Machine Vision Market worth $14.0 billion by 2024 with a growing CAGR of 7.1%
Browse 71 market data Tables and 42 Figures spread through 174 Pages and in-depth TOC on "Machine Vision Market - Global Forecasts to 2024"
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By product, smart camera-based machine vision system to grow at higher CAGR in machine vision market during forecast period
The market penetration of smart camera-based machine vision systems as compared to the PC-based systems is likely to increase during the forecast period. Smart cameras are designed with open embedded processing technology which eliminates certain peripheral devices. They are cost-effective, compact, and flexible. Currently, the PC-based machine vision systems dominate the market, but this trend is expected to change with the advancements in smart camera technology and IoT, which can be easily integrated with smart cameras.
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Food & packaging industry expected to be largest market for machine vision during forecast period
Among end-use industries, the food & packaging industry is expected to grow at the highest rate during the forecast period. Machine vision systems ensure error-free assembly by inspecting closure panels such as doors, hoods, lift gates, and tailgates, among other components. These systems help gauge the presence as well as diameters of the bearings to ensure that all systems are in place and there is no damage. The customized point & click interface of machine vision technology makes it easy for system operators to carry out quality inspection and requires minimal labor training. The food industry provides several opportunities for the machine vision market, and several companies have responded by developing application-specific solutions in the areas of grading, sorting, portioning, processing, and quality checking during processing and packaging.
Machine vision market in APAC expected to grow at highest CAGR during forecast period
APAC is expected to provide ample growth opportunities for the machine vision market since it is considered a manufacturing hub for most industries. China is an ideal destination for production units of various industries, including electronics and automotive. The machine vision market in China is expected to witness a higher growth than in other APAC countries owing to the increasing demand for automation in the country. In addition, the labor cost in China is increasing year on year. Therefore, companies based in China are focusing on using automation systems to reduce production costs. These factors are driving the growth of the machine vision market in China.
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Cognex Corporation (US), Basler AG (Germany), Omron Corporation (Japan), Keyence Corporation (Japan), National Instruments (US), Sony Corporation (Japan), Teledyne Technologies, Inc. (US), Allied Vision Technologies GmbH (Germany), Texas Instruments, Inc. (US), Intel Corporation (US), Baumer Optronic GmbH (Germany), JAI A/S (Denmark), MVTec Software (Germany), Tordivel AS (Norway), ISRA VISION (Germany), Sick (Germany), FLIR Systems (US), AMETEK (US), Qualitas Technologies (India), SUALAB (South Korea), Cadence Design Systems, Inc. (US), CEVA, Inc. (US), and Inuitive (Israel) are some of the players in the machine vision ecosystem. The growth strategies adopted by these market players include product launches & developments, mergers & acquisitions, contracts, partnerships, and agreements.
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