LATIN AMERICA MACHINE VISION MARKET 2022-2028
MARKET OUTLOOK
Latin America’s market for machine vision is predicted to depict growth, with a CAGR of 7.39% in the forecasting duration from 2022 to 2028, according to a report by Triton Market Research. Mexico, Brazil, and Rest of Latin America together shape the market in this region.
The increasing awareness about advanced manufacturing, rising demand from major verticals, and the increasing consumer-centric attitude of manufacturers are primarily driving the growth of the smart factory trend in this region. This has largely contributed to the demand for machine vision systems. The growing penetration of IT is also driving the application of machine vision systems and sensors in smart factories. This translates into major growth for the machine vision market in Latin America over the forthcoming years.
Brazil is boosting its industrial production output, power capacity, distribution infrastructure, and enhancing transmission to cater to the needs of its emerging economy. Similarly, it is anticipated that the increasing investments across the country, by global players and the government, in the automotive, utilities, and oil & gas industries will drive the deployment of machine vision systems and solutions. In addition, Mexico also has a well-established manufacturing sector. The nation is attracting huge investments in automotive, aerospace, electronics & electrical, and semiconductor industries, among others, as a share of FDI. These growing investments are anticipated to spur the demand for machine vision in the country, thereby boosting the growth of the market studied.
COMPETITIVE OUTLOOK
The major players operating in the machine vision market include Omron Corporation, Isra Vision AG, Allied Vision Technologies GmbH, Perceptron Inc, USS Vision, Datalogic SpA, Jai AS, and Basler AG.
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