Global Machine Vision Market Growth: Trends and Forecasts to 2028
Chicago, June 17, 2024 (GLOBE NEWSWIRE) — The global Machine vision market Size, Share, Industry Growth, Trends & Analysis is expected to grow from USD 12.9 billion in 2023 to USD 18.4 billion by 2028, registering a CAGR of 7.3%. Machine vision flourishes across industries, driven by advancements in AI and automation, enhancing precision and efficiency in manufacturing, healthcare, automotive, and more.
The global machine vision market is expanding rapidly, driven by the increasing demand for automated quality inspection and process control solutions across various industries. Industrial machine vision systems play a crucial role in ensuring product quality, optimizing production processes, and enhancing safety standards. These systems utilize advanced image processing and analysis techniques to extract meaningful information from captured images or videos, enabling real-time decision-making and automation.
To know about the assumptions considered for the study
Major Machine Vision Companies include:
- Cognex Corporation (US),
- Basler AG (Germany),
- Omron Corporation (Japan),
- National Instrument Corporation (US),
- Keyence Corporation (Japan),
- Teledyne Technologies (US),
- Sick AG (Germany),
- TKH Group (Netherland).
Machine Vision Market Segmentation:
By Component, Software components segment to grow at highest CAGR in the forecast period 2023-2028.
Software components in the machine vision market have seen remarkable growth. They’ve become increasingly sophisticated, offering advanced image processing, pattern recognition, and deep learning capabilities. This progress has enabled machine vision systems to handle complex tasks in industries like manufacturing, healthcare, and autonomous vehicles, driving market expansion.
By Product, Smart camera-based machine vision system segment to grow at highest CAGR in the forecast period 2023-2028.
The machine vision sector is witnessing robust growth in smart camera-based systems. These compact solutions, equipped with integrated processing power, are in high demand across various industries. As automation and quality control needs continue to rise, smart camera systems are becoming increasingly vital in enhancing efficiency and accuracy, propelling their rapid proliferation.
By Application, Food & Packaging is expected to register highest CAGR during the forecast period
Machine vision’s adoption has seen a remarkable surge in the food and packaging industry. It has brought about a paradigm shift in quality control and operational efficiency. Automated inspection systems now play a pivotal role in identifying defects, maintaining precise labeling, and safeguarding product integrity. This transformation has led to more streamlined manufacturing processes, marked reductions in errors, and better adherence to stringent industry regulations, ultimately elevating product safety and enhancing customer satisfaction.
Machine Vision Market Growth Regional Analysis:
Machine Vision Market in Asia Pacific to grow at highest CAGR during the forecast period
In the business landscape of the Asia Pacific region, the Machine Vision System sector has undergone a remarkable evolution, characterized by a harmonious blend of technological innovation and the rich tapestry of cultural diversity. This thriving market spans across an array of sectors, including electronics and agriculture, showcasing the distinctive strengths of each nation. China’s rapid technological progression, Japan’s mastery of precision engineering, and South Korea’s creative ingenuity collectively orchestrate a unique and dynamic expansion in the Machine Vision System industry within this dynamic region.
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