Industrial Machine Vision
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What Will the Industrial Machine Vision Industry Market Size Be by 2025?
The market size of the industrial machine vision sector has seen significant expansion in the latter years. From $11.92 billion in 2024, it is predicted to reach $12.86 billion in 2025, representing a compound annual growth rate (CAGR) of 7.9%. This surge in growth during the historic period can be credited to the demand for quality control and inspection, enhanced computing capabilities, minimized costs and enhanced affordability, as well as integration with industry 4.0 and automation.
What’s the Long-Term Growth Forecast for the Industrial Machine Vision Market Size Through 2029?
The size of the industrial machine vision market is projected to experience significant expansion in the impending years. An increase to $17.43 billion is predicted for 2029, with a compound annual growth rate (CAGR) of 7.9%. The expansion during the projected period is linked to the usage of robotic vision in collaborative robotics (cobots), the application of edge computing for immediate processing, and the integration with IOT and connectivity. Key trends within the forecasted period encompass the rising adoption of explainable AI, advancements in hyperspectral imaging, collaboration with augmented reality (AR) and virtual reality (VR), edge AI for immediate decision-making, with a concentration on sustainability and energy efficiency.
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What Are the Key Growth Drivers Fueling the Industrial Machine Vision Market Expansion?
The surge in automation needs is predicted to drive the expansion of the industrial machine vision market in the future. Automation is the use of technology and machinery to carry out tasks without the need for direct human interaction. The need for automation arises from considerations of effectiveness, cost-efficiency, quality management, and technological innovation. Industrial machine vision systems integrate automation to boost work efficiency, streamline inventory organization, identify flaws in production procedures, and expedite more precise and efficient manufacturing operations. For example, in October 2022, the Americas installed 50,712 industrial robots, a 31% rise from the previous year, reported by the International Federation of Robotics, a non-profit organization based in Germany. Hence, the increasing need for automation is fueling the expansion of the industrial machine vision market.
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What Are the Key Trends Driving Industrial Machine Vision Market Growth?
Prominent firms in the industrial machine vision market are prioritizing the development of innovative technological solutions, such as machine vision cameras, in an effort to enhance their ability to deliver superior machine vision solutions. These solutions are targeted towards industrial automation and machine vision, meeting the demand for sophisticated imaging capabilities in compact forms. For example, Nikon Corporation, a renowned digital camera producer from Japan, unveiled ‘LuFact’, an ultra-compact machine vision camera, in July 2022. The LuFact camera is uniquely engineered with a detached camera head that processes interface conversions and captures images. Equipped with cutting-edge image processing technology, the camera can decrease heat generation in existing machinery and production lines by separately installing the camera head and I/F conversion unit. This groundbreaking camera is geared towards applications that necessitate high-quality imaging in tight spaces or where smaller size is crucial.
How Is the Industrial Machine Vision Market Segmented?
The industrial machine visionmarket 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 Healare, 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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Which Companies Are Leading the Charge in Industrial Machine Vision Market Innovation?
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
Which Regions Are Leading the Global Industrial Machine Vision Market in Revenue?
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.
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