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Machine Vision Market Size Was Valued At 13.23 Billion In 2021 And Is Expected To Expand At A CAGR Of 7.7% From 2022 To 2030 | Grand View Research, Inc.

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Machine Vision Market Size Was Valued At 13.23 Billion In 2021 And Is Expected To Expand At A CAGR Of 7.7% From 2022 To 2030 | Grand View Research, Inc.

May 05
01:41 2022
Machine Vision Market Size Was Valued At 13.23 Billion In 2021 And Is Expected To Expand At A CAGR Of 7.7% From 2022 To 2030 | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting
According to a new report published by Grand View Research, Asia Pacific dominated the market with a revenue share of over 40.0% in 2021. The region is likely to grow at a robust rate from 2022 to 2030. This large market share and regional growth can be accredited to the lucrative opportunities in automotive, packaging, pharmaceutical, and other industrial applications in the Asia Pacific region.

Machine Vision Industry Overview

The global machine vision market size was valued at 13.23 billion in 2021 and is expected to reach USD 25.92 billion by 2030, expanding at a compound annual growth rate (CAGR) of 7.7% over the forecast period. The increasing demand for quality inspection and automation in different industrial verticals is likely to drive the market. Additionally, the need for vision-guided robotic systems across the automotive, food and beverage, pharmaceutical and chemical, and packaging segments is expected to fuel the market growth. The surge in demand for application-oriented machine vision systems is also boosting the adoption of the technology over the forecast period.

MV systems involve the ability of a computer to observe, inspect, and scrutinize the work performance by employing one or more video cameras, digital signal processing, and analog to digital conversion. The captured data is then transferred to the computer to analyze and provide the desired output. Resolution and sensitivity are two important aspects of any MV system. Resolution is responsible for differentiating between objects, whereas sensitivity is the machine’s ability to detect objects or weak impulses despite dim lights or invisible wavelengths.

Gather more insights about the market drivers, restrains and growth of the Global Machine Vision market

These systems particularly assist in supervising work environments. It offers features such as process control, robotic guidance, and automatic inspection in industrial applications. Industrial production and manufacturing activities are becoming increasingly complicated day by day, creating difficulties and increasing unreliability for the human eye to keenly detect, observe, and examine production activities.

The technology is witnessing high adoption in industrial operations and is significantly replacing manual inspection and measurements owing to the increasing necessity for efficient and reliable inspection and measurements. Machine vision systems deploy smart cameras and image processing to perform measurements and inspections.

The intensifying need for superior inspection and increasing automation are the key influencing factors paving the way for the notable adoption of machine vision technology. Furthermore, the need for increased quality control by consumers and manufacturers, coupled with government regulations to abide by the prescribed specifications, is expected to catapult the adoption of machine vision technology.

 

The technology is gaining considerable traction across food and packaging, automotive, pharmaceutical, and other industrial verticals owing to abilities such as improved detection of objects, enhanced analysis, monitoring tolerance, and accurate component measuring.

All these factors are expected to boost the market growth over the forecast period. However, the lack of efficient system operators due to inadequate training is a restraining factor that is likely to obstruct the smooth growth of the market.

The outbreak of COVID-19 has adversely impacted the economic condition due to government measures such as lockdown and border closures leading to delays in procurement, manufacturing, and delivery. China being one of the first countries in Asia to start its economic activity has seen a recovery trend in its economic progress. On the other hand, while the U.S. and Europe were having a positive turnaround, the economic trend remained sluggish.

Machine Vision Market Segmentation

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

  • In 2021, the hardware segment accounted for the largest revenue share of more than 60.0% and is anticipated to dominate the market over the forecast period. On the basis of offering, the market has been segregated into hardware, software, and services 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. The software segment is expected to witness steady growth over the forecast period on account of the training and deep learning of the technology, which is fairly contributing to the overall market growth.
  • In the services segment, machine vision providers offer mainly two types of services, namely integration and solution management. Machine vision system integrators are used for inspection, testing, assembly, and gaging applications and help customers to meet their product specifications.

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

  • In 2021, 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. The product segment has been sub-categorized into PC based and smart camera-based systems.
  • 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.

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

  • In 2021, 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 identification segment is expected to expand at a rapid CAGR of 8.7% from 2022 to 2030 owing to several advantages and opportunities offered to the technology worldwide.

Based on the Machine Vision Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

  • Asia Pacific dominated the market with a revenue share of over 40.0% in 2021. The region is likely to grow at a robust rate from 2022 to 2030. This large market share and regional growth can be accredited to the lucrative opportunities in automotive, packaging, pharmaceutical, and other industrial applications in the Asia Pacific region.
  • China and Japan are prominent countries having the potential to offer extensive opportunities for emerging as well as matured technologies such as machine vision.
  • In addition to this, the expenditure and operational benefits, coupled with the initiatives being undertaken by the governments of emerging countries, such as South Korea, India, Taiwan, and Singapore, are responsible for catapulting investments and encouraging different industry players to establish their production units in the Asia Pacific region.

Market Share Insights:

•  May 2021: National Instruments procured MonoDrive, who is an ultra-high fidelity simulation software for advanced driver-assistance systems (ADAS) frontrunner and independent vehicle researcher.

•  April 2019: JDA Software, Inc. and Panasonic Corporation announced an agreement between JDA Japan and Panasonic to establish a joint venture company to further promote sales of the companies’ joint solutions for the manufacturing, logistics, and retail industries in Japan.

Key Companies Profile:

Some prominent players in the global machine vision market include

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.

  • 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 Machine Vision Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Web: https://www.grandviewresearch.com

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
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Phone: 1888202951
Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United States
City: San Francisco
State: California
Country: United States
Website: https://www.grandviewresearch.com/industry-analysis/machine-vision-market

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