What are the Historical Developments and Current Growth Metrics of the Industrial Machine Vision Market?
The industrial machine vision market has seen considerable growth due to a variety of factors.
• Over recent years, the industrial machine vision market has been growing substantially. The market, which is set to increase from $11.92 billion in 2024 to $12.89 billion in 2025, exhibits a predicted compound annual growth rate (CAGR) of 8.1%.
The previous growth in this industry can be ascribed to factors such as the need for quality control and inspection, improved computing capabilities, reduced expenses, improved affordability, and integration with industrial automation and Industry 4.0.
What Does Future Hold for The Industrial Machine Vision Market By 2029?
The industrial machine vision market is expected to maintain its strong growth trajectory in upcoming years.
• In the forthcoming years, the industrial machine vision market is projected to experience significant expansion, growing to $17.47 billion by 2029 at a 7.9% compound annual growth rate (CAGR). This anticipated growth during the forecasted period is largely due to the integration of robotic vision in collaborative robotics (cobots), edge computing for immediate processing, and connectivity with IoT. Key trends expected during this timeframe include the increasing usage of explainable AI, developments in hyperspectral imaging, integration with augmented reality (AR) and virtual reality (VR), edge AI for instantaneous decision-making, and a focus on sustainability and energy efficiency.
What Are The Primary Growth Drivers In The Industrial Machine Vision Market?
The expansion of the industrial machine vision market is anticipated to be driven by the increasing necessity for automation. Automation, the method of employing technological equipment to perform operations without manual intervention, is sought after for its efficiency, cost-effectiveness, quality management, and innovation. Industrial machine vision systems use automation to augment work productivity, refine inventory administration, identify manufacturing flaws and expedite manufacturing processes to be more accurate and efficient. For example, in October 2022, the International Federation of Robotics, a non-profit organization stationed in Germany, reported a 31% annual increase in industrial robot installations in the Americas, with a total of 50,712 installations. As a result, the escalating demand for automation is fueling the expansion of the industrial machine vision market.
What Is The Segmentation Of The Global Industrial Machine Vision Market?
The industrial machine vision market covered in this report is segmented –
1) By Component: Hardware, Software
2) By Product: PC-Based, Smart Camera-Based
3) By Technology: Laser, Imaging, Augmented
4) By Application: Measurement, Identification, Positioning And Guidance, Quality Assurance And Inspection, Other Applications
5) By End-User: Automotive, Pharmaceutical And Healthcare, Food And Beverage, Electronics And Semiconductor, Packaging, Process Control, Printing And Labeling, Other End-Users
Subsegments:
1) By Hardware: Cameras, Lenses, Frame Grabbers, Lighting Systems, Processors, Industrial PCs
2) By Software: Imaging And Image Processing Software, Machine Learning And Artificial Intelligence (AI) Software, Vision System Integration Software, Data Management And Analysis Software
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How Are Emerging Trends Reshaping The Dynamics Of The Industrial Machine Vision Market?
Prominent firms in the industrial machine vision sector are prioritizing the development of cutting-edge industrial machine vision technologies like machine vision cameras, to augment their proficiency in providing superior machine vision solutions. These solutions, intended for industrial automation and machine vision, cater to the demand for sophisticated imaging capabilities in compact forms. In one example, in July 2022, Nikon Corporation, a Japanese camera manufacturer serving both consumer and professional markets, unveiled 'LuFact,' a novel ultra-compact machine vision camera. The LuFact camera has a unique design with a detached camera head for capturing interface conversion units and processing images. The camera is equipped with specialized image processing technology, and by separating the camera head and I/F conversion unit, it is successful in reducing heat generation in existing machinery and production lines. This groundbreaking camera is perfect for situations needing high-performance imaging in restricted spaces or where a compact size is crucial.
Who Are the Key Players In The Industrial Machine Vision Market?
Major companies operating in the industrial machine vision market are:
• Siemens AG
• Sony Corporation
• Panasonic Corporation
• Mitsubishi Electric Corporation
• Schneider Electric SE
• Honeywell International Inc.
• ABB Group
• Emerson Electric Co.
• Rockwell Automation Inc.
• Keyence Corporation
• Omron Corporation
• Fanuc Corporation
• Zebra Technologies
• Synopsys Inc.
• Coherent Inc.
• Sick AG
• FLIR Systems
• Cognex Corporation
• Datalogic S.p.A.
• Balluff Automation India Pvt. Ltd.
• National Instruments
• LMI Technologies Inc.
• Basler AG
• Vitronic GmbH
• Baumer Group
What Are The Regional Insights Into The Industrial Machine Vision Market?
North America was the largest region in the industrial machine vision market in 2024, and is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial machine vision market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
