In 2022, the global industrial machine vision market is projected to be worth USD 8.45 billion. The market is anticipated to develop at a CAGR of 6.9% during the forecast period (2022 to 2032), to reach a valuation of USD 16.46 billion by 2032.
Several components contribute to this massive revenue growth of this market, such as:
| Report Attribute | Details |
|---|---|
| Estimated Base Year Value (2021) | USD 7.9 Billion |
| Expected Market Value (2022) | USD 8.45 Billion |
| Anticipated Forecast Value (2032) | USD 16.46 Billion |
| Projected Growth Rate (2022 to 2032) | 6.9% CAGR |
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For businesses offering machine vision solutions, North America is a big market. Since factory automation was used early and there are many market vendors with local roots, the regional market is anticipated to expand significantly throughout the forecast period.
Additional and varied inventions are being discovered on the market. For instance, the Canadian company iENSO introduced their Ambarella-based platform ecosystem for embedded vision applications in May 2021. AI vision processors for the Edge are offered by Ambarella Inc.
Considering that North America has a competitive advantage over other regions in the industrial machine vision market, the USA is expected to exhibit the strongest growth. This is because the nation is home to several foreign players. Additionally, the USA is a pioneer in R&D projects for the creation of effective engineering procedures.
The Smart Embedded Vision Initiative was also unveiled by Microchip Technology Corporation. Accelerating machine vision development for use in industrial, medical devices, automotive, and aerospace applications is the goal of this effort. Throughout the forecast period, it is anticipated that such advancements by hardware and software providers would increase industrial machine vision market demand.
Nowadays, the application of industrial robots is growing for automation in the automotive and electronic sectors. For example, the 2020 Industrial Robots report from New World Robotics estimated that there are about 2.7 million industrial robots in use in factories worldwide.
Among the major sectors for the implementation of robots are the automotive and consumer electronics industries. In the automotive business, there are approximately 1287 robots for every 10,000 workers, according to data for the robotics industry for 2021.
A growing trend in recent years has been vision-guided robots. It has caused the machine vision system in robots to be used more frequently, especially in the automotive sector. Improved accuracy, comprehension, and direction are provided by the integration of robots with the machine vision system. Consequently, the global machine vision market is expanding due to the increasing deployment of industrial robots.
Automation is being implemented by manufacturing companies to enhance daily operations amid the pandemic, when human interaction was scarce, machine vision aided in maintaining industrial flow. Since it adds product safety to the present digital infrastructure, the pharmaceutical sector was one of the first to adopt this technology.
Manufacturers can reach new milestones in producing goods with minimal defects because of machine vision systems' high processing speed. The increased production of hybrid and electric vehicles is also anticipated to offer significant chances for the industrial machine vision market to expand over the forecast period.
The industrial machine vision system is a system that works by generating images through a camera that are automatically analysed by software. Industrial machine vision systems perform quality tests, control processes, guide machines, read codes, identify components, and deliver valuable data for optimizing production.
The increasing demand for quality inspection and automation in different industrial verticals, the need for vision-guided robotic systems across the automotive, food and beverage, pharmaceutical and chemical, and packaging segments are the major factors that are expected to augment the growth of the Industrial Machine Vision Market over the analysis period.
Other major factors like the surge in demand for application-oriented machine vision systems are likely to boost the market growth during the forecast period.
On the flip side, the complex integration of industrial machine vision systems is further projected to impede the growth of the rib fracture treatment market in the timeline period.
Principal Consultant
One of the major factors that is anticipated to propel the growth of the Industrial Machine Vision market during the forecast period includes 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 in turn is expected to increase the demand for industrial machine vision systems in the forthcoming years.
Other drivers for the industrial machine vision market include 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.
The increasing automation, and intensifying need for superior inspection are other major factors paving the way for the notable adoption of machine vision technology. Furthermore, the need for increased quality control by consumers and manufacturers, coupled with government regulations to abide by the prescribed specifications, is expected to catapult the adoption of machine vision technology.
