The global machine vision market size is expected to grow from $12.09 billion in 2021 to $13.52 billion in 2022 at a compound annual growth rate (CAGR) of 11.8%. The growth in the machine vision market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The machine vision market is expected to reach $18.50 billion in 2026 at a CAGR of 8.2%.
What is the Global Machine Vision Market?
The machine vision market consists of sales of machine vision devices, software, and services by entities (organizations, sole traders, and partnerships) that allow a computer to examine, analyze, and identify static or moving images. Machine vision systems are a set of connected devices which are designed to automatically direct production and manufacturing procedures such as go/no assessment and quality control processes using information retrieved from digital images.
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What drives the Global Machine Vision Market?
The growing need for quality inspection and automation is expected to propel the growth of the machine vision market over the forecast period. Quality control helps the manufacturing industry in detecting production problems early, ensuring product quality, and saving time. Machine vision systems are used to capture images of products to analyze them based on various quality and safety characteristics. For instance, according to robotics and automation news, about 1.4 million industrial robots are used for quality inspection in 2020. In addition, according to World Economic Forum, in 2020, 50% of business leaders are planning to accelerate the automation of repetitive tasks within their organization. Therefore, the growing need for quality inspection and automation is driving the growth of the machine vision market.
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Global Machine Vision Market Segments
The global machine vision market is segmented:
By Product: PC-Based, Smart Camera-Based
By Offering: Hardware, Software, Service
By Deployment Type: General Machine Vision System, Robotic Cell
By Application: Quality Assurance and Inspection, Positioning and Guidance, Measurement, Identification, Predictive Maintenance
By End-Use Industry: Automotive, Pharmaceuticals and Chemicals, Electronics and Semiconductor, Pulp and Paper, Printing and Labeling, Food and Beverage, Postal and Logistics, Others
By Geography: The regions covered in the machine vision market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, Asia Pacific accounts for the largest share in the global machine vision market.
Machine Vision Global Market Report 2022provides market size and growth forecasts for the global machine vision market, global machine vision market share, machine vision market segments and geographies, machine vision market competitive landscape including leading competitors’ revenues, profiles and market shares. The machine vision market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Machine Vision Industry Playersinclude Allied Vision Technologies GmbH, Basler AG, Cognex Corporation, FLIR Systems, Intel Corporation, ISRA Vision, Keyence Corporation, LMI Technologies Inc., Microscan Systems Inc., National Instruments, Omron Corporation, Optotune AG, Sick AG, Sony Corporation, Teledyne Technologies, Texas Instruments, Tordivel AS, USS Vision, ViDi Systems SA, Bosch Rexroth, Euclid Labs, Perception Inc., Vitronic GmbH. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
