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A01577 | Pages: 250 | Charts: 69 | Tables: 165 |
The Global Machine Vision System Market was valued at $49.7 billion in 2023 and is projected to reach $159.2 billion by 2032, growing at a CAGR of 13.9% from 2024 to 2032.
Machine vision technology substitutes human visual sense and judgment capabilities with digital cameras and image processing to complement manual inspections and measurements. Different industries incorporate this technology to automate their production and improve product quality and speed.
Based on type, the 2D vision segment dominated the market in terms of revenue in 2023 and is anticipated to grow at the fastest CAGR during the forecast period.
Based on product, the vision sensors & image-based barcode readers segment dominated the machine vision system market size in terms of revenue in 2023.
Based on application, the inspection segment dominated the machine vision system market in terms of revenue in 2023.
Based on end users, the manufacturing segment dominates the market in terms of revenue in 2023 and is anticipated to grow at the fastest CAGR during the forecast period.
Region-wise, North America generated the largest revenue in 2023. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
Machine vision has emerged as a cutting-edge advancement in camera technology, revolutionizing multiple industrial sectors such as logistics, manufacturing, and smart devices. With the advent of smart camera technologies, manufacturers can effortlessly develop and implement machine vision models tailored to their customers' specific requirements, helping customers gain comprehensive and actionable insights from valuable data. The market is poised to witness significant growth due to the rise in popularity of smart cameras, which offer enhanced processing capabilities in compact form factors.
For instance, in May 2023, Zivid launched a revolutionary line of its latest 3D color cameras, poised to make a significant impact on the machine vision and automation sectors. This development empowers the company to further enhance its capabilities, enabling customers to optimize efficiency and productivity across various applications, such as de-palletizing, bin-picking, pick-and-place, assembly, packaging, and quality control. Such developments are expected to increase the potential of the market opportunities and drive the market growth.
The utilization of technology spans numerous industries, encompassing robotic guidance and automation, quality control and inspection, and mapping. The growing adoption of robotics in the manufacturing sector is anticipated to amplify the potential of cameras for machine vision systems, driven by technological advancements and the rising demand for automation in various industries. For instance, according to a survey published by the International Federation of Robotics (IFR) in 2023, there was a 5% year-on-year growth in the installation of industrial robots in factories worldwide, with a total of 553,052 robots installed in 2022. Asia accounted for 73% of the newly deployed robots, followed by Europe with 15% and the Americas with 10%.
The rise in demand for automation in industrial applications is a significant driver for the machine vision system market. Automation becomes increasingly indispensable as industries strive for greater efficiency, accuracy, and productivity. Machine vision systems play a crucial role in this automation revolution by providing real-time visual inspection, quality control, and process optimization. Machine vision systems enable rapid and precise identification of defects, measurement of components, and monitoring of production processes by leveraging advanced imaging technology. Moreover, these systems enhance operational efficiency by reducing manual intervention, minimizing errors, and streamlining workflows. Moreover, machine vision effectively replaces human experts for visual inspection and quality control as it is the best solution in case of tedious inspection, where precise information can be quickly extracted. Advances in machine vision technology and related software tools have enabled manufacturers to deploy visual inspections that require high-speed, high-magnification, 24-hour operation, and repeatability of measurements. Therefore, the rise in demand for automation in industrial applications drives the growth of the machine vision system market.
However, the lack of skilled professionals in manufacturing units presents a significant restraint for the widespread adoption of machine vision systems. Machine vision system enables fast, reliable & precise control, effective production, and increased delivery reliability. However, it incurs high investment in training and education of operators, which is essential to help the technology enter new markets. The system enables flexibility to inspect multiple products on the same smart camera, which is often difficult. Specialized knowledge of the equipment is required to implement a machine vision system. Therefore, there is a shortage of skilled professionals who are capable of handling this advanced technology in their manufacturing units. In addition, small manufacturing units are mostly not equipped to use this technology in their manufacturing processes. Thus, this restraint is expected to be overcome during the forecast period, owing to constant research activities by key players in the market and an increase in the penetration of machine vision systems in different industries.
