The estimated market size for industrial machine vision is $8.45 billion. During the projected period (2022-2032), the market is expected to grow at a CAGR of 6.9% and reach a value of US$ 16.46 billion.
As the industrial sector is growing all round the world, new technologies are adopted for fast and accurate development of various products. One such system which has evolved in recent times and increased the quality, efficiency, and product safety is an industrial machine vision system.
The industrial machine vision system works by generating images through a camera that are automatically analyzed by a software. Industrial machine vision systems perform quality tests, control processes, guide machines, read codes, identify components, and deliver valuable data for optimizing production.
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North America is a significant market for companies who provide solutions for machine vision. Due to early adoption of industrial automation and the prevalence of market vendors with local roots, it is predicted that the regional market would grow significantly over the course of the forecast period.
On the market, new and diverse inventions are constantly being found. For instance, in May 2021, the Canadian business iENSO unveiled their ecosystem-based Ambarella platform for embedded vision applications. Ambarella Inc. provides the Edge with AI vision processors.
Industrial Machine Vision Market: Key Players
Some of the key players in the industrial machine vision market are: National Instruments, Cognex Corporation, Microscan Systems, Allied Vision Technologies GmbH, Basler AG, Machine Vision Technology, Keyence Corporation, and Omron Corporation.
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Industrial Machine Vision Market: Segmentation
The industrial machine vision market can be segmented into various segments but as per the market analysis, industrial machine vision is most suitably segmented by component, product, application, end-user, and region.
On the basis of component, the industrial machine vision market can be divided into:
- Hardware
- Software
On the basis of product the industrial machine vision market can be divided into:
- PC-based
- Smart Camera-based
On the basis of application the industrial machine vision market can be divided into:
- Measurement
- Identification
- Positioning and Guidance
- Quality Assurance and Inspection
On the basis of end-user, the industrial machine vision market can be divided into:
- Automotive
- Pharmaceutical & Healthcare
- Food and Beverage
- Electronics & Semiconductor
- Packaging
- Process Control
- Printing & Labeling
Industrial Machine Vision Market By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- CIS & Russia
- Japan
- Middle East & Africa
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