Press release
Machine Vision Advancements: A Global Market Report for 2024
Machine Vision Market Industry
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According to The Business Research Company's, The machine vision market size has grown strongly in recent years. It will grow from $17.49 billion in 2023 to $19.01 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to growing need for quality inspection and automation, rapid urbanization, rapid technological adoption, and strong economic growth in emerging markets.
The machine vision market size is expected to see strong growth in the next few years. It will grow to $27.29 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to increasing urbanization, increasing smart cities, and technological advances. Major trends in the forecast period include vision-guided robotic systems, smart cameras and image processing, industry 4.0 and internet of things, and cyber-physical system (cps).
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Market Drivers and Trends:
The increasing demand for artificial intelligence is expected to propel the growth of the machine vision market going forward. Artificial Intelligence (AI) refers to the simulation of human intelligence processes by computer systems. Artificial intelligence (AI) plays a crucial role in enhancing the capabilities of machine vision, leading to improved accuracy, efficiency, and versatility. For instance, in January 2022, according to the Government Digital Service, a UK-based government body, overall spending on AI technologies would rise between 2020 and 2040 from $20.25 billion to $101.26 billion. Therefore, the increasing demand for artificial intelligence is driving the growth of the Machine vision market.
Vision-guided robotic systems are a key trend gaining popularity in the machine vision market. A vision-guided robotic system combines robotic applications with the assistance of a machine vision system. A robotic arm receives accurate coordinates via a specialized camera that takes a picture of an object and analyses it. For instance, in February 2022, Basler AG, a Europe-based manufacturer of computer vision applications, launched an industrial-grade stereo camera series to its product portfolio that uses vision-guided robotic systems to identify objects and bin picking. The five model variants are available in monochrome and color versions, with basic distances of 65 millimeters and 160 millimeters. All cameras come with a pre-installed, flexible onboard software package that may be used in a variety of robotics applications.
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Major Key Players of the Market:
Atlas Copco, Generac Holdings Inc, Wacker Neuson Group, Tere*x Corporation, JLG Industries Inc, Doosan Portable Power, The Will-Burt Company, INMESOL S.L.U, Olikara Lighting Towers Pvt, United Rentals Inc, Eneraque, Larson Electronics, Trime UK, Wanco Inc, Milspec Generac Mobile, PR Power, Robuster Lighting, Briteforce, Southern Cross Industrial Group, JLG Lighting Towers, Rishabh Engineering Company, Red Mobile Light Tower Generators, Lighttec India Ref Mobile Light By Ajanta Export Industries, Diamond Member, Audited Supplier Fujian, Fire Truck Mounted Mobile Telescopic Mast Lighting, Leonardo, Thales Group, CILAS, MBDA, Kalashnikov Group, Almaz-Antey, United Aircraft Corporation, Tactical Missiles Corporation, Uralvagonzavod, Applied Technology Associates, Alma Lasers Ltd, Laser Ammo, Sarine Technologies Ltd, Meprolight, STI Laser Industries, NeoLaser, Zmed Laser, ARIEL Photonics Assembly, LaserOp, LASER FZCO, Matrix Laser, Trotec laser, Digi Matrix Technologies.
Machine Vision Market 2024 Key Insights:
• The machine vision market size is expected to see strong growth in the next few years. It will grow to $27.29 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%.
• Surging Demand For Artificial Intelligence Drives Growth In The Machine Vision Market
• Vision-Guided Robotic Systems Take Center Stage In The Machine Vision Market
• Asia-Pacific was the largest region in the machine vision market in 2023
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