Machine Vision Market is Forecasted to Reach US$ 18.28 Billion in 2028, Says Stratview Research

The global machine vision market is projected to witness a growth rate of 7.1% annually from 2023 to 2028, with an anticipated size of US$ 18.28 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global machine vision market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/1169/machine-vision-market.html#form

Report Highlights:
Market Size in 2028: US$ 18.28 billion
Growth (CAGR): 7.1% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 6
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Machine Vision Market:

The global machine vision market is segmented based on deployment type, component type, product type, application type, end-use industry type, and region.

Based on deployment type - "General machine vision system segment held the larger share of the market in 2022"
The market is segmented into general machine vision systems and robotic cells. The general machine vision system segment held the larger share of the market in 2022, whereas the mechanical cell segment is expected to experience faster growth during the forecast period. Robotic cells are cost-effective and can handle the increasing number of product variants, which is driving the growth of the segment.

Based on component type - "Hardware segment share of more than 55% in 2022"
The market is segmented into hardware and software. Hardware segment share of more than 55% in 2022 and is expected to experience faster growth during the forecast period. The market for the software segment is expected to experience steadier growth during the same period owing to the training and deep learning of the technology.

Based on product type - "PC-based segment shared more than 55% in 2022"
The market is segmented as PC-based machine vision systems and smart cameras-based machine vision systems. PC-based segment shared more than 55% in 2022. Smart camera-based systems are projected to exhibit the fastest CAGR of nearly 8% during the forecast period. The growth of the smart cameras-based machine vision market segment is attributed to its advantages, such as cost-effectiveness, compact size, and flexibility, and the increasing adoption of cameras in 3D imaging.

Based on application type - "Quality assurance & inspection segment held the largest share of >50% of the market in 2022"
The market is segmented into automotive, electronics and semiconductor, consumer electronics, glass, metals, wood and paper, pharmaceutical, food and packaging, rubber and plastics, printing, machinery, solar panel manufacturing, and textile. The quality assurance & inspection segment held the largest share of >50% of the market in 2022, whereas the predictive maintenance segment is expected to experience the fastest growth during the forecast period. Predictive maintenance is carried out when a particular item is in a degradation state and helps in reducing the cost as compared to other techniques.

Based on end-use industry type - "Automotive end-use industry held the largest revenue share of more than 15% in 2022"
The market is segmented as automotive, electronics and semiconductor, healthcare, food & packaging, and others automotive end-use industry held the largest revenue share of more than 15% in 2022, owing to the higher adoption of machine vision market as they provide improved accuracy in critical activities, such as bin picking and positioning of parts (doors and panels) for assembly. The segment is likely to lead the market during the forecast period as well.

To know the most attractive segments, click here:
https://www.stratviewresearch.com/1169/machine-vision-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia Pacific shares more than 35% of the market in 2022. This growth outlook is majorly attributed to the following-

• The growth of the region's market can be attributed to the major countries, such as China, Japan, India, and South Korea, which have the largest manufacturing facilities, wherein automation of manufacturing processes has been considered the highest priority.
• The region's rapid industrial expansion has been immensely contributing to the success and development of various innovations with the adoption of different technologies.

Machine Vision Market Drivers:

Some of the key drivers listed in the report are given below.
Surge in demand for vision-guided robotics system: The increasing use of industrial robots in the automotive and consumer electronics sectors has led to a need for the integration of machine vision systems with vision-guided robot controllers. These systems can automate processes such as quality assurance, product measurement, positioning, and predictive maintenance, ensuring safety and efficiency in shared workspaces.

The surge in demand for artificial intelligence (AI): Artificial intelligence-based machine vision systems improve manufacturing productivity by detecting and comparing defects with high variability. They maximize asset utilization, minimize downtime, and enhance machine efficiency. Al-based systems learn from past experiences, creating market growth opportunities.

Top Companies in the Machine Vision Market:
Stratview Research has identified the following companies as the top market players.
• Basler AG
• Cognex Corporation
• Intel Corporation
• ISRA Vision
• Keyence National Instruments
• Omron Corporation
• Sick AG
• Sony Corporation
• Teledyne Technologies
• Texas Instruments

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Machine Vision Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

Related Reports:
• Vision Guided Robotics Market: https://www.stratviewresearch.com/3342/vision-guided-robotics-market.html
• Computer Vision Market: https://www.stratviewresearch.com/2745/computer-vision-market.html

Postal Address:
400 Renaissance Center, Suite 2600,
Detroit, Michigan, MI 48243
United States of America

Website: www.stratviewresearch.com
Mail Us: sales@stratviewresearch.com
Press: media@stratviewresearch.com
Call Us: +13133074176

About Us:
Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.

This release was published on openPR.