By 2024, the machine vision market is projected to be worth US$9.9 billion. For 2023, the value CAGR was 10.7%. The market is expected to grow at a CAGR of 8.1% from 2024 to 2034, showing signs of vitality. The market value is expected to reach US$ 21.6 billion by 2034.
The market for machine vision systems has grown as a result of the increasing requirement for automation and quality control across a range of sectors. The application of machine vision technology to simplify intricate procedures is growing, lowering the risk of human mistake and improving operational effectiveness. Due to its ability to enhance manufacturing processes and product quality, this technology has grown to be an essential part of many sectors.
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The increasing adoption of robotics. As robots become more advanced, they require better vision systems to navigate their surroundings and perform tasks accurately. Machine vision systems are used to enable robots to see, recognize, and interact with objects in their environment, making them more efficient and effective.
There is an increasing demand for high-quality inspection systems, which is another factor contributing to the growth of the machine vision systems market. Machine vision systems are being used to inspect products for defects, ensuring that they meet quality standards and comply with regulations. This technology has become essential in industries such as automotive, pharmaceuticals, and food and beverage, where product quality and safety are crucial.
“There are significant market opportunities for improving quality control and efficiency in manufacturing processes. Machine vision systems are capable of rapidly and precisely detecting product defects, which can reduce the requirement for manual inspections and potentially enhance product quality. This can result in higher customer satisfaction levels and lower production costs.”– says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Key Takeaways from the Machine Vision Market:
- The global machine vision market is estimated to register a CAGR of 8.1% with a valuation of US$ 21.6 billion by 2034.
- The 1-D vision system is anticipated to dominate the global market by considering an 8.0% market CAGR from 2024 to 2034.
- With a 7.6% market CAGR, PC-based will drive the global market through 2024 to 2034.
Competitive Landscape:
The market is highly competitive, with numerous players vying for market share. Companies offering a variety of machine vision solutions, including software, hardware, and services, and have a global presence. The competition in the machine vision market is expected to continue to intensify as new players enter the market and existing players innovate to stay ahead.
Recent Developments in the Machine Vision Market:
- In 2023, Omron Automation Americas has recently introduced its latest product, the F440 Smart Camera, which offers enhanced flexibility to machine vision operations. The camera features a high-resolution sensor, customizable lighting and optics, and a simplified vision system configuration through the user-friendly ‘AutoVISION’ software. This smart camera is a great solution for various applications such as cap inspection, box count, fill level inspection, measurement, and label barcode & OCR, among others.
Leading Key Players:
- Cognex Corporation
- Basler AG
- Teledyne Technologies, Inc.
- Keyence Corporation
- Omron Corporation
- National Instruments Corporation
- Sony Corporation
- Allied Vision Technologies GmbH
- Texas Instruments, Inc.
- FLIR Systems, Inc.
Machine Vision Market Segmentation:
By Material Type:
- 1-D Vision System
- 2-D Vision System
- 3-D Vision System
By System Type:
- PC based
- Smart Camera
- Others
By Industry:
- Semiconductor
- Healthcare
- Automotive
- Manufacturing
- Others
By Region:
- North America
- Latin America
- East Asia
- South Asia
- Europe
- Oceania
- MEA
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
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