Press release
Machine Vision Systems And Components Market Anticipated To Witness Robust Growth, Surpassing $18.31 Billion By 2029
Machine Vision Systems And Components
What Is the Projected Growth of the Machine Vision Systems And Components Market?
In recent times, there has been significant growth in the market size of machine vision systems and components. This market is projected to escalate from a value of $13.19 billion in 2024 to $14.23 billion in 2025, recording a compound annual growth rate (CAGR) of 7.8%. Factors such as the reduction in the cost of hardware components, upsurge in industrial automation, expanding demand in the automotive industry, and regulatory standards and compliance are responsible for the growth observed in the historical phase.
In the coming years, the machine vision systems and components market is set to experience robust growth, surging to $18.31 billion by 2029 with a compound annual growth rate (CAGR) of 6.5%. The escalation during the projection period is expected to be driven by factors such as the emergence of edge computing, growth of healthcare applications, an escalation in robotics and automation, and the enlargement of smart cities and infrastructure. The forecast period is also characterized by key trends such as advancements in sensor technologies, rapid progression in technology, cutting-edge developments in 3D vision technology, and the fusion of artificial intelligence (AI) and machine vision.
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What Are the Different Machine Vision Systems And Components Market 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
Subsegments:
1) By PC-Based: Vision Software, Frame Grabbers, Image Processing Units, Cameras (CCD Or CMOS), Lighting And Illumination Systems, Industrial PCs And Workstations
2) By Smart Camera-Based: Embedded Cameras, Smart Camera Sensors, Image Processing Modules, Integrated Vision Systems, Onboard Software Solutions
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What Are the Primary Drivers Shaping the Machine Vision Systems And Components Market?
The expansion and consumer favorability of the e-commerce sector are projected to drive the machine vision systems and components market's progression. E-commerce, primarily through the internet, involves the online buying, selling, and exchange of goods, services, and financial transactions. This platform's rise in popularity is fundamentally due to its convenience, universal accessibility, and general inclination for online shopping. Machine vision systems and components play a critical role in this sector by aiding automated product inspection, enhancing visual search facilities, and optimizing logistics via efficient object identification, thereby enhancing both customer satisfaction and operational efficiency. For instance, data released by the United States Census Bureau in November 2023 indicated a growth in e-commerce to reach 7.6% in the 3rd quarter of 2023, up from 6.9% in the 4th quarter of 2022. E-commerce was responsible for 15.4% of all sales in the second quarter of 2023. As such, the escalating affinity for the e-commerce sector continues to fuel the machine vision systems and components market's growth.
Which Companies Are Leading in the Machine Vision Systems And Components Market?
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
What Are the Major Trends Shaping the Machine Vision Systems And Components Market?
Leading companies in the machine vision systems and components sector are placing their bets on sophisticated solutions like autonomous machine vision systems to boost efficacy and innovation in a multitude of sectors. Autonomous machine vision systems are all-inclusive and self-reliant visual inspection systems that utilize cameras and processing techniques to make standalone decisions sans external human intervention. For example, Cognex Corporation, a System software enterprise based in the US, unveiled its In-Sight 2800 series of vision systems in March 2022, incorporating advanced AI capabilities for live inspection and better decision-making. This series amalgamates artificial intelligence with conventional rule-based vision tools, rendering it appropriate for several uses, like presence/absence detection, categorization, and character interpretation. The goal of In-Sight 2800 is to offer an straightforward deployment solution for error-proofing and enhancing operational efficiency across numerous sectors.
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What Are the Top Revenue-Generating Geographies in the Machine Vision Systems And Components Market?
Asia-Pacific was the largest region in the machine vision system and components market in 2024. The regions covered in the machine vision systems and components market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Machine Vision Systems And Components Market?
2. What is the CAGR expected in the Machine Vision Systems And Components Market?
3. What Are the Key Innovations Transforming the Machine Vision Systems And Components Industry?
4. Which Region Is Leading the Machine Vision Systems And Components Market?
Why This Report Matters:
Competitive overview: This report analyzes the competitive landscape of the 3D imaging software market, evaluating key players on market share, revenue, and growth factors.
Informed Decisions: Understand key strategies related to products, segmentation, and industry trends.
Efficient Research: Quickly identify market growth, leading players, and major segments.
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