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The SNS Insider report indicates that the Machine Vision Market Size was valued at USD 9.76 Billion in 2023 and is expected to reach USD 18.62 Billion by 2031, growing at a CAGR of 8.4% over the forecast period 2024-2031.
Market Report Scope
The machine vision market is witnessing unprecedented growth, driven by the increasing demand for quality inspection and automation across various industrial verticals. Vision-guided robotic systems are essential in automotive, food and beverage, pharmaceutical and chemical, and packaging segments, fueling market expansion. Additionally, the surge in demand for application-oriented machine vision systems, characterized by their ability to observe, inspect, and scrutinize work performance using video cameras and digital processing, is bolstering adoption. Resolution and sensitivity are critical aspects, aiding in process control, robotic guidance, and automatic inspection. With industrial activities becoming more complex, machine vision systems play a pivotal role in enhancing reliability and efficiency.
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Top Companies Featured in Machine Vision Market Report:
- Allied Vision Technologies
- Cognex Corporation
- LMI Technologies
- National Instruments Corporation
- Sick
- Basler
- Keyence Corporation
- Microscan Systems
- OMRON Corporation
- Tordivel
Market Analysis
Industry 4.0 integration is revolutionizing manufacturing processes, driving demand for machine vision systems. Initiatives like America Makes and government support in countries like Germany and the UK are accelerating adoption. These systems facilitate quality control and predictive maintenance, enhancing productivity. Moreover, the dominance of PC-based systems and the growth of smart camera-based systems, along with applications like quality assurance and inspection, underline market dynamics.
Segmentation Analysis
- By Product
PC-based systems dominate, while smart camera-based systems exhibit rapid growth due to increased adoption in 3D imaging. Quality assurance & inspection lead in applications, particularly in the packaging sector, emphasizing the market’s focus on enhancing product quality and reliability.
Machine Vision Industry Segmentation as Follows:
BY COMPONENT
- Hardware
- Software
- Service
BY PRODUCT
- Smart Cameras
- PC- based
BY DEPLOYMENT
- Robotic cell
- General machine vision system
BY APPLICATION
- Quality Assurance & Inspection
- Measurement
- Predictive maintenance
- Positioning & Guidance
- Identification
BY END-USE INDUSTRY
- Automotive
- Food & Packaging
- Consumer Electronics
- Metals
- Pharmaceuticals
- Printing
- Solar Panel Manufacturing
- Electronics and Semiconductor
- Glass
- Wood and Paper
- Rubber & Plastics
- Machinery/Equipment
- Textile
Factors Driving Growth of Machine Vision Market
– The integration of Industry 4.0 technologies into manufacturing processes is a primary growth factor for the machine vision market. Industry 4.0 initiatives focus on enhancing productivity, quality control, and automation through the use of advanced technologies such as machine vision. By leveraging data analytics, artificial intelligence, and IoT sensors, Industry 4.0 aims to optimize manufacturing operations, driving the demand for machine vision systems that enable real-time monitoring, predictive maintenance, and quality assurance.
– Machine vision systems play a crucial role in quality control and productivity enhancement across various industries. These systems enable automated inspection and defect detection, ensuring product quality and consistency while reducing the need for manual intervention. By accurately identifying defects and deviations from quality standards, machine vision systems help minimize rework and waste, leading to improved efficiency and cost savings for manufacturers.
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Impact of Russia Ukraine War
The Russia-Ukraine conflict has disrupted global supply chains, affecting the machine vision market. Escalating geopolitical tensions and supply chain disruptions have led to uncertainties, impacting market growth and investment decisions. Manufacturers are facing challenges in sourcing raw materials and components, leading to production delays and cost escalations. The uncertainty surrounding the conflict has dampened investor confidence, affecting market stability.
Impact of Economic Slowdown
The economic slowdown has hampered industrial activities, affecting machine vision market growth. With reduced consumer spending and investment, demand for industrial automation solutions has slowed down. For example, the automotive sector, a key end-user of machine vision systems, has witnessed a decline in production and sales. This economic downturn has led to budget cuts and deferred investments in technology upgrades, impacting market expansion.
Key Regional Development
Asia Pacific dominates the market, driven by lucrative opportunities in automotive, packaging, pharmaceutical, and other industrial applications. China and Japan spearhead regional growth, supported by government initiatives and a booming manufacturing sector.
The region’s expenditure and operational benefits, coupled with government incentives, attract investments and foster industry development.
Key Takeaways
- Integration of Industry 4.0 technologies driving machine vision market growth.
- PC-based systems lead, while smart camera-based systems show promising growth.
- Quality assurance & inspection applications dominate, especially in the packaging sector.
- Asia Pacific emerges as a key market, fueled by industrial growth and government support.
Recent Developments
In May 2023: Cognex Corporation launched the Advantage 182 vision system, streamlining tasks like location identification and inspection. Teledyne DALSA announced the production of its Linea 2 4k Multispectral 5GigE line scan camera, enhancing vision system capabilities with superior performance and data transfer.
Major Key Points from Table of Content
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Machine Vision Market Segmentation, By Component
9. Machine Vision Market Segmentation, By Product
10. Machine Vision Market Segmentation, By Deployment
11. Machine Vision Market Segmentation, By Application
12. Machine Vision Market Segmentation, By End Use Industry
13. Regional Analysis
14. Company Profile
15. Competitive Landscape
16. USE Cases and Best Practices
17. Conclusion
Continued….
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