San Francisco, 28 February 2024: The Report Machine Vision Market Size, Share & Trends Analysis Report By Offering, By Product, By Application, By End-Use Industry (Automotive, Pharmaceuticals & Chemicals, Food & Beverage, Printing & Labeling), And Segment Forecasts, 2024 - 2030

The global machine vision market size is expected to reach USD 41.60 billion by 2030, according to a new report by Grand View Research, Inc. The ability of machine vision systems to process a large amount of information in a fraction of seconds is a major factor driving the market. The quick processing ability of machine vision systems is paving the way for manufacturers to achieve new milestones in manufacturing products with negligible defects. Moreover, the increasing adoption of robots across the industrial sectors is leading to the application of vision-guided robotic systems. Industrial verticals such as automotive, pharmaceutical, packaging, and food and beverage are prominent sectors where robotic systems are used, eventually fueling the demand for machine vision systems.

The machine vision technology encompasses various components in order to capture images of products to analyze them depending on different parameters of quality and safety. The technology is a combination of software and hardware that provides operational control to devices to execute functions such as capturing and processing images and measuring various characteristics required for decision making. Major components of the system comprise lighting, lens, image sensors, vision processing, and communication devices. Machine vision systems assist in resolving complicated industrial tasks with reliability.

Industrial machine vision systems are usually more robust and demand high reliability, stability, and accuracy as compared to those used in institutional or educational applications. They cost lesser than systems used in military, aerospace, defense, and government applications. These factors are expected to lead to greater adaptability of the technology in the industrial sectors. In addition, the robotic vision systems used across the industries are also leading to the increasing adoption of the technology, thereby strengthening the overall market.

The technology has proven to be of key importance in the area of manufacturing and quality control owing to the increasing need for quality inspection and production. In addition, the growing automation in industrial segments is facilitating the growth of the market at a considerable rate. The technology has been witnessing extensive developments and innovative upgrades since its emergence. Several factors such as the growing inception of the technology and the increasing need for quality products are influencing the market growth. Furthermore, machine vision systems are gaining traction in medical and healthcare applications at a considerable pace. The analysis of medical images and robotic applications for carrying out various medical activities are the key roles of the technology in these sectors.

The automotive end-use industry held the largest revenue share in 2022. The inspection process which includes error-proofing and presence/absence checking, among others is responsible for the adoption of machine vision in the automotive industry. The food and beverage industry is expected to witness the highest growth over the projected period owing to the use of machine vision systems in packaging and bottling operations.

The Asia Pacific region grabbed the largest revenue share in 2022, which can be attributed to ample opportunities offered on account of large manufacturing practices carried out in the region. Countries such as China, Japan, Australia, and Singapore are considered to be potential markets for upcoming technologies, including machine vision. The region’s significant industrial expansion has been contributing to the prosperity and development of various innovations and the adoption of different technologies significantly.

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In addition, factors such as increasing focus on developments, expenditures on vision-related research activities, and the growing manufacturing base in the region are expected to spur the market growth in Asia Pacific. The regional market is anticipated to exhibit the fastest growth rate over the forecast period. The industry is facing challenges due to the lack of awareness among users regarding the rapidly advancing machine vision technology. Moreover, the complexity of integrating machine vision systems is a major difficulty being faced by manufacturers, which is restraining the smoother growth of the industry.

Machine Vision Market Report Highlights

• The PC-based product segment accounted for the largest revenue share in 2022 and is estimated to dominate the market over the forecast period
• The identification application segment is anticipated to exhibit the fastest growth rate over the forecast period followed by the positioning and guidance application segment
• By end-use industry, the food and beverage industry is expected to register the highest CAGR over the forecast period
• The industry is expected to witness substantial growth in the Asia Pacific region over the next decade. This growth is witnessed in the wake of ample opportunities offered due to the presence of large manufacturing hubs in prominent countries (across the food and packaging, automotive, pharmaceutical, industrial, and consumer electronic sectors) such as China and Japan

The increasing demand for quality inspection and automation in different industrial verticals is likely to drive the market. Additionally, the need for vision-guided robotic systems across the automotive, food and beverage, pharmaceutical and chemical, and packaging segments is expected to fuel the market growth. The surge in demand for application-oriented machine vision systems is also boosting the adoption of the technology over the forecast period. MV systems involve the ability of a computer to observe, inspect, and scrutinize the work performance by employing one or more video cameras, digital signal processing, and analog-to-digital conversion. The captured data is then transferred to the computer to analyze and provide the desired output. Resolution and sensitivity are two important aspects of any MV system. Resolution is responsible for differentiating between objects, whereas sensitivity is the machine’s ability to detect objects or weak impulses despite dim lights or invisible wavelengths.

These systems particularly assist in supervising work environments. It offers features such as process control, robotic guidance, and automatic inspection in industrial applications. Industrial production and manufacturing activities are becoming increasingly complicated day by day, creating difficulties and increasing unreliability for the human eye to keenly detect, observe, and examine production activities.

The adoption of machine vision technology in industrial operations has surged, notably supplanting manual inspection and measurements due to the escalating demand for efficient and reliable inspection processes. Machine vision systems, incorporating advanced machine vision cameras and sophisticated image processing capabilities, play a pivotal role in automating measurements and inspections. This integration enhances precision, speed, and accuracy, thereby meeting the imperative for heightened quality control and operational efficiency in diverse industrial applications.

Machine Vision Market Report Scope

The intensifying need for superior inspection and increasing automation are the key influencing 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 Machine Vision Market is notably characterized by fragmentation, featuring a diverse array of participants offering a wide spectrum of machine vision solutions. This diversity arises from continual market entries and the introduction of specialized technologies catering to specific industries. Fierce competition prevails, prompting companies to consistently innovate and distinguish their offerings to secure niches in the market.

The Machine Vision Market thrives on continuous innovation, propelled by advancements in imaging technologies and AI algorithms, ensuring state-of-the-art solutions. Rapid product development is a defining characteristic, with a keen focus on enhancing system performance and adaptability to meet dynamic industry needs. Regulatory considerations significantly influence product design and market access, demanding strict adherence to standards and compliance requirements. The growing prominence of service substitutes, particularly in consulting and integration, underscores the industry's shift towards holistic solution offerings. The market exhibits a moderate level of end-user concentration, necessitating tailored solutions for diverse sectors such as manufacturing, healthcare, and automotive to address specific industry requirements effectively.

List of Key Players of Machine Vision Market

• Allied Vision Technologies GmbH
• Basler AG
• Cognex Corporation
• Keyence Corporation
• LMI Technologies, Inc.
• Microscan Systems, Inc.
• National Instruments Corporation
• OMRON Corporation
• Sick AG
• Tordivel AS