Machine Vision Market to Surpass USD 20.17 Billion by 2032, Fueled by Rising Automation Demands | Report by SNS Insider

Machine Vision Market Growth Driven by Enhanced Productivity, Quality Control, and Traceability

Pune, July 10, 2024 (GLOBE NEWSWIRE) — The Machine Vision Market Share valued at USD 9.76 Billion in 2023, is poised to reach USD 20.17 Billion by 2032, reflecting a steady CAGR of 7.11% from 2024 to 2032.

The increase is credited to the rising need for automation in different sectors, especially in manufacturing, logistics, and smart devices. Businesses are more and more looking for ways to improve efficiency, maintain strict quality standards, and boost product tracking capabilities. Machine vision systems meet these needs efficiently by using cameras and software to detect objects, take measurements, and analyze data.

 

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Market Players Covered in this Report:

  • Allied Vision Technologies
  • Cognex Corporation
  • LMI Technologies
  • National Instruments Corporation
  • Sick
  • Basler
  • Keyence Corporation
  • Microscan Systems
  • OMRON Corporation
  • Tordivel
  • Teledyne e2v
  • Jetson OrinTM

Machine Vision Revolutionizes Industries with Smart Cameras and Robotics Synergy

Machine vision technology has revolutionized various industrial sectors. Smart camera advancements empower manufacturers to design and deploy customized machine vision models tailored to specific requirements Fancy new cameras and more robots are making factories smarter and faster. Better machine vision (cameras that help robots see) lets factories get useful info from data, which helps them run smoother. This includes robots doing more tasks, like in the US where factories used 12% more robots in 2023.

European Machine Vision Sales Experience Setback Following Ten Years of Expansion

While European factories witnessed impressive growth in machine vision adoption, with sales rising by 9% annually between 2012 and 2022, the market has encountered a recent slowdown. Machine vision sales in Europe boomed for a decade, but dropped 7% in 2023 due to global bumps in the road. Even though sales went up after the pandemic, they’re expected to fall again in 2024, showing Europe’s machine vision market is sensitive to outside swings.

In contrast, Asia Pacific is poised to emerge as a prominent growth engine. While Japan, a pioneer in robotics and automation, currently holds the top position with over 25% of the regional market share, India is rapidly emerging as a key player, currently capturing a 7.5% share. This growth is fueled by government investments in infrastructure and a growing focus on task automation across industries like auto production, electronics, and healthcare. As India progresses, its share of the Asia Pacific market is projected to climb steadily in the coming years.

Machine Vision Market Report Scope & Overview:

Report Attributes Details
Market Size in 2023 USD 9.76 billion
Market Size in 2032 USD 20.17 billion
CAGR (2024-2032) 7.11%
Report Scope & Coverage Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Market Driver
  • Increasing demand for automation and quality control.
  • Increasing demand for top-notch inspection and automation will drive market growth.

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Segment Analysis: 2D Vision Systems and Smart Cameras Lead the Pack

Based on type, 2D vision systems are expected to maintain dominance with a projected 55% market share. Their simplicity and established applications contribute to their enduring popularity. These systems utilize digital cameras to capture images and analyze light patterns to generate 2D maps, facilitating tasks like barcode scanning, print quality verification, and label alignment in manufacturing processes. Their affordability and clear value proposition ensure their continued relevance in the machine vision landscape.

Smart cameras dominates in the product segment, capturing a 50% market share. PC-based systems, smart cameras integrate image capture and processing capabilities, eliminating the need for complex integration and external computers. This streamlined setup makes them ideal for space-constrained environments.

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Key Regional Developments: North America and Asia Pacific at the Forefront

North America is anticipated to hold a leading position with a 40% market share, driven by early adoption of automation and a robust presence of regional vendors. The region’s dominance is further amplified by the presence of a thriving semiconductor industry, a key adopter of machine vision systems. Advancements towards smaller and more intricate MV technologies cater to automation applications like self-driving cars and AI-powered waste sorting.

The Asia Pacific region, particularly China, Japan, India, and South Korea, is experiencing the most rapid growth in machine vision technology due to the flourishing factories and strong interest in innovative technologies. It is anticipated that this area will capture 20% of the market.

Key Takeaways from the Machine Vision Market Study

  • Rising automation demands across various industries are propelling market growth.
  • Machine vision systems enhance productivity, quality control, and product traceability.
  • Smart cameras and advancements in 3D technology are revolutionizing the market.
  • North America and Asia Pacific are anticipated to be the dominant regional markets.
  • The user-friendly software integration with complex algorithms remains a challenge.

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