Industrial Machine Vision: Assessing the Global Market in 2024

The industrial machine vision market size has grown strongly in recent years. It will grow from $11.01 billion in 2023 to $11.92 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to quality control and inspection needs, advancements in computing power, cost reduction and increased affordability, integration with industry 4.0 and automation.

The industrial machine vision market size is expected to see strong growth in the next few years. It will grow to $16.18 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to robotic vision in collaborative robotics (cobots), edge computing for real-time processing, integration with IOT and connectivity. Major trends in the forecast period include increased adoption of explainable AI, advancements in hyperspectral imaging, integration with augmented reality (AR) and virtual reality (VR), edge AI for real-time decision-making, focus on sustainability and energy efficiency.

Market Overview -
Industrial machine vision refers to the application of computer vision technology within industrial settings to automate and enhance various processes such as quality control, inspection, guidance, and measurement. The purpose of industrial machine vision is to perform visual inspections, measurements, and evaluations in industrial settings. This technology involves the use of cameras, sensors, and image processing algorithms.

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Automation Fuels Expansion In Industrial Machine Vision Market
The growing demand for automation is expected to propel the growth of the industrial machine vision market going forward. Automation refers to a process of using technology and machinery to perform tasks without direct human intervention. Automation demand arises because of efficiency, cost savings, quality control, and advancements. Industrial machine vision systems use automation to enhance work effectiveness, improve inventory management, detect defects in production processes, and allow for faster, more accurate, and more efficient manufacturing processes. For instance, in October 2022, according to the International Federation of Robotics, a Germany-based non-profit organization, the installation of industrial robots in the Americas reached 50,712 units in 2021, marking a 31% increase compared to the previous year. Therefore, the growing demand for automation is driving the growth of the industrial machine vision market.

Competitive Landscape -
Major companies operating in the industrial machine vision market are Siemens AG, Sony Corporation, Panasonic Corporation, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., ABB Group, Emerson Electric Co., Rockwell Automation Inc., Keyence Corporation, Omron Corporation, Fanuc Corporation, Zebra Technologies, Synopsys Inc., Coherent Inc., Sick AG, FLIR Systems, Cognex Corporation, Datalogic S.p.A., Balluff Automation India Pvt. Ltd., National Instruments, LMI Technologies Inc., Basler AG, Vitronic GmbH, Baumer Group

Advanced In Machine Vision For Industrial Automation And Quality Control
Major companies operating in the industrial machine vision market are focusing on developing innovative industrial machine vision solutions, such as machine vision cameras, to enhance their capabilities in delivering better solutions in machine vision. This is a solution aimed at industrial automation and machine vision, catering to the needs of advanced imaging capabilities in small form factors. For instance, in July 2022, Nikon Corporation, a Japan-based consumer and professional digital camera manufacturer, launched 'LuFact,' a new ultra-compact machine vision camera. The LuFact camera is designed in such a way that it has a separate camera head that captures interface conversion units and process images. It is uniquely designed with image processing technology and can reduce heating in the existing machinery and the production line by installing the camera head and I/F conversion unit separately. This innovative camera is tailored for applications requiring high-performance imaging in tight spaces or where compactness is essential.

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Key Segments -

The industrial machine vision market covered in this report is segmented -

1) By Component: Hardware, Software
2) By Product: PC-Based, Smart Camera-Based
3) By Technology: Laser, Imaging, Augmented
4) By Application: Measurement, Identification, Positioning And Guidance, Quality Assurance And Inspection, Other Applications
5) By End-User: Automotive, Pharmaceutical And Healthcare, Food And Beverage, Electronics And Semiconductor, Packaging, Process Control, Printing And Labeling, Other End-Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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