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Machine Vision Market: Size, Share, Growth, Analysis, Key Players, Revenue, Growth | Valuates Reports
Machine Vision Market Statistics 2028The global Machine Vision market size is projected to reach US$ 11380 million by 2028, from US$ 8374.8 million in 2021, at a CAGR of 4.0% during 2022-2028. Key drivers of the machine vision market include rising use in the food industry for sorting, labeling, and detecting faults in packages, and containers.
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The continuous miniaturization of semiconductors has made it impossible for the human eye to detect flaws in the production processes thereby requiring the need for robots that use machine vision. This will bolster the machine vision market growth in the coming years.
The rising trend of automation in the logistics industry will surge the growth of the market in the forthcoming years.
Ecological loss and climate change are putting pressure on the agriculture industry to deliver enhanced crop yield for meeting the demand of a large population, in turn, driving the growth of the global machine vision market.
Machine Vision Market Share Analysis
Based on type, the hardware segment will dominate the machine vision market share as objects such as cameras, frame grabbers, and sensors are getting deployed extensively in machine vision technologies for use in several industry verticals.
Based on application, the food industry will be the most lucrative as F&B companies are developing application-specific technologies for quality checking, processing, sorting, and grading.
Based on region, Asia-Pacific is expected to grow the highest due to the presence of a huge manufacturing base in emerging countries like China, South Korea, and Japan. The advent of automation, industry 4.0, and smart manufacturing practices will also contribute to the growth of the segment.
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Major Key Players in the Machine Vision Market
• Cognex
• Basler
• Omron
• National Instruments
• Keyence
• Sony
• Teledyne Technologies
• Texas Instruments
• Allied Vision Technologies
• Intel
• Baumer Optronic
Machine Vision Market by Type
• Hardware (Camera, Frame Grabber, Optics, Processor)
• Software (Deep Learning and Application Specific)
Machine Vision Market by Application
• Semiconductor Industry
• Food Industry
• Logistics
• Agricultural
• Other
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