MV Camera Market Expected to Reach $6.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “MV Camera Market," The mv camera market was valued at $2.6 billion in 2021, and is estimated to reach $6.5 billion by 2031, growing at a CAGR of 9.9% from 2022 to 2031.

Machine vision technology recognizes an object in the image using an image-recognition algorithm. It allows a more comprehensive and accurate image of an object with no distortion for applications such as automation, robots, agriculture drones, and 3D modeling. Cameras have been used for quality assurance in manufacturing industries for decades, but with improvements and AI, the applications range has expanded to include inspection, measurement, and microscopy. The rise in the adoption of innovative technologies such as the Meraki camera, Meraki MV2, and cisco Meraki camera across various sectors is expected to propel the growth of the MV camera industry.

The demand for vision-enabled robotics systems propels the growth of the global MV camera market. Furthermore, an increase in the potential for Industry 4.0 across the manufacturing sector, as well as increased use of machine vision cameras in non-industrial sectors, are expected to drive market expansion during the forecast period. However, one of the major challenges limiting the growth of the global machine vision camera market is the high cost of maintenance and scarcity of experienced personnel. On the contrary, an increase in the implementation of vision systems in medical and life science research is expected to give profitable prospects for market growth during the forecast period.

According to the MV camera market analysis, the 2D vision segment was the highest contributor to the MV camera market in 2021, whereas manufacturing and industrial segments collectively accounted for around 58.1% of the MV camera market share in 2021. The surge in demand for expanding opportunities in Industry 4.0 across the manufacturing sector has led to the growth of the automotive and consumer electronics segments, thereby enhancing the MV camera market growth.

The outbreak of COVID-19 significantly impacted the growth of the MV camera market, owing to a significant impact on prime market players. Conversely, a rise in demand for electric vehicles and security solutions in the automotive sector is anticipated to drive MV camera market trends post-pandemic. However, the lack of availability of a professional workforce, owing to partial and complete lockdown implemented by governments restrained the growth of the machine vision market. On the contrary, emerging economies significantly witnessed the need for biomedical solutions, which is expected to boost the MV camera market size.

Key players profiled in the report include Cognex Corporation, Basler, Omron Corporation, Keyence Corporation, Teledyne Technologies, TKH Group, National Instruments, Sony Corporation, Texas Instruments, Intel Corporation, ISRA VISION AG, SICK AG, Microsoft Corporation, AMETEK Inc., Qualitas Technologies, viso.ai, and Zivid – Pick & Place. Market players have adopted various strategies such as product launch, collaboration, partnership, joint venture, and acquisition to expand their foothold in the global MV camera market.