What are the Machine Vision key market trends?

The global machine vision market size is expected to reach USD 25.92 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.7% from 2022 to 2030. The ability of machine vision systems to process a large amount of information in a fraction of seconds is a major factor driving the market. The quick processing ability of machine vision systems is paving the way for manufacturers to achieve new milestones in manufacturing products with negligible defects. Moreover, the increasing adoption of robots across the industrial sectors is leading to the application of vision-guided robotic systems. Industrial verticals such as automotive, pharmaceutical, packaging, and food and beverage are prominent sectors where robotic systems are used, eventually fueling the demand for machine vision systems.

The machine vision technology encompasses various components in order to capture images of products to analyze them depending on different parameters of quality and safety. The technology is a combination of software and hardware that provides operational control to devices to execute functions such as capturing and processing images and measuring various characteristics required for decision making. Major components of the system comprise lighting, lens, image sensors, vision processing, and communication devices. Machine vision systems assist in resolving complicated industrial tasks with reliability.

Machine Vision Market Segmentation

Grand View Research has segmented the global machine vision market based on offering, product, application, end-use industry, and region:

Based on the Offering Insights, the market is segmented into Hardware, Software and Services.

• Cameras held the largest revenue share in 2021, which is attributed to the increasing demand for CMOS imaging sensors. Based on the hardware components used in the machine vision systems, the hardware segment has been further segregated into camera, frame grabber, optics, LED lighting, and processor sub-segments.
• The software offering segment is bifurcated into application specific MV software and deep learning MV software sub-categories. The market for software is application specific and fragmented based on the necessity of application.
• Additionally, in the services segment, machine vision providers offer mainly two types of services, namely integration and solution management.

Based on the Product Insights, the market is segmented into PC Based and Smart Camera Based.

• Smart camera-based systems are projected to exhibit the fastest rate of 8.0% from 2022 to 2030. This considerable growth of the segment is attributed to the growing adoption of cameras in 3D imaging.
• The PC based segment held the largest revenue share of over 55.0%. The segment is anticipated to continue growing and lead the market in terms of revenue over the estimated duration.
• Cameras are also capable of reading labels and directing products automatically without any human involvement. Minimized human intervention has led to decreased errors and increased accuracy in inspecting labels and tags.

Based on the Application Insights, the market is segmented into Quality Assurance and Inspection, Positioning and Guidance, Measurement and Identification.

• The quality assurance and inspection segment held the largest revenue share of over 50.0%. On the basis of application, the market has been segmented into quality assurance and inspection, positioning and guidance, measurement, and identification.
• The systems are extensively used for scanning and identifying labels, barcodes, and texts, especially in the packaging sector.
• The technology is frequently used in the consumer goods, pharmaceutical, and packaging sectors. The adoption of technology in these sectors has resulted in reduced counterfeit products to a large extent, eventually serving the overall market to gain traction for increased adoption.

Based on the End-use Industry Insights, the market is segmented into Automotive, Pharmaceuticals & Chemicals, Electronics & Semiconductor, Pulp & Paper, Printing & Labelling, Food & Beverage (Packaging and Bottling), Glass & Metal, Postal & Logistics and Others.

• In 2021, the automotive end-use industry held the largest revenue share of over 15.0%.
• The automotive industry is the largest adopter of machine vision systems worldwide and it will continue growing at a steady rate over the forecast period.
• The food and beverage industry is projected to register the highest growth rate over the forecast period. MV systems in the food and beverage industry are prominently used in packaging and bottling operations.
• Followed by the food and beverage end-use industry segment, the machine vision systems are likely to witness significant growth in the pharmaceuticals and chemicals, printing and labeling, and other industry verticals, which include agriculture, rubber and plastic processing, solar paneling, machinery and equipment, and security and surveillance.

Machine Vision Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

With greater opportunities being offered by both developing and developed nations such as the U.S., Germany, the U.K., China, Japan, Australia, and Brazil, the prominent players are continuously striving for new product developments and venture capital investments to acquire market presence.

Some prominent players in the Global Machine Vision market include:

• Allied Vision Technologies GmbH
• Basler AG
• Cognex Corporation
• Keyence Corporation
• LMI Technologies, Inc.
• Microscan Systems, Inc.
• National Instruments Corporation
• OMRON Corporation
• Sick AG
• Tordivel AS

Order a free sample PDF of the in Machine Vision Market Intelligence Study, published by Grand View Research.