The machine vision market is expected to reach USD 14.0 billion by 2024 from USD 9.9 billion in 2019--at a CAGR of 7.1% from 2019 to 2024.
Machine vision helps in improving quality and operational efficiency in the automotive, electronics & semiconductor, consumer electronics, glass, metals, wood & paper, and pharmaceutical industries. Machine vision technology is also used to automate the production process, increase production speed, and improve product quality. The growing demand for artificial intelligence plays a significant role in the growth of the machine vision market. In addition, the growing trend of Industry 4.0 in emerging economies of the world is also expected to propel the growth of the machine vision market during the forecast period, according to recent market report.
Leading players:
Cognex Corporation (US),
Basler AG (Germany),
Omron Corporation (Japan),
Keyence Corporation (Japan),
National Instruments (US),
Sony Corporation (Japan),
Teledyne Technologies, Inc. (US),
Allied Vision Technologies GmbH (Germany),
Texas Instruments, Inc. (US),
Intel Corporation (US),
Baumer Optronic GmbH (Germany),
JAI A/S (Denmark),
MVTec Software (Germany),
Tordivel AS (Norway),
ISRA VISION (Germany),
Sick (Germany), and
FLIR Systems (US)
Smart camera-based machine vision system to grow at higher CAGR than PC-based system during forecast period
A smart camera is an intelligent camera that is capable of performing supplementary functions in addition to capturing images. It is capable of integrating optics, illumination, image capturing, and image processing. It can also perform multiple functions without manual assistance by utilizing a processor and computational intelligence. Smart camera-based systems are more cost-effective, compact in size, and easy to use than the PC-based systems and are hence mainly used for quality assurance and inspection applications in industries involved in mass production, such as automotive and consumer electronics.
Food & packaging end-use industry to grow at highest CAGR from 2019 to 2024
The food industry provides several opportunities for the machine vision market, and several companies have responded by developing application-specific solutions in the areas of grading, sorting, portioning, processing, and quality checking during processing and packaging. Machine vision systems help in the sorting of tea leaves, vegetables, or fruits. The systems are pre-trained with the required algorithms, which help them understand characteristics such as size, stage of growth, and variety. Machine vision helps in the inspection of packaging processes and reduction of errors by carrying out multiple inspections at a single time.
APAC region to grow at highest CAGR
The APAC region is likely to witness highest growth in overall market during forecast period. The machine vision market in APAC is expected to grow at the highest CAGR during the forecast period. APAC is expected to provide ample growth opportunities for the machine vision market since it is considered a manufacturing hub for most industries. China is an ideal destination for production units of various industries, including electronics and automotive. The machine vision market in China is expected to witness a higher growth than in other APAC countries owing to the increasing demand for automation in the country. In addition, the labor cost in China is increasing year on year. Therefore, companies based in China are focusing on using automation systems to reduce production costs. These factors are driving the growth of the machine vision market in China.
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