Machine Vision Market is anticipated to reach USD 11,997.6 Million at a CAGR of 8.8% CAGR by 2030 – Report by Market Research Future (MRFR)
The global Machine Vision Market Size was worth USD 11,997.6 million in 2021 and is expected to be worth USD 23,855.7 million by 2030, growing at an 8.8% CAGR between 2022 and 2030.
Machine vision is a computer’s ability to see; it makes use of one or more video cameras, analog-to-digital conversion (ADC), and digital signal processing (DSP). The resulting information is sent to a computer or robot controller. The terms machine vision and computer vision are sometimes used interchangeably. To accelerate image processing, the technology is frequently combined with artificial intelligence (AI), machine learning, and deep learning.
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The increasing miniaturisation of products, the need for quality check, and the increasing standardisation are driving market growth. Furthermore, the trend toward automation will open up new opportunities for market growth. However, the complexity of integrating machine vision systems may slow the market’s growth.
A miniature electronic device is made up of a larger integrated circuit (IC) with a greater number of transistor nodes. By integrating the IC into its intended system or device, the system can perform the desired function once assembled. Technology is becoming more powerful, despite its small size. Miniaturization has the potential to improve almost anything, from autonomous vehicles and gesture recognition devices to endoscope cameras, on-body insulin dispensers, and mechanical valves of all types.
Miniaturization is highly valued by manufacturing engineers and product designers. Wearables, numerous devices, and wireless communication services will be transformed as more functions can be integrated into a given volume.
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The Machine Vision Market has been segmented based on component, type, application, end-users, and region.
Based on Component, the global Machine Vision market has been segmented into:
- Hardware
- Based
Based on Type, the global Machine Vision market has been segmented into:
- 1D Machine Vision,
- 2D Machine Vision,
- 3D Machine Vision.
Based on Application, the global Machine Vision market has been segmented into: Inspection,
- Gauging
- Guidance
- Identification
Based on End-Users the global Machine Vision market has been segmented into:
- Automotive
- Electronics & Semiconductor
- Healthcare,
- Food & Packaging
Miniaturization is the process of shrinking in size while increasing in ability. The market has been divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. Asia-Pacific held the largest market share in 2020, with a market value of USD 5,009.1 million; it is expected to grow at a CAGR of 9.4% during the forecast period. Europe was the second-largest market in 2021, valued at USD 3,715.7 Million, with an 8.3% CAGR. Asia-Pacific has the largest market share and is expected to grow at the fastest CAGR in the global market.
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The growing manufacturing industry in China, Japan, South Korea, and Taiwan has been identified as the primary factor driving the market in this region. Furthermore, the majority of the countries in this region are in the process of developing, creating a high demand for automation, which is assisting the Asia Pacific market.
Key Players in the market include:
- Omron Corporation
- Keyence Corporation
- Cognex Corporation
- Teledyne FLIR LLC
- Atlas Copco AB.
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