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The industrial machine vision market size is estimated to grow by USD 4.22 billion at a Compound annual growth rate (CAGR) of 8.4% between 2022 and 2027. The market is experiencing growth driven by three key factors: significant cost savings through process control optimization, a heightened need for vision-guided robotic systems to enhance efficiency, and increased demand for quality inspection and automation. These factors reflect the industry's focus on improving productivity, accuracy, and operational efficiency through advanced machine vision technologies.
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This report extensively covers market segmentation by product type (PC-based and smart camera), component (hardware and software), and geography (APAC, North America, Europe, Middle East and Africa, and South America).
The PC-based segment will account for a major share of the market's growth during the forecast period.? A PC-based industrial machine vision system includes an industrial computer that manages and communicates with all the other peripheral devices like lights and cameras. PC-based vision systems are used when application requirements require high computing power, multiple cameras, or dedicated Field Programmable Gate Array (FPGA) processors. PC-based vision systems are extremely flexible and can cover a wide range of applications. For instance, PC-based vision in manufacturing is used for structure surveillance, product, and quality inspection, and tracking faults or damages.
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The PC-based segment was valued at USD 3.94 billion in 2017 and continued to grow until 2021. The growth of the segment is also attributed to the high adoption of PC-based industrial machine vision systems among the automotive and electronics industries. Also, the rising need for vehicles to be equipped with active safety systems, including external sensors such as cameras, is boosting the adoption of PC-based industrial machine vision systems in automobile production. Hence, the above-mentioned factors drive the demand for PC-based industrial machine vision systems, which in turn is expected to fuel the growth of the segment during the forecast period.
Based on mode of component, the market has been segmented into hardware and software. The hardware segment will account for the largest share of this segment.? Hardware components of industrial machine vision include various objects such as cameras, sensors, processors, LED lighting, frame grabbers, and optics. The cameras in a machine vision system are accountable for taking the light information from a scene and converting it into digital information. Another important factor for successful machine vision results is lighting. Machine vision systems create images by analyzing the light reflected from an object rather than from the object itself. One of the factors driving growth in the hardware segment of the global machine vision market is the need for automation and total cost of operation through continuous inspection to help detect and eliminate errors. Improvements in machine vision systems design quality will contribute to the growth of the hardware segment of the market during the forecast period.
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APAC is estimated to contribute 34% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. Owing to the provision of innovative and low-cost cameras in the region by the market players and manufacturers, the market in this region is exhibiting strong growth potential. Factors such as the development and increased adoption of industrial machine vision systems in countries such as China, Japan, and Indonesia are driving the growth of the market in this region.
Furthermore, in APAC, the automotive sector is rising because of the growing demand for electric vehicles in countries such as Vietnam, Thailand, and Malaysia. Owing to the increasing government support and large-scale investments in electric vehicle projects in these countries, the demand for electric vehicles is expected to grow. Vehicle manufacturers are adopting industrial machine vision systems in automobile production as these electric vehicles need to be equipped with active safety systems, which include external sensors such as cameras. Hence, these developments will drive the market in the region.
The market drives automation and productivity while mitigating labor costs across various industrial sectors. In the era of Industry 4.0 and smart factories, governments invest in R&D projects to foster innovation. Companies like Canadian firm iENSO and Microchip Technology lead with inventions such as the Ambarella-based platform ecosystem and AI vision processors. In North America, industrial robots and vision-guided robots dominate the automotive and electronic sectors, with players like New World Robotics catering to consumer electronics and hybrid/electric vehicles. Machine vision ensures accuracy, bolstering product safety amid the pandemic and benefiting the pharmaceutical and manufacturing sectors. Advanced camera and software technologies drive quality tests and data optimization, shaping the industry's future.
Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Significant cost savings in operation due to process control emerge as a primary driver for market growth, underpinned by automation and productivity enhancements. Early-stage industrial machine vision systems swiftly identify and remove defective components, curbing labor costs and reducing inspection expenses. Salvaging and reintegrating these parts minimize material wastage, augmenting operational efficiency. Integrating such systems in manufacturing facilities yields dual benefits: curbing labor expenses and mitigating corrective action costs, while ensuring precise operation and intercepting defects. This proactive approach not only enhances product quality but also reduces the need for corrective measures, further optimizing operational costs. Consequently, the market is poised for substantial growth and development, driven by advancements in industry 4.0, smart factories, and AI vision processors.
The rise in demand for Industrial IoT is the key trend driving the growth of the global market size. The IoT can be integrated with industrial machine vision systems to facilitate the production process. IoT uses wireless acoustic sensors and wireless mesh networks, connecting them to software systems to reduce wiring costs. A fully automated industry i.e. Industry 4.0 includes the development of an IoT ecosystem that enables the creation of automated intelligent production lines where systems, devices and machines independently communicate and exchange information independently
Moreover, Industry 4.0 aims to build smart factories where manufacturing processes are decentralized and there are feedback mechanisms that give automated instructions to industrial machines based on production quality. Smart factories are based on sustainable business practices. Smart factories enable the use of cyber-physical systems in the production environment to reduce production time and also improve production efficiency. Hence, the increase in demand for Industrial IoT will boost the growth of the global market during the forecast period.
Technical issues in deploying machine vision cameras are a significant challenge for the growth of the global market size. Industrial machine cameras embedded in industrial robots work efficiently when software and hardware work together. If the programmer fails to eliminate all bugs and software errors, the product may not work efficiently. For instance, in image clarity machine vision cameras working at low resolution might compromise image clarity, making the following analysis difficult. Also in the automatic analysis of images to obtain information, If this contrast is too low, the shape and size of the parts can no longer be recognized correctly.
Moreover, physical combination is also a major challenge that occurs in vision-controlled industrial robots. At a time of physical integration, there may be issues while mounting the camera. Size plays an important role because industrial applications often have limited space to fit a camera. These above-mentioned challenges impede the growth of the market during the forecast period.
Our analysis of the adoption life cycle of the market indicates its movement between the innovator’s stage and the laggard’s stage. The market trends and analysis report illustrates the lifecycle of the market, focusing on the adoption rates of the major countries. Technavio has included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies from 2022 to 2027.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market Companies, including:
Technavio's market research and growth report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies Companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The Market is witnessing significant growth across diverse industrial sectors due to advancements in technology and increasing demand for automation. Companies like New World Robotics and Canadian company iENSO are driving innovation with their inventions and Ambarella-based platform ecosystems, facilitating the development of AI vision processors and effective engineering procedures. These technologies enable the creation of vision-guided robots that comprehend and guide machines in various tasks, from product safety inspections in the pharmaceutical sector to quality tests in manufacturing companies. Moreover, in the electronic sector, Microchip Technology Corporation plays a vital role in developing application-oriented machine vision systems for consumer electronics industries and hybrid and electric vehicles.
Governments are also investing in R&D projects to optimize measurement processes and control processes in industrial verticals such as food and beverage, pharmaceuticals, and chemicals. The Smart Embedded Vision Initiative promotes the integration of complex vision systems for applications like reading codes and identifying components in packaging segments. With the rise of data optimization techniques, the market continues to evolve, offering tailored solutions for diverse industrial needs.
The market growth analysis report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Industrial Machine Vision Market Scope |
|
Market Report Coverage |
Details |
Page number |
149 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.4% |
Market growth 2023-2027 |
USD 4.22 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.8 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 34% |
Key countries |
US, Canada, China, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Adimec Advanced Image Systems bv, ADLINK Technology Inc., Advantech Co. Ltd., Allied Vision Technologies GmbH, AOS Technologies AG, Basler AG, Baumer Holding AG, Cognex Corp., Datalogic SpA, Edmund Optics Inc., ifm electronic gmbh, iX Cameras Ltd, JAI AS, Keyence Corp., Nippon Electro Sensory Devices Co. Ltd., OMRON Corp., Optronis GmbH, Sony Group Corp., Teledyne Technologies Inc., and Toshiba Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our market growth and forecasting report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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