Global Machine Vision Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Global Machine Vision Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Machine vision (MV), also known as computer vision, is a field of artificial intelligence (AI) and image processing that enables machines, typically computers, to interpret and understand visual information from the world. It involves the development of algorithms and techniques that allow machines to analyze, process, and extract meaningful insights from images or videos. Machine vision systems utilize cameras or other imaging devices to capture visual data and then use various computational methods to detect patterns, recognize objects, track movements, and perform tasks that require visual understanding. As a result, machine vision technology finds applications in diverse industries, such as robotics, autonomous vehicles, quality control, and medical imaging.

Market Overview:

The latest research study on the global Machine Vision market finds that the global Machine Vision market reached a value of USD 12035.5 million in 2023. It’s expected that the market will achieve USD 18816.62 million by 2029, exhibiting a CAGR of 7.73% during the forecast period.

Machine vision includes the installation of one or more video cameras, analog to digital conversion, and digital signal consumer electronics to allow for the inspection, observation, and scrutiny of work performance. The data is then sent to a computer for analysis to produce the desired results. There are two key components to MV systems, i.e., resolution and sensitivity. Resolution is set up to distinguish between objects. On the other hand, sensitivity makes it possible to find objects in environments with low light or complete darkness. Particularly useful are MV systems for managing the workplace. Automatic inspection, robotic guidance, and process control are just a few of the features that these systems provide for industrial applications. This enables the observation of challenging and unreliable circumstances that are challenging to observe and detect with the human eye.

Increase in Demand For Automation in Industrial Applications

Machine vision effectively replaces human experts for visual inspection and quality control as it is the best solution in case of tedious inspection, where precise information can be quickly extracted. According to machine vision system market analysis, advances in machine vision technology and related software tools have enabled manufacturers to deploy visual inspections that require high-speed, high-magnification, 24-hour operation, and repeatability of measurements.

Lack of Skilled Professionals in Manufacturing Units

Machine vision system enables fast, reliable & precise control, effective production, and increased delivery reliability. However, it incurs high investments in the training and education of operators, which is essential to help the technology enter new markets. The system enables flexibility to inspect multiple products on the same smart camera, which is often difficult. Specialized knowledge of equipment is required for the implementation of the machine vision system. The lack of professionals may negatively impact this market growth. In addition, it is often difficult to test multiple products on the same smart camera.

Region Overview:

In 2022, the share of the Machine Vision market in Asia-Pacific stood at 39.87%.

Company Overview:

Keyence Corporation
As a leading supplier of sensors, measuring systems, laser markers, microscopes, and machine vision systems worldwide, KEYENCE is at the forefront of factory automation. Keyence Corporation strives to develop innovative and reliable products to meet the needs of their customers in every manufacturing industry.

Teledyne

Teledyne Technologies Inc. provides electronic subsystems and instrumentation. The Company provides aerospace and defense electronics, digital imaging products and software, monitoring instrumentation for marine and environmental applications, harsh environment interconnect products, and subsystems for satellite communications. Teledyne also provides engineered systems.

Keyence Corporation is one of the major players operating in the Machine Vision market, holding a share of 9.45% in 2023.

Segmentation Overview:

Among different product types, Hardware segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Automotive segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Machine Vision market covered in Chapter 3:

Omron Corporation
Basler AG
Hikrobot Co., Ltd.
IDS Imaging Development Systems Inc.
Perceptron, Inc
Cognex Corporation
Vitronic GmbH
Toshiba Corporation
Keyence Corporation
Teledyne Technologies
Baumer Group
TKH Group
Isra Vision AG
Stemmer Imaging
Daheng Group, Inc.

In Chapter 4 and Chapter 14.2, on the basis of types, the Machine Vision market from 2019 to 2030 is primarily split into:

Hardware
Software

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Machine Vision market from 2019 to 2030 covers:

Automotive
Electronics & Semiconductor
Healthcare
Food & Packaging
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2019-2030) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)