Machine Vision Market Will Reach USD 27.86 Billion By 2030

In 2022, the machine vision market was worth around USD 14.4 billion, and it is projected to advance at an 8.60% CAGR from 2022 to 2030, hitting USD 27.86 billion by 2030, according to P&S Intelligence. This growth can be credited to the growing need for quality inspection and mechanization in diverse industrial verticals; the increasing research and development investment by key players; and technological developments.

In 2022, the PC-based machine vision system category held a larger market share, 56%, and is also projected to be in the top spot till 2030. PC-based devices simply interface with direct-connect cameras or image acquisition boards and are well-maintained with modifiable software.

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Such systems can be more lucrative and simpler to use for several camera applications. General inspection for defining the existence of parts is among the many cameras functioning. An illustration of this would be examined for studs on a car's underbody in an auto body store.

Industrial automatons and machine vision devices are incorporated into vision-guided mechanical systems. Because of their outstanding versatility, integration, and simplicity of bin-picking ability, the systems are being executed rapidly. Though fixed robotic measures were often utilized, industrial robots with this technology now direct goods to a certain site or portion for added operations such as welding, place, and picking.

On the basis of deployment type, the robotic cell category will witness faster development, progressing at a CAGR of 9.1%, during the forecast period. this is mainly because sorting, picking, and other production-line procedures are now being executed by robots, credited to the expansions of deep learning, machine vision, and AI technologies; and the rising manufacturing of line scanning equipment.

In 2022, the food and packaging category had a considerable machine vision market share and is also projected to be in the same position till 2030. This is mainly because these systems are utilized for quality assurance, measurement, guidance, and positioning and identification drives in this market.

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Furthermore, the increasing requirement for packed food throughout the globe and the growing trend of online shopping in developing countries are fuelling the demand for retail e-commerce packing, which, indeed, needs such technology for packing purposes.

In the coming future, the APAC industry will experience the fastest development, progressing at a CAGR of 9.7%. This can be credited to rapid industrialization, the rising automotive and industrial sector, and the growing acceptance of artificial intelligence, robots, and ML by manufacturing organizations in countries like India, China, and Japan.

Hence, the growing need for quality inspection and mechanization in diverse industrial verticals; the increasing research and development investment by key players, are major reasons driving the machine vision industry.

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