MIDDLE EAST AND AFRICA MACHINE VISION MARKET 2022-2028
MARKET OUTLOOK
Triton Market Research’s analysis on the machine vision market in the Middle East and Africa puts forth that it would observe growth with a CAGR of 7.49% in the forecasting period between 2022 and 2028. Saudi Arabia, South Africa, the United Arab Emirates, Turkey, and Rest of Middle East & Africa together shape the market in this region.
Saudi Arabia is one of the prominent markets machine vision systems in the region, whose growth can be attributed to the rising government investments in novel technologies. Industry 4.0 also plays a pivotal role in the future of the automation and manufacturing sectors in the country. Several mega projects, like the NEOM city, are raising the demand for machine vision adoption in infrastructure development.
A sharp focus on manufacturing, as a result of the growth of Industry 4.0, shows that companies anticipate adopting novel technologies to enhance production capacity. The KSA has announced an investment of $500 billion in key investment sectors, such as mobility, food, biotechnology, energy & water, advanced manufacturing, media & entertainment, and technological & digital sciences. Hence, the market for machine vision shows a tremendous opportunity for growth in Saudi Arabia over the forthcoming period.
Leading global tech players such as Siemens have acknowledged the vast possibilities for Africa’s future, with the adoption of advanced manufacturing technologies. With this research and insights, they are investing in developing technologies for smart factories. Therefore, there is a huge potential for machine vision systems in the African region. The expanding manufacturing industry in South Africa is thus expected to act as a significant driver for machine vision in the country.
COMPETITIVE OUTLOOK
The dominant players in the machine vision market include Demetech Corporation, Lotus Surgicals, Corza Medical, Conmed Corporation, Ethicon Inc (Johnson & Johnson), Zimmer Biomet Holdings Inc, Medtronic Plc, and Unisur Lifecare Pvt Ltd.
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