Machine Vision Market to be Worth $41.60 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, Feb. 27, 2023 /PRNewswire/ -- The global machine vision market size is expected to reach USD 41.60 billion by 2030 at CAGR of 12.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. 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.
Key Industry Insights & Findings from the report:
- The PC-based product segment accounted for the largest revenue share in 2022 and is estimated to dominate the market over the forecast period.
- The identification application segment is anticipated to exhibit the fastest growth rate over the forecast period followed by the positioning and guidance application segment.
- By end-use industry, the food and beverage industry is expected to register the highest CAGR over the forecast period.
- The industry is expected to witness substantial growth in the Asia Pacific region over the next decade. This growth is witnessed in the wake of ample opportunities offered due to the presence of large manufacturing hubs in prominent countries (across the food and packaging, automotive, pharmaceutical, industrial, and consumer electronic sectors) such as China and Japan.
Read 154 page market research report, "Machine Vision Market Size, Share & Trends Analysis Report By Offering (Hardware, Software, Services), By Product, By Application, By End-use Industry, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Machine Vision Market Growth & Trends
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
Industrial machine vision systems are usually more robust and demand high reliability, stability, and accuracy as compared to those used in institutional or educational applications. They cost lesser than systems used in military, aerospace, defense, and government applications. These factors are expected to lead to greater adaptability of the technology in the industrial sectors. In addition, the robotic vision systems used across the industries are also leading to the increasing adoption of the technology, thereby strengthening the overall market.
The technology has proven to be of key importance in the area of manufacturing and quality control owing to the increasing need for quality inspection and production. In addition, the growing automation in industrial segments is facilitating the growth of the market at a considerable rate. The technology has been witnessing extensive developments and innovative upgrades since its emergence. Several factors such as the growing inception of the technology and the increasing need for quality products are influencing the market growth. Furthermore, machine vision systems are gaining traction in medical and healthcare applications at a considerable pace. The analysis of medical images and robotic applications for carrying out various medical activities are the key roles of the technology in these sectors.
The automotive end-use industry held the largest revenue share in 2022. The inspection process which includes error-proofing and presence/absence checking, among others is responsible for the adoption of machine vision in the automotive industry. The food and beverage industry is expected to witness the highest growth over the projected period owing to the use of machine vision systems in packaging and bottling operations.
The Asia Pacific region grabbed the largest revenue share in 2022, which can be attributed to ample opportunities offered on account of large manufacturing practices carried out in the region. Countries such as China, Japan, Australia, and Singapore are considered to be potential markets for upcoming technologies, including machine vision. The region's significant industrial expansion has been contributing to the prosperity and development of various innovations and the adoption of different technologies significantly.
In addition, factors such as increasing focus on developments, expenditures on vision-related research activities, and the growing manufacturing base in the region are expected to spur the market growth in Asia Pacific. The regional market is anticipated to exhibit the fastest growth rate over the forecast period. The industry is facing challenges due to the lack of awareness among users regarding the rapidly advancing machine vision technology. Moreover, the complexity of integrating machine vision systems is a major difficulty being faced by manufacturers, which is restraining the smoother growth of the industry.
Machine Vision Market Segmentation
Grand View Research has segmented the global machine vision market based on offering, product, application, end-use industry, and region:
Machine Vision Market - Offering Outlook (Revenue, USD Million, 2017 - 2030)
- Hardware
- Camera
- Frame Grabber
- Optics/Lenses
- LED Lighting
- Processor
- Software
- Barcode Reading
- Standard Algorithm
- Deep Learning Software
- Services
- Integration
- Solution Management
Machine Vision Market - Product Outlook (Revenue, USD Million, 2017 - 2030)
- PC Based
- Smart Camera Based
Machine Vision Market - Application Outlook (Revenue, USD Million, 2017 - 2030)
- Quality Assurance and Inspection
- Positioning and Guidance
- Measurement
- Identification
Machine Vision Market - End-use Industry Outlook (Revenue, USD Million, 2017 - 2030)
- Automotive
- Pharmaceuticals & Chemicals
- Electronics & Semiconductor
- Pulp & Paper
- Printing & Labelling
- Food & Beverage (Packaging and Bottling)
- Glass & Metal
- Postal & Logistics
- Others (Agriculture, Security & Surveillance, Rubber, Plastics, Solar Paneling, Machinery, and Others)
Machine Vision Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Italy
- Asia Pacific
- China
- Japan
- Australia
- Singapore
- India
- South Korea
- South America
- Brazil
- Middle East & Africa
- Israel
List of Key Players of Machine Vision Market
- 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
Check out more related studies published by Grand View Research:
- 3D Machine Vision Market - The global 3D machine vision market size is expected to reach USD 15.63 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to witness a CAGR of 13.5% from 2023 to 2030. The ability of 3D machine vision systems to process a large amount of information in a fraction of seconds is a major factor driving the market growth. The quick processing ability of 3D 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 industrial sectors is leading toward 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.
- Vision Positioning System Market - The global vision positioning system market size is expected to reach USD 9.68 billion by 2025, according to a new report by Grand View Research, Inc., registering a 12.0% CAGR during the forecast period. Increased applications in healthcare, defense, and industrial automation sectors are expected to drive the market over the forecast period.
- Machine Control System Market - The global machine control system market size is expected to reach USD 10.12 billion by 2027, to a new report by Grand View Research, Inc., expanding at a CAGR of 11.2%, over the forecast period. Machine control systems are defined as technologically advanced devices deployed for correct positioning of earthmoving and construction machinery. These systems can precisely identify areas for the initiation of work so that heavy equipment can be placed in the right place. Proper positioning facilitates enhanced safety for workers in harsh working environments. It improves the efficiency of work during tighter timelines, thereby increasing the adoption of these systems and driving market growth.
Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc
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