Soaring Demand Set to Propel Machine Vision Systems And Components Market to $18.02 Billion by 2029

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What Is the Expected CAGR for the Machine Vision Systems And Components Market Through 2025?
The market size for machine vision systems and components has observed robust growth recently. It is projected to escalate from $13.19 billion in 2024 to $14.11 billion in 2025, with a compound annual growth rate (CAGR) of 7.0%. The surge in growth during the historical period can be associated with several factors, including a decrease in hardware components cost, an upward trend in industrial automation, burgeoning demand in the automotive sector, and adherence to regulatory standards and compliance.

What's the Projected Size of the Global Machine Vision Systems And Components Market by 2029?
The market size of machine vision systems and components is projected to observe robust growth in the upcoming years. The market is anticipated to reach $18.02 billion by 2029, with an impressive compound annual growth rate (CAGR) of 6.3%. The expansion during the forecast period is due to factors such as the emergence of edge computing, growth in the healthcare application sector, advances in robotics and automation, and development of smart cities and infrastructure. The forecasting period is likely to see significant trends such as the evolution of sensor technologies, fast-paced technological advancements, improvements in 3D vision technology, and amalgamation of AI and machine vision.

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Top Growth Drivers in the Machine Vision Systems And Components Industry: What's Accelerating the Market?
The surge in e-commerce's popularity is predicted to drive the machine vision systems and components market's expansion in the future. E-commerce, or electronic commerce, involves the buying and selling of goods and services, along with the transfer of money or data, typically conducted over the Internet. The increasing preference for online shopping, along with its convenience and accessibility, has fueled the popularity of e-commerce. E-commerce leverages machine vision systems and components for various functions such as automated product inspection, improving visual search techniques, and fine-tuning logistics with efficient object recognition, all contributing to a better customer experience and operational efficiency. For example, the United States Census Bureau, a government agency based in the US, reported that in November 2023, e-commerce experienced growth, hitting 7.6% in the third quarter of 2023, up from 6.9% in the fourth quarter of 2022. Online stores accounted for 15.4% of all sales in the second quarter of 2023. Hence, the increasing popularity of the e-commerce sector is fuelling the advancement of the machine vision systems and components market.

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What Trends Will Shape the Machine Vision Systems And Components Market Through 2029 and Beyond?
Key players in the machine vision systems and components market are concentrating on cutting-edge solutions such as autonomous machine vision systems to bolster efficiencies and spur innovation across different sectors. These autonomous machine vision systems are standalone, automated visual inspection apparatus that utilize cameras and processing algorithms to independently make decisions without requiring human input. For example, in March 2022, Cognex Corporation, a software systems company based in the US, unveiled its In-Sight 2800 series of vision systems. These systems incorporate advanced AI technology for instantaneous inspection and superior decision-making. By melding artificial intelligence with traditional rule-based vision tools, this series is fit for a wide range of uses, such as detection of presence/absence, sorting, and character reading. The In-Sight 2800 is designed to offer a straightforward solution for preventing errors thereby boosting operational efficiency in various business sectors.

What Are the Main Segments in the Machine Vision Systems And Components Market?
The machine vision systems and componentsmarket 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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Which Top Companies are Driving Growth 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

Which Regions Will Dominate the Machine Vision Systems And Components Market Through 2029?
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.

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