Press release
Machine Vision Systems And Components: Global Market Insights 2024
Machine Vision Systems And Components
The machine vision system and components market size is expected to see strong growth in the next few years. It will grow to $17.23 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to rise of edge computing, expansion of healthcare applications, growth in robotics and automation, expansion of smart cities and infrastructure. Major trends in the forecast period include advancements in sensor technologies, rapid technological advancements, advancements in 3D vision technology, integration of AI (artificial intelligence) and machine vision.
Market Overview -
Machine vision systems and components refer to technologies and hardware used in automated visual inspection and analysis processes in industrial and commercial applications. These systems are designed to replicate and improve human vision capabilities for tasks such as quality control, object recognition, measurement, and defect detection in various industries.
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E-Commerce Boom Fuels Surge In Machine Vision Systems And Components Market Growth
The growing popularity of the e-commerce industry is expected to propel the growth of the machine vision systems and components market going forward. E-commerce (electronic commerce) refers to the purchase and sale of products and services, as well as the transmission of money or data via an electronic network, typically the Internet. The rise in popularity of e-commerce is attributed to its convenience, accessibility, and growing preference for online shopping. E-commerce utilizes machine vision systems and components for tasks such as automated product inspection, enhancing visual search capabilities, and optimizing logistics through efficient object recognition, ultimately improving the overall customer experience and operational efficiency. For instance, in November 2023, according to the United States Census Bureau, a US-based government agency, e-commerce increased and reached the 3rd quarter of 2023 at 7.6%, compared to the 4th quarter of 2022 by 6.9%. 15.4% of all sales in the second quarter of 2023 were made through online stores. Therefore, the growing popularity of the e-commerce industry is driving the growth of the machine vision systems and components market.
Competitive Landscape -
Major companies operating in the machine vision systems and components market are Sony Corporation, Panasonic Corporation, Texas Instruments Incorporated, Omron Corporation, Keyence Corporation, Teledyne Technologies Incorporated, Cypress Semiconductor Corporation, National Instruments Corporation, Cognex Corporation, FLIR Systems Inc., Baumer Optronic GmbH, Basler AG, Vitronic GmbH, Perceptron Inc., Point Grey Research Inc., Scorpion Vision Ltd., Hitachi Industrial Equipment Systems Co. Ltd., IDS Imaging Development Systems GmbH, Sick AG, Lumenera Corporation, Adept Technology Inc., Microscan Systems Inc., Allied Vision Technologies GmbH, JAI AS, Optotune AG
Transforming Industrial Quality Inspection With Autonomous Machine Vision Systems
Major companies operating in the machine vision systems and components market are focusing on advanced solutions, such as autonomous machine vision systems, to enhance efficiency and innovation in various industries. These autonomous machine vision systems are self-contained and automated visual inspection systems that use cameras and processing algorithms to make independent decisions without external human intervention. For instance, in May 2021, Inspekto, a Germany-based autonomous machine vision company, launched the NSPEKTO S70 Gen.2, an enhanced iteration of its renowned autonomous machine vision (AMV) system designed for industrial quality inspection. Additionally, this upgraded system, fueled by autonomous machine vision AI (AMV-AI), extends support to a greater variety of use cases and enables dependable quality inspection in demanding scenarios, including applications involving highly reflective materials, moving components, and vibrating platforms.
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Key Segments -
The machine vision systems and components market covered in this report is segmented -
1) By Product Type: PC Based, Smart Camera Based
2) By Component: Hardware, Software
3) By Technology: Imaging Technology, Laser Technology, Augmented Reality
4) By Application: Quality Assurance And Inspection, Position Guidance, Measurement, Identification, Pattern Recognition, Other Applications
5) By End-User: Automotive, Semiconductor, Metal And Glass, Pharmaceuticals, Wood And Paper, Rubber And Plastic, Food Packaging, Consumer Goods, 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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