Allied Market Research
Loading...
Cart
0

Machine Vision System Market Projected to Hit $74.9 Billion By 2027

 

quote The global machine vision system market size is expected to witness considerable growth, owing to emergence of enhanced use in automotive and industrial sectors in the global market. The machine vision system industry is projected to witness significant growth, especially in emerging economies such as Asia-Pacific and LAMEA, owing to development of AI and IoT related technologies in these regions quote

Divyanshi Tewari
Lead Analyst, Semiconductors & Electronics at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a recent report published by Allied Market Research, titled, “Machine Vision System Market By Type, Product, Application, and End Use: Opportunity Analysis and Industry Forecast, 2020-2027”, the global machine vision system market was valued at $29.7 billion in 2019, and is projected to reach $74.9 billion by 2027, registering a CAGR of 11.3% from 2020 to 2027.

The machine vision system market forecast holds a high potential in industrial and automotive sectors. Current business scenario experiences rapid development in smart infrastructure and industry 4.0, leading to readiness for adoption of this technology, particularly in developed and developing regions such as North America, Asia-Pacific, and Europe. Companies in this industry adopt various innovative techniques to provide customers with advanced and innovative features

Major disadvantages of human inspection, such as long-term inconsistency, need of rest period, slower speed than machines, and variation among different inspectors also boost growth of the market. Machine vision features enhance functionality & accuracy and facilitate quick and cost-effective inspection procedures. It is incorporated for different manufacturing challenges aimed to improve quality and productivity in a manufacturing process.

Machine vision systems and services have uses in a wide range of industries, such as industrial, healthcare, electronics, automotive, and aerospace & defense. Manufacturers of automated guided robots and vehicles incorporate advanced machine vision systems for applications such as positioning and identification in their manufacturing and production units to maintain a competitive advantage over other production processes. Healthcare is expected to grow at a faster pace, with a CAGR of 15.3%, owing to increase in investments in developing machine vision systems by players for applications such as clinical diagnostics, in vitro diagnostics, and surgical lab automation, thus, enabling complex workflows.

According to machine vision system market trends, automotive is a major contributor in the manufacturing sector in the U.S., Japan, South Korea, Germany, and other countries. Machine vision finds its applications in autonomous vehicles, robots for construction, and automated guidance of unmanned aerial vehicles. The industry is characterized by highly automated mass production, which incorporates machine vision systems. Recently, ON Semiconductor signed a licensing agreement with CEVA to incorporate imaging and vision signal processing platform in automotive applications. Machine vision system enables rapid and unambiguous detection of objects, resulting in automation and acceleration of production processes in the automotive industry.

U.S. is the fastest adopter of this technology, which boosts growth of consumer electronics devices and upcoming automobile technology such as electric & hybrid vehicles, healthcare monitoring systems. Increase in disposable income of people in the U.S. also drives sales of machine vision system in the region. In addition, growth in the semiconductor industry, paired with the rise in trends of advanced devices among industries propels U.S. machine vision system market growth.

The COVID-19 crisis is expected to accelerate automation and the adoption of Industry 4.0 technologies. Remote manufacturing, diagnostics, and maintenance could all become permanent features in the manufacturing units among various industry verticals. Semiconductor companies might become smart workspaces, with technologies that facilitate remote work for most employees. These companies are also expected to adopt and encourage a hybrid model in their manufacturing processes in which a certain number of employees work remotely and rest remain on site. The efficiencies gained through such changes as well as their start-up costs influence future semiconductor revenues.

Key Findings of the Study

  • By type, the 2D vision segment generated the highest revenue in 2019.
  • By product, the PC-based vision system segment generated the highest revenue in 2019.
  • By application, the gauging segment generated the highest revenue in 2019.
  • By end use, the manufacturing segment generated the highest revenue in 2019.
  • By region, Asia-Pacific generated the highest revenue in 2019.

The key machine vision system market leaders profiled in the report include Baumer Ltd., Cgnex Corporation, Canon Inc., FLIR System, Intel Corporation, Keyence Corporation, National Instrument Corporation, Omron Corporation, Texas Instrument, and SICK AG. These key players adopt several strategies such as new product launch & development, acquisition, partnership & collaboration, and business expansion to increase the global machine vision system market share during the forecast period.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Ram D
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

 
 

First time buyer?
Check offers and discount on this report
To get this report

 
Click Here
 
 

quote Machine Vision System Market By Type (1D 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), and Application (Identification, Inspection, Gauging, Positioning, and Others), and End Use (Automotive, Healthcare, Manufacturing, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027 quote

View Report
 
 
Avenue Video Loading...

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
 

Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interests you.

 
Get Industry Data Alerts
 

Buy Full Version
"Machine Vision System Market"
Purchase Enquiry