Machine Vision System Market to Reach $159.2 Billion, Globally, by 2032 at 13.9% CAGR: Allied Market Research

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Aug 09, 2024, 06:45 ET

The global machine vision system market is experiencing growth due to advancements in artificial Intelligence (AI) and deep learning, and expansion of industrial IoT (IIoT) and smart manufacturing.

WILMINGTON, Del., Aug. 9, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Machine Vision System Market by Type (D Vision, 2D Vision and 3D Vision), Product (PC-based machine vision system, Vision controllers, Standalone vision system, Vision sensors & image-based bar code readers and Others), Application (Identification, Inspection, Gauging, Positioning and Others), End use (Automotive, Healthcare, Manufacturing, Industrial and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the machine vision system market was valued at $49.7 billion in 2023, and is estimated to reach $159.2 billion by 2032, growing at a CAGR of 13.9% from 2024 to 2032.

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165 – Tables
68 – Charts
250 – Pages

Prime determinants of growth

Advancements in artificial intelligence (AI) and deep learning, and expansion of industrial IoT (IIoT) and smart manufacturing are the major factors which drives the machine vision system market growth. However, high initial investment costs act as a major barrier for its adoption, which, in turn, hampers the growth of the market. On the contrary, Integration with cloud computing and edge AI and the rise in adoption of industry 4.0 are anticipated to provide lucrative opportunities for the machine vision system market during the forecast period.

Report coverage & details:

Report Coverage	Details
Forecast Period	2024–2032
Base Year	2023
Market Size in 2023	$49.7 billion
Market Size in 2032	$159.2 billion
CAGR	13.9 %
No. of Pages in Report	250
Segments Covered	Type, Product, Application End User, and Region
Drivers	Advancements in Artificial Intelligence (AI) and Deep Learning Expansion of Industrial IoT (IIoT) and Smart Manufacturing
Opportunities	Integration with Cloud Computing and Edge AI
Restraint	High Initial Investment Costs

Segment Highlights

Based on type, the 2D vision segment dominated the market in terms of revenue in 2023 and is expected to follow the same trend during the forecast period due to the widespread application and cost-effectiveness of 2D vision systems across various industries, including manufacturing, automotive, and electronics. 2D vision systems are well-suited for tasks like barcode reading, object recognition, and surface inspection, which are common in industrial automation.

Based on product, the vision sensors & image-based barcode readers segment held the highest market share in 2023, accounting for nearly half of the machine vision system market share due to extensive use of these systems in industries such as logistics, manufacturing, and retail for tasks like product identification, sorting, and quality control. Vision sensors and image-based barcode readers are valued for their cost-effectiveness, ease of integration, and reliability in various automated processes.

Based on application, the inspection segment held the highest market share in 2023, accounting for nearly half of the Machine Vision System market share due to the critical role inspection plays in ensuring product quality and compliance across various industries, such as manufacturing, automotive, electronics, and pharmaceuticals. Machine vision systems are extensively used for detecting defects, verifying assembly, and ensuring product consistency, which are essential for maintaining high standards and reducing waste.

Based on end user, the manufacturing segment held the highest market share in 2023, accounting for nearly half of the machine vision system market share. This is because manufacturing industries heavily rely on machine vision systems for quality control, process automation, and efficiency enhancement. These systems are integral for inspecting products, ensuring compliance with standards, and optimizing production lines. The push towards Industry 4.0 and smart manufacturing further boosts the adoption of machine vision technology.

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Regional Outlook

On the basis of region, the machine vision system market is analyzed across North America, Europe, Asia Pacific, and LAMEA. Asia-Pacific held the highest market share in the machine vision system market in 2023. This is driven by robust manufacturing sector, particularly in countries like China, Japan, South Korea, and Taiwan. Asia-Pacific is a global hub for electronics, automotive, and semiconductor industries, which are key adopters of machine vision systems for quality control and automation. The rapid industrialization, increasing adoption of automation technologies, and significant investments in smart manufacturing further boost the demand for machine vision systems. In addition, supportive government initiatives and growing local expertise in advanced manufacturing technologies contribute to the region's leading market position.

Key Players:

Baumer Ltd.
Cognex Corporation
Canon Inc.
FLIR System
Intel Corporation
Keyence Corporation
National Instrument Corporation
Omron Corporation
Texas Instrument
SICK AG.

The report provides a detailed analysis of these key players in the global Machine Vision System market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Recent Development:

In October 2023, Emerson announced the acquisition of NI. NI increases Emerson's end market exposure in discrete markets, which will be Emerson's second largest industry segment. With approximately 20% of its sales in software, NI also increases Emerson's exposure to high-growth industrial software markets. The acquisition of NI advances Emerson's position as a global automation leader and expands its opportunities to capitalize on critical secular trends like nearshoring, digital transformation, sustainability, and decarbonization.

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Key Benefits For Stakeholders:

This report provides a quantitative analysis, machine vision system sector analysis of the market segments, current trends, estimations, and dynamics of the machine vision system market analysis from 2024 to 2032 to identify the prevailing machine vision system market data, and machine vision system market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the machine vision system market segmentation assists to determine the prevailing robot vision system market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the vision inspection system manufacturers market players.
The report includes the analysis of the regional as well as global machine vision system market trends, machine vision system market insights, machine vision system for US market, machine vision system market size by country, machine vision system company list, key players, market segments, application areas, and market growth strategies.

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Machine Vision System Market Key Segments:

By Type

D Vision
2D Vision
3D Vision

By Application

Identification
Inspection
Gauging
Positioning
Others

By Region

North America (U.S., Canada, Mexico)
Europe (UK, Germany, France, Italy, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
Latin America (Brazil, Argentina, Rest of Latin America)
Middle East and Africa (UAE, Saudi Arabia, Rest of Middle East And Africa)

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