Machine Vision Market is projected to Grow $21.17 Billion With CAGR of Above 6.9% by 2028 | Grand View Research, Inc.

Machine Vision Market is projected to Grow $21.17 Billion With CAGR of Above 6.9% by 2028 | Grand View Research, Inc.

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According to a new report published by Grand View Research, The increasing demand for quality inspection and automation in different industrial verticals is likely to drive the market for machine vision.

Machine Vision Market Growth & Trends

The global machine vision market size is expected to reach USD 21.17 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.9% from 2021 to 2028. The ability of machine vision systems to process a large amount of information in a fraction of seconds is a major factor driving the market. The quick processing ability of machine vision systems is paving the way for manufacturers to achieve new milestones in manufacturing products with negligible defects. Moreover, the increasing adoption of robots across the industrial sectors is leading to the application of vision-guided robotic systems. Industrial verticals such as automotive, pharmaceutical, packaging, and food and beverage are prominent sectors where robotic systems are used, eventually fueling the demand for machine vision systems.

Machine vision technology encompasses various components in order to capture images of products to analyze them depending on different parameters of quality and safety. The technology is a combination of software and hardware that provides operational control to devices to execute functions, such as capturing and processing images and measuring various characteristics required for decision making. Major components of the system comprise lighting, lens, image sensors, vision processing, and communication devices. Machine vision systems assist in resolving complicated industrial tasks with reliability.

Industrial machine vision systems are usually more robust and demand high reliability, stability, and accuracy as compared to those used in institutional or educational applications. They cost lesser than systems used in military, aerospace, defense, and government applications. These factors are expected to lead to greater adaptability of the technology in the industrial sectors. In addition, the robotic vision systems used across the industries are leading to the increasing adoption of the technology, thereby strengthening the overall market growth.

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In addition, factors such as increasing focus on developments and expenditures in vision-related research activities and the growing manufacturing base in the region are expected to spur the market growth in the Asia Pacific, in turn, driving the overall market at a notable pace. The regional market is anticipated to exhibit the fastest growth rate over the forecast period.

The industry is facing challenges due to the lack of awareness among users about the rapidly advancing machine vision technology. Moreover, the complexity of integrating machine vision systems is the major difficulty being faced by manufacturers, which is restraining the smoother growth of the industry.

Machine Vision Market Report Highlights

  • The PC-based product segment accounted for the largest market share in 2020 and is estimated to dominate the market over the forecast period
  • The identification application segment is anticipated to exhibit the fastest growth rate over the forecast period, followed by the positioning and guidance application segment
  • The food and beverage end-use industry segment is expected to register the highest CAGR over the forecast period
  • The market in Asia Pacific is expected to witness substantial growth over the forecast period. This growth is attributed to the ample opportunities offered due to the presence of large manufacturing hubs in prominent countries, such as China and Japan, across the food and packaging, automotive, pharmaceutical, industrial, and consumer electronic sectors

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Machine Vision Market Segmentation

Grand View Research has segmented the global machine vision market based on offering, product, application, end-use industry, and region:

Machine Vision Offering Outlook (Revenue, USD Million, 2017 – 2028)

  • Hardware
    • Camera
    • Frame Grabber
    • Optics/Lenses
    • LED Lighting
    • Processor
    • Software
      • Barcode Reading
      • Standard Algorithm
      • Deep Learning Software
    • Services
      • Integration
      • Solution Management

Machine Vision Product Outlook (Revenue, USD Million, 2017 – 2028)

  • PC Based
  • Smart Camera Based

Machine Vision Application Outlook (Revenue, USD Million, 2017 – 2028)

  • Quality Assurance & Inspection
  • Positioning & Guidance
  • Measurement
  • Identification

Machine Vision End-use Industry Outlook (Revenue, USD Million, 2017 – 2028)

  • Automotive
  • Pharmaceuticals & Chemicals
  • Electronics & Semiconductor
  • Pulp & Paper
  • Printing & Labelling
  • Food & Beverage (Packaging and Bottling)
  • Glass & Metal
  • Postal & Logistics
  • Others (Agriculture, Security & Surveillance, Rubber, Plastics, Solar Paneling, Machinery, and Others)

Machine Vision Regional Outlook (Revenue, USD Million, 2017 – 2028)

  • North America
    • U.S.
    • Canada
    • Mexico
    • Europe
      • U.K.
      • Germany
      • France
      • Italy
    • Asia Pacific
      • China
      • Japan
      • Australia
      • Singapore
    • South America
      • Brazil
    • Middle East & Africa
      • Israel

List of Key Players of Machine Vision Market

  • Allied Vision Technologies GmbH   
  • Basler AG
  • Cognex Corporation
  • Keyence Corporation
  • LMI Technologies, Inc.
  • Microscan Systems, Inc.
  • National Instruments Corporation
  • OMRON Corporation
  • Sick AG
  • Tordivel AS

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About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

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