Global Machine Vision Market Report and Forecast 2024-2032

Global Machine Vision Market Outlook

The global machine vision market size reached a value of around USD 10.88 billion in 2023. The market is projected to grow at a CAGR of 7.90% between 2024 and 2032, reaching a value of nearly USD 21.51 billion by 2032.

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Global Machine Vision Market Trends

Machine vision is a technology that enables industrial equipment and computers to see and make rapid decisions based on the data. This technology is used for various applications, including visual inspection, positioning and measuring parts, and defect detection. It is also capable of identifying, sorting, and tracking products.

• Optical technology, software, and CPU, among other hardware-related technological advancements, are driving the market growth of machine vision. Such advancements are making machine vision simpler for end users while enhancing the performance of the technology and providing it the capability to carry out more complicated tasks.

• The increasing demand for accurate and reliable inspection and measurement methods is propelling the adoption of machine vision technology in industrial operations. The technology is also gradually replacing manual inspection and measurement methods.

• Various sectors are increasingly focusing on integrating process automation  and machine vision systems in manufacturing processes to improve productivity while maintaining product quality and meet the increasing demand for products with superior properties.

Opportunities and Challenges in the Market

One of the major trends fuelling the machine vision market growth includes the adoption and implementation of advanced technologies following innovations like Industry 4.0 and the Industrial Internet of things (IIoT). The digital transformation of various industrial sectors, coupled with the growing integration of advanced technologies such as analytics, the internet of things (IoT), machine learning, cloud computing, and AI, is also driving the adoption of machine vision.

The increasing focus on the development of smart factories equipped with computer vision-enabled equipment, embedded software, advanced sensors, and robotics, to drive real-time decision-making, productivity, and automation is bolstering the market for machine vision.

However, this advanced equipment comes with a high initial cost and requires investment in frequent maintenance activities, which can hamper the market growth.

Global Machine Vision Market Analysis

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Based on the offering, the market can be segmented into hardware, software, and services. Based on the product, it can be bifurcated into PC based and smart camera based. By application, the market can be divided into quality assurance and inspection, positioning and guidance, measurement, and identification. 

Based on the end-use industry, the market segmentations include automotive, pharmaceuticals and chemicals, electronics and semiconductors, pulp and paper, printing and labelling, food and beverage, glass and metals, and postal and logistics, among others. The regional markets for machine vision can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. 

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global machine vision market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.

• National Instruments Corporation

• Allied Vision Technologies GmbH

• Keyence Corporation

• Cognex Corporation

• Omron Corporation

• Teledyne DALSA

• Atlas Copco

• Tordivel AS

• Basler AG  

• Sick AG

• Others

PC Based Products are the Significant Products in the Market

PC-based machine vision systems account for a significant machine vision market share as they offer enhanced flexibility, enable the use of third-party software packages, and provide high speed and power. Such systems also can efficiently handle complex applications at a high speed while providing a framework for real-time calling of modular software elements.

Meanwhile, smart camera-based machine vision systems are expected to register a high growth rate during the forecast period due to the growing implementation of cameras for 3D sensing and imaging. Smart camera-based systems are also applied for the identification of tags and labels while reducing human intervention and the possibility of errors.

Market Share by End-Use Industry

The automotive sector holds one of the largest market shares in the global machine vision market. The growth of the market can be attributed to the extensive deployment of machine vision for inspection purposes, assembly verification, error proofing, and final inspection. Additionally, machine vision equipment are deployed in the automobile sector for robotic steering, testing automation, and dimensional measuring, which is further propelling the growth of the market segment.

Global Machine Vision Market Share by Region

The Asia Pacific accounts for a major portion of the market for machine vision owing to the rapidly developing industrial sectors such as automotive, packaging, pharmaceutical, and other industrial applications.

As the region is undergoing rapid industrialisation, the increasing investment in various industrial sectors for the implementation of advanced technologies is anticipated to provide expansion opportunities to the machine vision market. The robustly growing electronics, semiconductors, and automotive sectors in China, India, South Korea, and Japan is also providing lucrative growth opportunities to the market for machine vision.

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Competitive Landscape

Allied Vision Technologies GmbH is an appliance, electrical, and electronics manufacturing company based in Germany. Since 1989, the company has pursued the development of state-of-the-art camera technology and image-capturing solutions. Its technologies are applied in various fields such as medical and scientific imaging, traffic monitoring, and industrial inspection, among other applications. It specialises in various fields including machine vision, image processing, medical imaging, industrial inspection, and embedded vision, among others.

Omron Corporation is a Japan-based electronics company and a global leader in the field of industrial automation. The company was established in 1933 and has since developed its business expertise in various fields, including control equipment, social systems, electronic components, and healthcare. The company’s product portfolio is comprised of a wide spectrum of products, including switches, safety components, relays, motion drivers, and sensors such as machine vision sensors.

Basler AG, founded in 1988, is based in Ahrensburg, Germany. It is one of the leading manufacturers of advanced imaging components for computer vision. It has developed multiple products such as computer vision software, cameras, frame grabbers, PC Cards, and embedded vision portfolios, among other products. Its products are utilised in a wide array of end-use sectors such as factory automation, traffic management, medical, robotics, logistics, and retail, among others.

Other market players include Cognex Corporation, Keyence Corporation, National Instruments Corporation, Sick AG, Atlas Copco, Tordivel AS, and Teledyne DALSA, among others.

Key Highlights of the Report