Canada Machine Vision Market Forecast 2023-2030

Canada Machine Vision Market Forecast 2023-2030

KEY FINDINGS

The Canada machine vision market is predicted to develop with a CAGR of 7.17% during the forecast years. The country’s market growth is strengthened by the increasing investments in competitive technologies as well as the significant contribution to the North American manufacturing industry. While the base year regarded for the studied market is 2022, the forecasting period is from 2023 to 2030.

MARKET INSIGHTS

The Canadian government has been a staunch supporter of research and development in machine vision, evident through initiatives like the Natural Sciences and Engineering Research Council of Canada’s (NSERC) Discovery Grant program. Moreover, leading Canadian universities house prominent machine vision research labs, including the National Research Council of Canada’s Computer Vision and Graphics team, as well as the University of Waterloo’s Artificial Intelligence Institute, among others. Machine vision also plays a pivotal role in driving automation, and the escalating demand for automation in manufacturing is fueling the need for machine vision technology. This technology finds applications in various transportation sectors, such as autonomous vehicles, traffic monitoring, and baggage handling.

Canada’s machine vision market is primarily dominated by a few major companies, including Cognex, Omron, and Keyence. However, a noteworthy trend is the emergence of startups and small businesses actively developing innovative machine vision solutions. The combination of robust demand, government support, and a growing number of innovative companies is fostering a vibrant ecosystem for machine vision innovation in Canada. Consequently, new and inventive machine vision applications are being developed, positively impacting a wide range of industries and fueling the market’s growth during the forecast period.

COMPETITIVE INSIGHTS

Major companies operating in the market are Jai AS, National Instruments Corporation, etc

Our report offerings include:
• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation caters to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• The competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments