Industrial Machine Vision Market
What combination of drivers is leading to accelerated growth in the industrial machine vision market?
The industrial machine vision market is set to burgeon in response to the escalating demand for automation. Automation, the utilization of technology and machinery to carry out tasks without direct human touchpoints, is increasingly sought after for its efficiency, cost-effectiveness, quality control, and latest advancements. Industrial machine vision systems leverage this automation to boost work productivity, streamline inventory management, identify flaws in production processes, and expedite more precise and efficient manufacturing procedures. For instance, as reported by the International Federation of Robotics, a non-profit entity based in Germany, there was a 31% increase in the installation of industrial robots in the Americas, with the number reaching 50,712 in October 2022. As a result, the surging interest in automation contributes to the development of the industrial machine vision market.
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What is the projected compound annual growth rate (CAGR) of the industrial machine vision market from 2025 to 2034, and what factors influence it?
The dimension of the industrial machine vision market has seen substantial growth in the past few years. It is projected to expand from its size of $11.92 billion in 2024 and reach $12.89 billion by 2025, with an 8.1% compound annual growth rate (CAGR). The factors contributing to this growth during the previous years include the increasing need for quality control and inspection, advancements in computing prowess, reduction in cost and improved affordability, and its assimilation with industry 4.0 and automation.
In the upcoming years, significant growth is anticipated in the industrial machine vision market size, which is expected to escalate to $17.47 billion in 2029 with an estimated CAGR of 7.9%. The predicted rise in the review period can be linked to cobots application in robotic vision, the introduction of edge computing for prompt processing, and integration with IOT and connectivity. The forecast period is expected to witness substantial trends like the rising adoption of understandable AI, breakthroughs in hyperspectral imaging, integration with AR and VR, the use of edge AI for real-time decision-making, and an emphasis on sustainability and energy effectiveness.
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How are the latest trends influencing the growth of the industrial machine vision market?
Leading entities in the industrial machine vision marketplace are prioritizing the creation of inventive industrial machine vision tools, which include machine vision cameras, thus improving their proficiency in providing superior machine vision solutions. These solutions are particularly designed for industrial automation and machine vision, addressing the demand for advanced imaging abilities in smaller form factors. For example, in July 2022, Nikon Corporation, renowned for its consumer and professional digital cameras and based in Japan, introduced ‘LuFact’, a novel ultra-compact machine vision camera. The configuration of the LuFact camera involves a separate camera head that is responsible for the capture of interface conversion units and image processing. The unique design incorporates image processing technology and aids in the reduction of heat in the existing machinery and production line, through individual installation of the camera head and the I/F conversion unit. This ground-breaking camera is ideally suited for use in scenarios demanding high-level imaging in constricted spaces or where compactness is critical.
What are the major segments of the industrial machine vision market and their role in driving growth?
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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Which regions are key players in the growth of 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.
Who are the key firms paving the way for growth 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
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What Is Covered In The Industrial Machine Vision Global Market Report?
•Market Size Forecast: Examine the industrial machine vision market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the industrial machine vision market for a structured understanding.
•Key Players Overview: Analyze major players in the industrial machine vision market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the industrial machine vision market.
•Segment Contributions: Evaluate how different segments drive overall growth in the industrial machine vision market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the industrial machine vision market.
•Industry Challenges: Identify potential risks and obstacles affecting the industrial machine vision market.
•Competitive Landscape: Review strategic developments in the industrial machine vision market, including expansions, agreements, and new product launches.
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