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. Industrial machines offer quick response times, individualised plans, accurate data, and reduced redundancies.
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The Industrial Machine Vision Market is a rapidly growing industry that involves the use of computer vision technology to automate industrial processes. Machine vision systems are used to inspect, measure, and analyze objects in a wide range of industrial applications, from quality control to robotics. The market is driven by the increasing demand for automation in manufacturing processes, the need for high-quality inspection and monitoring, and the growing adoption of Industry 4.0.
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.
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.
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Industrial Machine Vision Market: Regional Overview
On the basis of geography, the industrial machine vision market can be segmented into North America, Latin America, Western Europe, Eastern Europe, China, SEA and other APAC, Japan, and Middle East & Africa. Among various regions, the Western Europe industrial machine vision market is seen to be leading in terms of value, with Germany being the most attractive market.
Also, the industrial machine vision market in North America is expected to be growing at the fastest rate due to an increase in the number of end-use industries enabled with industrial machine vision in the region. The industrial machine vision market in Western Europe and North America is expected to be followed by SEA & Others of APAC industrial machine vision market.
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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