The growing risk of cyber-attacks on industrial machine robots and devices and the dearth of flexible machine vision solutions are the major factors that are anticipated to hinder the growth of the industrial machine vision market during the forecast period. In addition, the difficulties regarding the incorporation of machine vision systems might further challenge the growth of the industrial machine vision market in the near future.
Moreover, the lack of efficient system operators due to inadequate training is a restraining factor that is likely to obstruct the smooth growth of the market. Another major factor that is expected to impede the market growth includes the complex integration of industrial machine vision systems.
The integration of industrial machine vision systems has been on a complex and expensive side and is thus restraining the market for industrial machine vision systems.
Also, lack of awareness about these industrial machine vision systems globally, is also the reason for the slow growth of the industrial machine vision market over the analysis period.
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The Industrial Machine Vision market in North America is expected to hold the largest share of USD 14.8 Billion. Considering the revenue generation, the regional market is expected to reach at a CAGR of 6.3% during the forecast period.
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.
In addition, as most of the industrial machine vision manufacturers are set up in North America, the industrial machine vision market in the region is expected to gain traction in the forthcoming years. The reason for sustained traction in the regions is attributed to the fact that the region is technologically advanced.
The Asia-Pacific Industrial Machine Vision market is expected to reach at a CAGR of 6.1% with a market value of USD 11.5 Billion.
Asia Pacific holds a significant revenue share of the industrial machine vision market. The region is likely to grow during the forecast period, accredited to the lucrative opportunities in automotive, packaging, pharmaceutical, and other industrial applications in the Asia Pacific region.
As the region is establishing itself to become a global manufacturing hub, the technology is anticipated to gain significant traction over the forecast period. China and Japan are prominent countries having the potential to offer extensive opportunities for emerging as well as matured technologies such as machine vision. The numerous manufacturing industries are contributing to the growth and prosperity of the regional economic growth.
Moreover, the expenditure and operational benefits, coupled with the initiatives being undertaken by the governments of emerging countries, such as South Korea, India, Taiwan, and Singapore, are responsible for catapulting investments and encouraging different industry players to establish their production units in the Asia Pacific region
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.
Recent Development:
In March 2021, Cognex had released the DataMan 8700 Series, which is the next generation of handheld barcode scanners that is built on a completely new platform. The device provides cutting-edge performance and is extremely simple to operate, requiring no prior tweaking or operator training.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 6.9% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2017 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Component, Product, Application, End-User, Region |
| Regional Scope | North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, China, Japan, Middle East and Africa |
| Country Scope | USA, Canada, Mexico, Brazil, UK, Germany, France, Spain, Italy, Poland, Russia, China, India, ASEAN, Australia, New Zealand, GCC, South Africa, North Africa |
| Key Companies Profiled | 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 |
| Customization Scope | Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. |
FMI projects the global Industrial Machine Vision market to expand at a 6.9% value CAGR by 2032
North America is expected to be the most opportunistic Industrial Machine Vision market, expanding at 6.3% CAGR
National Instruments, Cognex Corporation, Microscan Systems, Allied Vision Technologies GmbH, Basler AG, and Machine Vision Technology are some prominent Industrial Machine Vision manufacturers
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Component 5.1. Hardware 5.2. Software 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Product 6.1. PC-based 6.2. Smart Camera-based 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application 7.1. Measurement 7.2. Identification 7.3. Positioning and Guidance 7.4. Quality Assurance and Inspection 7.5. Other Applications 8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By End-user 8.1. Automotive 8.2. Pharmaceutical & Healthcare 8.3. Food and Beverage 8.4. Electronics & Semiconductor 8.5. Packaging 8.6. Process Control 8.7. Printing & Labeling 8.8. Others 9. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. East Asia 9.5. South Asia & Pacific 9.6. MEA 10. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. East Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 14. South Asia & Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 15. MEA Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. National Instruments 18.2. Cognex Corporation 18.3. Omron Corporation 18.4. Allied Vision Technologies GmbH 18.5. Basler AG 18.6. Keyence Corporation 19. Assumptions & Acronyms Used 20. Research Methodology
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Industrial Machine Vision Market
