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The Machine Vision (MV) market size is estimated to grow at a CAGR of 9.78% between 2022 and 2027. The market size is forecast to increase by USD 7,234.81 million. The growth of the market depends on several factors, such as significant cost savings in operation due to process control, a rise in demand for machine vision systems from APAC, and increasing demand for machine vision systems from the automotive industry.
This report extensively covers market segmentation by end-user (industrial and non-industrial), type (vision system, cameras, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
Machine Vision Market Forecast 2023-2027
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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.
Machine vision systems are mainly implemented at the initial stage of manufacturing. The main advantage of the integration of machine vision systems in the production units is that it enables manufacturers in minimizing labor costs as well as avoiding corrective action costs. Additionally, it has become difficult for manufacturers to control the cost in countries such as the US and Canada which may later impact the competitive strategy of a company.
Furthermore, the main advantage of the implementation of machine vision systems is that it enables the automatic capturing of data as well as reducing defects in products and processes. Thus, it minimizes human intervention in the manufacturing process. Hence, such factors are positively impacting the machine vision (MV) market. Therefore, it is expected to drive market growth in the forecast period.
There has been a significant improvement in thermal inspection due to the improvement in the 2D and 3D imaging for machine visions. Several market players who are offering machine vision are launching thermal imaging, although thermal imaging is costly and heavy for the industry and is hard to adopt.
Furthermore, there have been significant enhancements in the thermal inspections as it offers Ethernet, camera links, and standard applications that support machine vision conventions. Thus the integration of thermal inspection in machine vision systems positively impacts the machine vision (MV) market. Hence, such factors are expected to drive market growth during the forecast period.
The severe competition in the global machine vision market has resulted in price wars and minimal profit margins for market players. Additionally, there are several new market players entering the market offering a similar system even though existing market players have patented their equipment and systems.
As a result, it has resulted in high competition in the global machine vision market. Another significant factor that is fuelling the high competition in the market is the increasing demand from the end-users. Hence, such factors are negatively impacting the machine vision (MV) market. Therefore, it is expected to hinder market growth during the forecast period.
The industrial segment is estimated to witness significant growth during the forecast period. Some of the main industries which have contributed to the growth of this segment include automotive and electronics as well as the metal and food and beverages industries. There is increasing adoption of machine vision systems across the pharmaceutical industry which extensively use machine vision components in its process lines and in logistics applications.
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The industrial segment was the largest segment and was valued at USD 6,964.54 million in 2017. Furthermore, there is an increasing use of machine vision systems in the manufacturing industry in order to sustain the competition and gain a competitive advantage. Several manufacturers implementing machine vision are extensively using machine vision solutions to improve the rate of production and reduce the defects in their products. Other manufacturing industries which are significantly contributing to the growth of this segment are the electronics and semiconductors industries. hence, such factors are fuelling the growth of this segment which, in turn, will drive the market growth during the forecast period.
Based on type, the segment is classified into vision systems, cameras, and others. A vision system includes an integrated system, vision sensors, processors, and machine vision software and hardware. There is a higher adoption of vision systems across the industrial segment and it has fuelled the demand for these vision systems. The application of vision systems can be customized as per industrial needs. Furthermore, the error detection of vision systems will determine the demand for vision systems in the market. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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APAC is estimated to contribute 45% 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. Some of the main factors which are significantly contributing to the growth of the global machine vision market in APAC are the provision of innovative and low-cost cameras in the region by the market players. Additionally, factors such as development and increased adoption of machine vision systems in countries such as China, Japan, and Indonesia are also fuelling the growth of the market in the region during the forecast period.
Furthermore, there is a strong presence of semiconductor industries in several countries such as China and Japan which has a positive impact on the market growth. Some of the major countries which are emerging as dominant countries for the machine vision market in APAC include China, Japan, India, Indonesia, Malaysia, and South Korea. Hence, such factors are expected to drive market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global machine vision market witnessed a significant slowdown due to the temporary halt in the operations of end-user industries, such as automotive, consumer goods, and packaging in APAC. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the resumption of operations in end-user industries. Such factors are expected to drive the market during the forecast period.
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.
Adimec Advanced Image Systems: The company offers machine vision such as the QUARTZ series, SAPPHIRE series, DIAMOND Gentific camera series, and NORITE N 5A100 camera.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
ADLINK Technology Inc., Advantech Co. Ltd., AFRY AB, Basler AG, Baumer Holding AG, Cognex Corp., Datalogic SpA, DATASENSOR INDIA PVT. LTD., Industrial Vision Systems Ltd., Intel Corp., iX Cameras Ltd, JAI AS, Keyence Corp., OMRON Corp., Optronis GmbH, Sony Group Corp., Teledyne Technologies Inc., TKH Group NV, Toshiba Corp.
Technavio 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 machine vision market 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.
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Machine Vision Market Scope |
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Report Coverage |
Details |
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Page number |
165 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.78% |
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Market growth 2023-2027 |
USD 7,234.81 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
8.9 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 45% |
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Key countries |
US, Canada, China, Japan, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Adimec Advanced Image Systems bv, ADLINK Technology Inc., Advantech Co. Ltd., AFRY AB, Basler AG, Baumer Holding AG, Cognex Corp., Datalogic SpA, DATASENSOR INDIA PVT. LTD., Industrial Vision Systems Ltd., Intel Corp., iX Cameras Ltd, JAI AS, Keyence Corp., OMRON Corp., Optronis GmbH, Sony Group Corp., Teledyne Technologies Inc., TKH Group NV, and Toshiba Corp. |
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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, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor 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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