Machine Vision Market To Reach USD 27.86 Billion by 2030, Says P&S Intelligence

NEW YORK, March 6, 2023 /PRNewswire/ -- The revenue generated by the machine vision market will be USD 27.86 billion by 2030, propelling at an 8.60% CAGR in the years to come, as per a report by P&S Intelligence.

This is due to the growing requirement for quality inspection and robotics in diverse verticals, the increasing R&D expenditure by industry giants, and technological progressions.

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PC-Based Systems Are Used More

• PC-based machine vision systems have the larger share, of 56%, and this category will maintain its position in the years to come.
• PC-based devices can be easily connected to direct-connect cameras and image acquisition boards, and they also have configurable software. These systems are economical and easier to use for numerous camera applications.
• General inspection for determining the existence of parts is amongst the several camera applications. An example of the same is checking for studs on the underbelly of a car in an auto body shop.

Robotic Cells To Have Faster Growth in Demand

The robotic cell category will grow faster, at a rate of 9.1%, by the end of this decade.

This would be due to the fact that sorting, picking, and other production line processes are now performed by robots, because of the developments in AI, machine vision, and deep learning technologies.

Additionally, the launch of line scanning devices has allowed for better inspection of products at the manufacturing plant, for consistency in the positioning of labels or caps on bottles and many similar purposes.

Identification Application Has a Significant Share

Machine systems deployed for identification purposes contribute significantly to the market growth.

Browse detailed report on  Machine Vision Market Insights, Segment Analysis, Growth and Demand Forecast to 2030

This is attributable to the fact that object identification is done for various purposes, for example, camera surveillance, traffic monitoring, and recognition of number plates, for security purposes.

Software Category Will Grow Faster

• The software category will witness the faster growth over this decade.
• This can be credited to the increasing employment of cutting-edge technology by manufacturers, as well as government agencies and commercial property owners.
• The use of software algorithms helps automate tough or monotonous visual inspection tasks and accurately directs handling machinery throughout product assembly.

APAC To Grow Fastest in Industry

APAC will grow the fastest in the future, at a rate of 9.7%.

This will be due to the increasing rate of industrialization, especially in the manufacturing and automotive industries, and the growing acceptance of robots, AI, and ML among the manufacturers in Japan, China, and India.

Moreover, the increasing expenditures, accompanied by the measures of the governments of emerging economies are pushing stalwarts in numerous industries to establish their production facilities in the region.

Machine Vision Market Segmentation Coverage in the Report

Machine Vision Market Analysis by Product Type

• PC-based
• Smart Cameras-based

Machine Vision Market Analysis by Deployment Type

• General
• Robotic Cell

Machine Vision Market Analysis by Component

• Hardware
• Software

Machine Vision Market Analysis by End-Use Industry

• Automotive
• Consumer Electronics
• Electronics & Semiconductor
• Glass
• Metals
• Wood & Paper
• Pharmaceuticals
• Food & Packaging
• Rubber & Plastics
• Printing
• Machinery
• Solar Panel Manufacturing
• Textiles

Machine Vision Market Analysis by Application

• Quality Assurance and Inspection
• Positioning and Guidance
• Measurement
• Identification

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About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

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SOURCE P&S Intelligence