Machine Vision Market to Experience 8.2% CAGR during 2023-2030; Major Firms Release New Products to Garner Market

The global machine vision market size was valued at USD 9.01 billion in 2022. The market is projected to grow from USD 9.68 billion in 2023 to USD 16.82 billion by 2030, exhibiting a CAGR of 8.2% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Machine Vision Market Size, Share & COVID-19 Impact Analysis, By Type (1-D Vision System, 2-D Vision System, and 3-D Vision System), By System (PC based, Smart Camera, and Others), By Industry (Semiconductor, Healthcare, Automotive, Manufacturing, and Others), and Regional Forecast, 2023– 2030”. Machine vision (MV) is the inspection, observation, and evaluation of work performance through the use of one or more video cameras, analogue to digital conversion, and digital signal consumer electronics. After that, the data is submitted to a computer for analysis to get the desired outcomes. Resolution and sensitivity are the two essential elements of MV systems. Resolution is configured to differentiate between items. Nevertheless, sensitivity allows one to locate items in dimly lit or completely dark situations.

COVID-19 Pandemic Caused a Significant Increase in the Healthcare Sector

The lockdown caused the closure of several manufacturing and industrial sectors. The lockdown caused manufacturers and consumers to cease all operations for several months. Yet, a progressive rise in demand for the use of strategies in the healthcare sector was also seen. For example, camera-based vision systems that let hospital administrations track patients' health and other continuously monitored factors were becoming more popular. The government is encouraging companies to gradually realize their potential as life becomes more ordinary. The machine vision market is currently seeing rising demand as companies rapidly automate more and more of their operational activities as a result of COVID, which is fueling industry expansion.

Companies Focus on Developing Risk Free Products to Increase Sales

December 2022 marks Cognex's acquisition of German lighting technology pioneer SAC Sirius Advanced Cybernetics GmbH ("SAC"). Cognex's reach is increased thanks to its purchase in industries like automotive and consumer electronics that create goods swiftly and with a low tolerance for errors that risk safety.

Growing Need for Quality Inspection & Automation to Support Market Development

The rising need for quality inspection & automation across various industrial sectors is likely to be the market's primary driver. Additionally, need for vision-guided robotic systems in the chemical, packaging & pharmaceutical, automotive, food and beverage, and automotive industries is anticipated to drive market growth. Due to the growth in demand for application-focused vision systems, more technology deployment and an increase in the market share are anticipated during the projection period.

On the contrary, a lack of skilled workers may hamper the machine vision market growth.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/machine-vision-market-105188

Competitive Landscape

Key Players Release New Product to Increase Market Presence

To increase their market presence, market players continually invest in product innovation.  Around 62% to 67% of the market is controlled by the major firms. To satisfy particular system needs, these players are concentrating on providing diverse and specialized goods. To give an example, Omron, Panasonic, and Toshiba are supplying MV systems that can carry out character checks, appearance checks, defect checks, and placement checks. Sony also provides CMOS image sensors, which aid in the automation of the production process.

Notable Industry Development:

• October 2022 - Regarding OMRON's venture in Kirin Techno-System Company, Limited, to provide secure beverages, the companies announced the signing of a stock purchase agreement. Omron holds a 60% stake, with 40% owned by Kirin Brewery.

List of Key Players Profiled in the Report:

• Cognex Corporation (U.S.)


• Basler AG (Germany)


• Omron Corporation (Japan)


• Keyence (Japan)


• National Instruments (U.S.)


• Sony Corporation (Japan)


• Teledyne Technologies (U.S.)


• Texas Instruments (U.S.)


• Intel Corporation (U.S.)


• ViDi Systems SA (Switzerland)

Further Report Findings:

• Machine vision solution suppliers have a substantial market in North America. The early adoption of factory automation and the existence of a sizeable number of suppliers with local roots will both contribute to the regional market's predicted significant growth over the course of the projection period.


• In the upcoming years, Asia Pacific is predicted to have rapid expansion. The main countries, such as China, Japan, India, and South Korea, which operate the largest factories and where the automation of manufacturing processes has been given top priority, are responsible for the rise of the regional market from the perspective of providers.


• In the meantime, Europe will experience significant development in the coming years. It is credited to the remarkable advancements in automation and technology, both of which are necessary for machine vision systems.


• Due to the modest rate of economic growth, the Middle East and Africa market expands more slowly. 


• Latin America is expected to have consistent growth in machine vision, largely due to the practicality of smart cameras.

Table of Segmentation