD 15.93 billion
The global market for machine vision is growing rapidly owing to its ability to measure product quantities accurately and easily. The speed and repeatability of machine vision, along with its ability to inspect thousands of parts accurately every minute, enhances its performance, which is further increasing the growth of the machine vision market. When a high-resolution camera is paired with machine vision technology, inspection of the smallest objects, which are too small to be seen by a human eye, becomes easy.
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Adoption of machine vision has helped improve manufacturing speed, while reducing the amount of labour required for various manufacturing-related operations. It also helps in reducing the number of goods that are getting wasted because of errors during manufacturing, thereby reducing the overhead costs of the company. High priced components are required to be handled carefully for which the companies are increasingly adopting the machine vision systems to support the smooth running of their business. All these factors are increasing the demand for machine vision, ultimately supporting the growth of the machine vision market.
Usage of machine vision can reduce labour requirements in manufacturing processes, especially in sectors with powerful and bulky machines, which is pivoting the growth of the market for machine vision. This factor reduces the risk of injuries to the workers, resulting in a safe work environment.
Industry Definition and Major Segments
Machine vision is a method that enables robots, computers, and other machines to see, evaluate, and identify still and moving images and to make decisions immediately based on the data. It can be used for visual inspection, detecting defects, and measuring and positioning parts along with identifying and tracking products.
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Based on offering, the market is segmented into:
• Hardware
• Software
• Services
On the basis of product, the market is classified into:
• PC Based
• Smart Camera Based
Based on application, the market is categorised into:
• Quality Assurance and Inspection
• Positioning and Guidance
• Measurement
• Identification
By end-use industry, the market is segmented into:
• Automotive
• Pharmaceuticals and Chemicals
• Electronics and Semiconductor
• Pulp and Paper
• Printing and Labelling
• Food and Beverage
• Glass and Metals
• Postal and Logistics
• Others
On the basis of region, the market is classified into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
The key trends in the machine vision market include the hardware related technological advancements in machine vision systems such as the emergence of optical technology, CPU, and software, among others. These developments and advancements increase the capabilities of machine vision, enabling it to carry out more complicated tasks. Apart from improving productivity, machine vision also aids in maintaining quality of products.
The adoption of advanced technologies such as industrial internet of things (IIoT) is a major trend boosting the machine vision market growth. Several industries are heading towards digitalisation, enabling the integration of advanced technologies like machine learning, analytics, artificial intelligence, and cloud computing, among others. This is further contributing to the growth of the market for machine vision all across the globe.
Asia Pacific held a large share in the machine vision market owing to the rapidly rising end use industrial sectors such as pharmaceutical, automotive, and packaging, among others. Growing urbanisation and rising demand for consumer electronics and automobiles in countries such as China, South Korea, India, and Japan, is also contributing to the growth of the market in the region.
Key Market Players
The major players in the global machine vision market report are Allied Vision Technologies GmbH, Omron Corporation, Basler AG, Cognex Corporation, Keyence Corporation, National Instruments Corporation, Sick AG, Atlas Copco, Tordivel AS, and Teledyne DALSA, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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Over 3000 EMR consultants and more than 100 analysts work very hard to ensure that clients get only the most updated, relevant, accurate and actionable industry intelligence so that they may formulate informed, effective and intelligent business strategies and ensure their leadership in the market.
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