The Global Machine Vision Market to Reap $17720.20 Million by 2028

According to Triton Market Research's report, the global machine vision market garnered $10589.32 million in 2021, and is set to showcase 7.55% of CAGR by 2028.

A recent study by Triton Market Research titled 'Global Machine Vision Market,' covers the Global Analysis and Forecasts by Type (1D Machine Vision, 2D Machine Vision, 3D Machine Vision), by Components (Hardware [ASMV, Cameras, Sensors, Illuminations, Processors, Other Hardware Components], Software), by Application (Inspection, Gauging, Guidance, Identification, Other Applications), by Verticals (Automotive, Electronics & Semiconductors, Healthcare, Food & Packaging, Other Verticals), and by Regional Outlook (North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa), and Regional Outlook (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).

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Triton Market Research's report predicts the global machine vision market to showcase a CAGR of 7.55% in terms of revenue over the forecasting duration from 2022 to 2028, generating a revenue worth $17720.20 million by the year 2028.

Miniaturization is the trend of manufacturing small-sized optical and electronic products or devices. In the present scenario, this trend towards small-sized machines and gadgets is continuously on the rise.

Owing to their complex structure, miniaturized products require higher inspection. But their inspection is beyond human visual sense and needs a more advanced system. A machine vision system perfectly suits this purpose, as it has multiple cameras with different sensors, functionalities, and image processing capabilities. This has majorly helped in driving the growth of the machine vision market.

However, operating a machine vision system requires technology skills in camera design, embedded design, algorithm development, mechanical engineering, and building automation solutions. Additionally, image processing algorithms, which are the key element of MV systems, still need to be developed. Complications associated with the implementation of machine vision systems are expected to negatively affect the growth of the market.

The market for machine vision is segmented mainly into type, components, application, and verticals. On the basis of type, it is divided into 1D machine vision, 2D machine vision, and 3D machine vision.

Whereas, based on components, it is classified into hardware and software. The hardware sub-segment further includes ASMV, cameras, sensors, illuminations, processors, and other hardware components.

According to application, the market is segmented into inspection, gauging, guidance, identification, and other applications. Lastly, according to verticals, it is segmented into automotive, electronics & semiconductors, healthcare, food & packaging, and other verticals.

The market in the Asia-Pacific is presently the largest, globally, and is expected to continue its lead over the projected duration. South Korea, China, and Japan are the leading countries in the region, with more than 70% of the market share. Also, the increased financial stability of the middle-class population in China and India has raised the demand for consumer goods.

This, coupled with stimulus packages by the government for infrastructure development, is expected to drive the growth of the regional market. Besides, a rise in the outsourcing of manufacturing activities to countries with low-cost, especially in the APAC region, is another key driving factor for the market.

Jai AS, Teledyne Technologies Incorporated, Isra Vision AG, USS Vision, Basler AG, Omron Corporation, National Instruments Corporation, Perceptron Inc, Flir Systems Inc, Datalogic SpA, Cognex Corporation, Allied Vision Technologies GmbH, Keyence Corporation, Optotune AG, and Baumer Electric AG are the established players in this market.

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Question & Answer: Machine Vision Market

Question 1: What has majorly helped in driving the growth of the machine vision market?
Answer: Miniaturization is the trend of manufacturing small-sized optical and electronic products or devices. In the present scenario, this trend towards small-sized machines and gadgets is continuously on the rise. Owing to their complex structure, miniaturized products require higher inspection.

But their inspection is beyond human visual sense and needs a more advanced system. A machine vision system perfectly suits this purpose, as it has multiple cameras with different sensors, functionalities, and image processing capabilities. This has majorly helped in driving the growth of the machine vision market.

Question 2: What is expected to negatively affect the growth of the machine vision market?
Answer: Operating a machine vision system requires technology skills in camera design, embedded design, algorithm development, mechanical engineering, and building automation solutions. Additionally, image processing algorithms, which are the key element of MV systems, still need to be developed. Complications associated with the implementation of machine vision systems are expected to negatively affect the growth of the market.

Question 3: How is the market in the Asia-Pacific influencing the growth of the machine vision market?
Answer: The market in the Asia-Pacific is presently the largest, globally, and is expected to continue its lead over the projected duration. South Korea, China, and Japan are the leading countries in the region, with more than 70% of the market share. Also, the increased financial stability of the middle-class population in China and India has raised the demand for consumer goods. This, coupled with stimulus packages by the government for infrastructure development, is expected to drive the growth of the regional market. Besides, a rise in the outsourcing of manufacturing activities to countries with low-cost, especially in the APAC region, is another key driving factor for the market.

Question 4: Which are the established players in the machine vision market?
Answer: Jai AS, Teledyne Technologies Incorporated, Isra Vision AG, USS Vision, Basler AG, Omron Corporation, National Instruments Corporation, Perceptron Inc, Flir Systems Inc, Datalogic SpA, Cognex Corporation, Allied Vision Technologies GmbH, Keyence Corporation, Optotune AG, and Baumer Electric AG are the established players in this market.

Related Report:
Global Industrial Robots Market
The global industrial robots market is likely to observe growth at a CAGR of 10.35% during the considered phase 2021-2028. It is assessed to acquire $87.79 billion by 2028.

Several industrial robots are replacing aging equipment as they are more compact and more efficient in terms of the amount of energy needed to operate them. As a result, fewer pollutants are released into the air. This creates a healthier bottom line for the manufacturers. The implementation and escalation of robotic technology will aid manufacturers across various industries to reduce their carbon footprints due to increased efficiency and mitigation of error.

However, the adoption of industrial robots on a large scale leads to job losses. Entry-level professionals and veterans in the manufacturing industry are more likely to be affected by the high adoption of industrial robots. Robots replacing unskilled labor jobs will pressure the economy, education system, and the financial market. Besides, deploying industrial robots also requires a large upfront investment. All these factors are hampering the growth of the market studied.

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