Latin America Machine Vision Market 2023-2030
MARKET OUTLOOK
According to Triton Market Research’s analysis, Latin America’s machine vision market is anticipated to develop at a CAGR of 5.30% in the forecast duration 2023-2030. Mexico, Brazil, and Rest of Latin America are included in the market report for this region.
Mexico has a well-developed manufacturing sector. As a result, it is attracting remarkable investments across the automotive, aerospace, semiconductor, electronics, and electrical sectors, as part of FDIs. These investments are anticipated to augment the demand for MV systems across the country in the forthcoming years.
The automotive industry, particularly, is observing a major boost, with key players like Nissan, Mazda, and Honda setting up new manufacturing facilities. These factors hold the potential to drive the machine vision market’s development in the country.
Peru and Chile are witnessing growth in their industrial sectors owing to rising foreign investments. The World Bank has certified these countries as safe and stable economies, making them preferable options for international investors. The rising shift towards automation in the Peruvian food processing sector is expected to aid the adoption of MV systems over the coming years.
Whereas, Xiaomi and Nokia are negotiating with local players to set up their manufacturing and assembling facilities in Argentina. Such developments are supplementing the growth of the MV market across Rest of Latin America.
COMPETITIVE OUTLOOK
The eminent players in the machine vision market include Baumer Electric AG, Basler AG, FLIR Systems Inc, National Instruments Corporation (NI), Teledyne Technologies Incorporated, Optotune AG, Keyence Corporation, and Allied Vision Technologies GmbH.
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