The market for industrial machine vision worldwide is anticipated to reach $8.45 billion in 2022. During the projected period (2022-2032), the market is expected to grow at a CAGR of 6.9% and reach a value of US$ 16.46 billion. This market’s enormous revenue growth is the result of a number of factors, such as:
The automation and replacement of humans with machines, which boosts productivity and reduces labour costs, is the major factor driving the industrial machine vision industry.
Industrial machine vision is becoming more common and substantially replacing manual inspection and measurement procedures as the demand for accurate and reliable inspection and measurements increases.
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Industrial Machine Vision Market: Drivers and Challenges
There are many factors driving the market for industrial machine vision. Out of which, one major factor is the fast and accurate processing of data by the system. The efficiency of industrial machine vision systems is increasing as manufacturers are investing in research and development.
Speed and accuracy parameters of industrial machine vision systems are getting better with new innovations in the market. This has increased the demand for industrial machine vision systems and has been a major driver for the market.
Other drivers for the industrial machine vision market have been the advent of vision-guided robotic systems in the industrial sector as industries all round the world are adopting robotic systems for manufacturing. Robotic systems require the deployment of industrial machine vision systems.
Some of the restraints for the industrial machine vision market have been related to the complex integration of industrial machine vision systems. The integration of industrial machine vision system has been on a complex and expensive side and is thus restraining the market for industrial machine vision systems.
Also, there is not much awareness about these industrial machine vision systems all round the world which is also the reason for the slow growth of the industrial machine vision market.
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Market Competition
Some of the key participants present in the global Industrial Machine Vision market include
- National Instruments,
- Cognex Corporation,
- Microscan Systems,
- Allied Vision Technologies GmbH,
- Basler AG,
- Machine Vision Technology,
- Keyence Corporation,
- Cognex,
- Omron Corporation,
- Sony Corporation,
- Teledyne Technologies,
- Texas Instruments,
Baumer Optronic, tordivel, MVTec Software, SICK, and ISRA VISION among others.
Attributed to the presence of such a high number of participants, the market is highly competitive. While global players such as National Instruments, Cognex Corporation, Microscan Systems, Allied Vision Technologies GmbH, Basler AG, and Machine Vision Technology, account for a considerable market size, several regional level players are also operating across key growth regions, particularly in North America.
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Key Segments Profiled In The Industrial Machine Vision Industry Survey
Industrial Machine Vision Market By Component:
- Hardware
- Software
Industrial Machine Vision Market By Product:
- PC-based
- Smart Camera-based
Industrial Machine Vision Market By Application:
- Measurement
- Identification
- Positioning and Guidance
- Quality Assurance and Inspection
- Others
Industrial Machine Vision Market By End-User:
- Automotive
- Pharmaceutical & Healthcare
- Food and Beverage
- Electronics & Semiconductor
- Packaging
- Process Control
- Printing & Labeling
- Others
Industrial Machine Vision Market By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- CIS & Russia
- Japan
- Middle East & Africa
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