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The industrial machine vision market size is forecast to increase by USD 5.22 billion at a CAGR of 9.45% between 2023 and 2028.
The industrial machine vision industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
Industrial machine vision systems, a critical component of smart factories and automation, enable real-time decision-making through image processing and analysis. These systems consist of hardware, such as cameras, sensors, processors, and frame grabbers, and software, including machine vision algorithms and deep learning capabilities. PC-based systems offer high processing power, multi-camera support, and integration with IoT and collaborative robotics. They are used extensively in sectors like automotive, pharmaceuticals, and consumer electronics for quality control, robot guidance, and defect detection. Challenges include integration issues, cyber-attacks, and training requirements. Vision-guided robots, a growing application area, offer increased operational efficiency and safety standards. Embedded vision applications in areas like healthcare, agriculture, and security surveillance are also on the rise. Vision processors, AI, and deep learning software play a crucial role in enhancing the functionality of these systems.
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The PC-based segment was valued at USD 4.21 billion in 2018 and showed a gradual increase during the forecast period.
Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in Asia Pacific (APAC) is experiencing significant growth due to the availability of innovative and cost-effective cameras from companies In the region. Key drivers for market expansion include the increasing adoption of industrial machine vision systems in sectors such as automotive and electronics in countries like China, Japan, India, Indonesia, Malaysia, and South Korea. These countries are emerging as major players In the industrial machine vision industry, with the majority of sales coming from the automotive and electronics sectors. The ongoing expansion projects In these industries, particularly in China and Japan, are further fueling market growth. Industrial machine vision systems are integral to various applications, including quality control, process control, safety standards, and robot guidance.
They enable real-time decision-making, product inspection, object detection, and defect detection. The market encompasses hardware, software, and services, including cameras, sensors, processors, frame grabbers, LED lighting, optics, barcode reading, deep learning software, integration, solution management, and PC-based and smart camera-based systems. Key sectors for machine vision applications include automotive, pharmaceuticals and chemicals, consumer goods, and agriculture. Challenges include cyber-attacks, integration complexities, and training requirements. The market also offers opportunities in emerging areas such as autonomous vehicles, healthcare, and security and surveillance.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Significant cost savings in operation due to process control is the key driver of the market.
Rise in demand for Industrial IoT is the upcoming market trend.
Technical issues in deploying machine vision cameras is a key challenge affecting the industry growth.
The industrial machine vision market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the industrial machine vision market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, industrial machine vision market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.
Adimec Advanced Image Systems bv - The market encompasses advanced imaging technologies designed for manufacturing automation. Solutions include the Quartz Series, Sapphire Series, and Diamond Series, which deliver high-performance inspection and measurement capabilities. These systems enable manufacturers to enhance product quality, increase efficiency, and reduce costs by automating inspection processes. Industrial machine vision integrates seamlessly with production lines, ensuring real-time defect detection and process optimization. With growing demand for smart manufacturing and Industry 4.0, the market is poised for significant growth.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Industrial machine vision, a critical component of automation and productivity enhancement in various industries, continues to gain momentum as labor costs rise and smart factories become increasingly prevalent. This technology enables real-time decision-making, quality control, and process optimization in various sectors, including automotive, pharmaceutical, consumer electronics, and more. Machine vision systems employ image processing techniques to extract valuable information from visual data, facilitating applications such as inspection, measurements, object detection, and defect detection. These systems are integral to the functionality of vision-guided robots, which have revolutionized manufacturing processes by enabling precise robot guidance and automated quality inspection. The integration of machine vision technology into robotics has led to the development of collaborative robotics, allowing for a safer and more efficient working environment.
In the automotive sector, machine vision is used extensively for quality control, ensuring the production of high-quality vehicles. In the pharmaceutical industry, machine vision plays a crucial role in ensuring product quality and compliance with safety standards. The increasing adoption of machine vision technology in various industries is driven by the need for operational efficiency, improved product quality, and the ability to handle complex inspection tasks. The market for machine vision systems is vast and diverse, encompassing a range of industrial verticals and application-oriented systems. One of the key challenges in implementing machine vision systems is the integration of various hardware and software components, including cameras, sensors, processors, frame grabbers, and LED lighting.
Additionally, ensuring the safety and security of these systems is paramount, as cyber-attacks and data breaches can lead to significant consequences. Machine vision systems come in various forms, including PC-based systems and smart camera-based systems. PC-based systems offer high processing power and multi-camera support, making them suitable for complex applications. Smart camera-based systems, on the other hand, offer a more plug-and-play solution, with integrated processing and software components. Deep learning capabilities are increasingly being integrated into machine vision systems, enabling advanced object detection and defect detection. This technology is particularly useful in industries such as agriculture, where it can be used for dimensional gauging and testing automation.
The market for machine vision systems is expected to continue growing, driven by the increasing adoption of smart factories and the need for real-time decision-making and quality control in various industries. As the technology continues to evolve, it is expected to find applications in new industries and verticals, further expanding the market's scope and potential.
Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.45% |
Market growth 2024-2028 |
USD 5219.8 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
8.42 |
Key countries |
US, Canada, China, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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