Machine Vision
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What Is the Expected CAGR for the Machine Vision Market Through 2025?
Strong growth has been observed in the machine vision market size in the past few years. The market is projected to expand from $19.59 billion in 2024 to $21.12 billion in 2025, indicating a compound annual growth rate (CAGR) of 7.8%. The historical growth can be credited to various factors like the escalating requirement for quality inspection and automation, expedited urbanization, swift adoption of technology, as well as robust economic growth in burgeoning markets.
What’s the Projected Size of the Global Machine Vision Market by 2029?
The machine vision market is anticipated to witness a substantial increase in the coming years, with projections reaching $32.07 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 11.0%. This potential growth in the forecast period is linked to escalating urbanization, the proliferation of smart cities and advancements in technology. Key trends that are poised to mark the forecast period encompass vision-guided robotic systems, the rise of smart cameras and image processing, the advent of Industry 4.0 and the Internet of Things, along with the development of cyber-physical systems (CPS).
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Top Growth Drivers in the Machine Vision Industry: What’s Accelerating the Market?
The surge in the necessity for artificial intelligence is projected to advance the machine vision market’s expansion. Artificial Intelligence (AI), referring to the mimicry of human cognitive functions via computer systems, has an instrumental role in augmenting the capacities of machine vision, thereby promoting precision, effectiveness, and adaptability. For example, a report in May 2023 by the Commonwealth Scientific and Industrial Research Organization (CSIRO), a government body based in Australia, revealed that 68% of Australian businesses have embraced artificial intelligence (AI) technologies; a further 23% plan to integrate these within the coming year. Hence, the escalating requirement for artificial intelligence is fuelling the progression of the machine vision market.
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What Trends Will Shape the Machine Vision Market Through 2029 and Beyond?
The rise in popularity of vision-guided robotic systems is a prominent trend in the machine vision market. These systems merge robotic functions with the support of machine vision. The robotic arm utilizes a dedicated camera to determine accurate coordinates, by capturing and analyzing an image of a targeted object. For example, in February 2022, Basler AG, a manufacturer in Europe for computer vision applications, introduced an industrial-strength stereo camera series that employs vision-guided robotic systems for object identification and bin picking. The new series is available in five model variants, both in monochrome and color, with basic distances of 65 millimeters and 160 millimeters. All camera models include a pre-installed versatile software package that can be applied for diverse robotics utilization.
What Are the Main Segments in the Machine Vision Market?
The machine visionmarket covered in this report is segmented –
1) By Product: PC-Based And Smart Camera-Based
2) By Offering: Hardware, Software, Service
3) By Deployment Type: General Machine Vision Systems, Robotic Cell
4) By Application: Quality Assurance And Inspection, Positioning And Guidance, Measurement, Identification, Predictive Maintenance
5) By End-User: Automotive, Pharmaceuticals And Chemicals, Electronics And Semiconductors, Pulp And Paper, Printing And Labeling, Food And Beverage, Postal And Logistics, Other End-Users
Subsegments:
1) By PC-Based: Frame Grabbers, Vision Processing Software, Industrial Cameras
2) By Smart Camera-Based: Integrated Smart Cameras, Embedded Vision Systems, All-in-One Machine Vision Solutions
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Which Top Companies are Driving Growth in the Machine Vision Market?
Major companies operating in the machine vision market include Cognex Corporation, Keyence Corp., Omron Corporation, Sony Corporation, Teledyne Technologies, ISRA Vision AG, Basler AG, Sick AG, Intel Corporation, Texas Instruments, Naver, IDS Imaging Development Systems GmbH, Tordivel AS, Samsung Electronics, LG Electronics, SK Hynix, Azure Photonics, OPT Machine Vision Tech, Hangzhou Contrastech Co. Ltd, Ningbo Hi-Tech S-View Technology Co. Ltd, Stemmer Imaging, Sking Intelligent Equipment, Panasonic, Changchun UpOptotech, Daheng New Epoch Technology, Hunan Chinasun Pharmaceutical Machinery, DALSA, BitFlow, Datalogic, Hikvision, Banner, Baumer, TKH Group, Allied Vision Technologies GmbH, Microscan Systems, Inc., Euclid Labs, Stermedia, Alphamoon, Sigmoidal, Neoteric, Miquido, Merixstudio, Intetics Inc., Google, Facebook, Microsoft, Huawei, WEG, Pix Force, Meerkat Computer Vision, MVisia, IntelliSite, Deep Vision, LMI Technologies Inc., Flir Systems, Inc., National Instruments Corporation, Optotune Ag, Perceptron, Inc., USS Vision, Inc, JAI A/S.
Which Regions Will Dominate the Machine Vision Market Through 2029?
Asia-Pacific was the largest region in the machine vision market in 2024. The regions covered in the machine vision market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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