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Industrial Machine Vision Camera Market Trends & Growth 2024-2033
Industrial Machine Vision Camera Market
According to The Business Research Company's, The industrial machine vision camera market size has grown rapidly in recent years. It will grow from $10.02 billion in 2023 to $11.71 billion in 2024 at a compound annual growth rate (CAGR) of 16.8%. The growth in the historic period can be attributed to automation in manufacturing, quality control requirements, cost reduction and efficiency, increasing applications, rise of industry 40.
The industrial machine vision camera market size is expected to see rapid growth in the next few years. It will grow to $20.61 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The growth in the forecast period can be attributed to robotic automation expansion, iot connectivity, focus on edge computing, customization and integration services, regulatory compliance and standards. Major trends in the forecast period include demand for 3d vision technology, ai and machine learning integration, advancements in imaging technologies, high-resolution imaging, 3d vision technology.
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Market Drivers and Trends:
The surge in the adoption of industrial robots is expected to propel the growth of the industrial machine vision camera market going forward. Industrial robots refer to a mechanical device that has been designed to automatically carry out production-related duties in industrial settings. An industrial machine vision camera is used in industrial robots to allow them to adjust to environmental obstacles and provide productive benefits. For instance, in October 2021, according to the International Federation of Robotics, a Germany-based non-profit organization, global robotic sales have increased by 10%. In 2021, there were 3 million industrial robots installed and operational in industries around the world. In 2021, the global installation of industrial robots is expected to increase by 13% to 435,000 units. Therefore, the surge in the adoption of industrial robots is driving the growth of the industrial machine vision camera market.
Technological advancements are a key trend gaining popularity in the industrial machine vision camera market. Companies operating in the industrial machine vision camera market are adopting new technologies to sustain their position in the market. 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 it can reduce heating in the existing machinery as well as the production line by installing the camera head and I/F conversion unit separately.
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Major Key Players of the Market:
Teledyne Technologies Incorporated; Cognex Corporation; TKH GROUP; Basler AG; IDS Imaging Development Systems GmbH; Toshiba Corporation; OMRON Corporation; Baumer Holding AG; Sony Group Corporation; Vieworks Co. Ltd.; China Daheng Group Inc.; Hangzhou Hikvision Digital Technology Co. Ltd.; KEYENCE CORPORATION; Adimec Advanced Image Systems BV; Hikrobot Co. Ltd.; LMI Technologies Inc.; National Instruments Corporation; Allied Vision Technologies GmbH; SICK AG; Microscan Systems Inc.; Tordivel AS; Panasonic Corporation; Matrox Electronic Systems Ltd.; Stemmer Imaging Ltd.; Datalogic S.p.A.; Hermary Opto Electronics Inc.; ISRA VISION AG; Pixelink; Tattile S.r.l.; Vitronic Machine Vision Ltd.
Industrial Machine Vision Camera Market 2024 Key Insights:
• The industrial machine vision camera market size will grow to $20.61 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%.
• Surge In Industrial Robot Adoption Drives Growth In The Industrial Machine Vision Camera Market
• Technological Trends In The Industrial Machine Vision Camera Market
• North America was the largest region in the industrial machine vision camera market in 2023
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