Furthermore, the rise in the trend toward IoT and AI presents a substantial opportunity for the machine vision system industry report. In the current IT-dominant world, people are moving toward automation-based solutions and services. This has led to an increase in focus on IoT (internet of things) -based devices and AI (artificial intelligence) , owing to their innovative and advanced applications. IoT and AI are technologies that provide internetworking for almost all applications, such as smartphones, machines, and buildings. IoT uses electronic software, sensors, and actuators to connect all things to a common network. IoT and AI-based devices help in machine-to-machine (M2M) communication and person-to-computer communication. In addition, these devices assist people in capturing and transmitting electronic data, which provides ample opportunities for market growth.
The global machine vision system market is segmented according to the patents filed in China, U.S. Patent Corporation Treaty (PCT), the Republic of Korea, the European Union, Germany, the UK, Canada, and Australia. China and the U.S. have the largest number of patent filings, owing to suitable research infrastructure. Approvals from these authorities are accepted by device registration authorities in many developing countries. Therefore, China and the U.S. have a maximum number of patent filings. Moreover, the majority of companies belong to China, which largely contributes toward the growth of the number of patent applications filed in the region.
The machine vision system market is analyzed into type, product, application, end use, and region. Based on type, the market is fragmented into D Vision, 2D Vision, and 3D Vision. Based on the product, the market is segregated into PC-based machine vision systems, vision controllers, standalone vision systems, vision sensors & image-based bar code readers, and others. Based on application, the market is classified into identification, inspection, gauging, positioning, and others. Based on end use, the market is categorized into automotive, healthcare, manufacturing, industrial, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Based on type, the 2D vision segment dominated the machine vision system market forecast in revenue in 2023 and is anticipated to continue this trend during the forecast period due to its widespread application and cost-effectiveness in industries like manufacturing, automotive, and electronics, where it excels in barcode reading, object recognition, and surface inspection.
Based on product, the vision sensors & image-based barcode readers segment dominated the machine vision system manufacturer market in 2023 due to their extensive utilization in logistics, manufacturing, and retail for tasks such as product identification, sorting, and quality control, which contributes to their dominance. 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 dominated the machine vision system market in 2023. This is because inspection plays a critical role in ensuring product quality and compliance across industries like manufacturing, automotive, electronics, and pharmaceuticals. Machine vision systems are extensively used to detect defects, verify assembly, and ensure product consistency, which are crucial for maintaining high standards and reducing waste.
Based on end users, the manufacturing segment dominates the machine vision system industry. This is due to the heavy reliance of manufacturing industries on machine vision systems for quality control, process automation, and efficiency enhancement. These systems are vital for inspecting products, ensuring compliance with standards, and optimizing production lines. The shift toward Industry 4.0 and smart manufacturing further drives the adoption of machine vision technology.
Based on region, the machine vision system industry is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific holds the highest market share in the machine vision system market in 2023. This is driven by a 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.
The major machine vision system market share by companies are Baumer Ltd., Cognex Corporation, Canon Inc., FLIR System Inc., Intel Corporation, Keyence Corporation, National Instrument Corporation, Omron Corporation, Texas Instrument Inc., and SICK AG.
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.
In August 2023, Cognex Corporation acquired Moritex Corporation (Moritex) from Trustar Capital, a private equity affiliate of CITIC Capital Holdings Limited, for USD 275 million. Moritex is a leading global provider of optics components with a strong presence in Japan. Moritex is expected to contribute around 6-8% of Cognex’s revenue, and the acquisition is expected to be accretive to GAAP EPS in 2025.
In July 2022, Omron Automation Americas, a pioneer in delivering cutting-edge automation solutions for sensing, control, safety, and vision technology, launched some of its most advanced machine vision cameras at the A3 Vision Show 2022 in Boston. With the use of this technology, a system can be built to match the needs of an application without the need for expensive computing gear or specialized engineers.
Semiconductor Industry Association (SIA)
SEMI.org
IEEE Electron Devices Society (EDS)
U.S. Department of Energy
Global Semiconductor Alliance (GSA)
World Economic Forum
European Semiconductor Industry Association (ESIA)
Key Market Segments
Key Market Players