Machine Vision Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030

Published Date : Apr 2021 | No. of Pages : 250 Pages | Category : ICT

The global Machine Vision market size is expected to be worth around US$ 31.17 billion by 2030, according to a new report by Vision Research Reports.

The global Machine Vision market size was valued at US$ 22.29 billion in 2020 and is anticipated to grow at a CAGR of 7.9% during forecast period 2021 to 2030.

Growth Factors

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, , 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.

The technology has proven to be of key importance in the area of manufacturing and quality control owing to the increasing need for quality inspection and production. In addition, the growing automation in the industrial segments is facilitating the growth of the market worldwide at a considerable rate.

Report Highlights

In 2020, the hardware segment accounted for the largest share of more than 60.0% and is anticipated to dominate the market over the forecast period. On the basis of offering, the market has been segregated into hardware, software, and services.

Hardware components comprise several objects such as camera optics/lenses, and processors. Cameras held the largest share in 2020, which is attributed to the increasing demand for CMOS imaging sensors. This, in turn, is anticipated to result in the growth of the hardware sub-segment.

The software offerings are bifurcated into application-specific MV software and deep learning MV software sub-categories. The market for software is application-specific and fragmented based on the necessity of application. The software segment is expected to register a steady growth rate over the forecast period on account of the training and deep learning of the technology, which is fairly contributing to the overall market growth.

The deep learning software sub-segment is anticipated to expand at the highest growth rate over the forecast period owing to the increasing demand for the smart machine vision systems that are equipped with the capabilities of reacting smartly based on the necessity of the operation across different industry verticals.

Additionally, in the services segment, machine vision providers offer mainly two types of services, namely integration and solution management. Machine vision system integrators are used for inspection, testing, assembly, and gaging applications that help customers to meet their product specifications. Moreover, solution management is used for single-step debug operations, inspection control (start and stop), and open and save solutions.

The offering segment is anticipated to exhibit a steady growth rate over the forecast period owing to the large market share of the hardware components. The hardware offering is expected to continue growing over the forecast period. The software sub-segment is expected to progressively contribute to the overall industry growth and help drive the market.

In 2020, the PC based segment held the largest share of exceeding 55.0%, and is expected to exhibit a significant CAGR from 2021 to 2028. The segment is anticipated to continue growing and lead the market in terms of revenue over the forecast period. The product segment has been sub-categorized into PC based and smart camera-based systems.

The smart camera-based systems are projected to exhibit the fastest growth rate of 7.2% over the forecast period. This considerable growth of the segment is attributed to the growing adoption of cameras in 3D imaging.

Machine vision systems, also called vision systems, consist of numerous cameras. At times, depending upon the requirements, these cameras are mounted over the assembly lines so as to observe and examine products and capture data. This is leading to the greater adoption of smart cameras in these systems.

Cameras are also capable of reading labels and directing products automatically without any human involvement. Minimized human intervention has led to decreased errors and increased accuracy of inspecting labels and tags. These aspects of smart cameras are influencing the adoption of the technology across various industrial sectors, thereby fueling up the overall market growth.

In 2020, the quality assurance and inspection segment held the largest share of over 51.0% and is expected to exhibit a significant CAGR from 2021 to 2028. On the basis of application, the market has been segmented into quality assurance and inspection, positioning and guidance, measurement, and identification. The systems are extensively used for scanning and identifying labels, barcodes, and texts, especially in the packaging sector. This automates packaging activities, thereby saving time, avoiding human errors, and increasing efficiency.

The technology is frequently used in the consumer goods, pharmaceutical, and packaging sectors. The adoption of technology in these sectors has resulted in reduced counterfeit products to a large extent, eventually driving the overall market.

Identification using machine imaging is also used in camera surveillance, monitoring traffic, or recognizing number plates for security purposes. The segment is expected to expand at the fastest CAGR of 7.9% from 2021 to 2028 owing to several advantages and opportunities offered to the technology worldwide.

In 2020, the automotive end-use industry held the largest share of 19.38% and is expected to witness considerable growth from 2021 to 2028. On the basis of the end-use industry, the market has been categorized into automotive, pharmaceuticals and chemicals, electronics and semiconductor, pulp and paper, printing and labeling, food and beverage (packaging and bottling), glass and metal, postal and logistics, and others. Currently, the automotive industry is the largest adopter of machine vision systems worldwide and is expected to expand at a steady growth rate over the forecast period.

Machine vision in the automotive industry is extensively used for inspection purposes, which include presence-absence checking, error proofing, assembly verification, and final inspection. Besides, MV systems are used for dimensional gauging, robotic guidance, and testing automation purposes, which comes under the measure, gauge, and guide applications. Therefore, the demand for mechanized imaging is significant across the automobile sector and is anticipated to continue growing steadily over the coming years.

The food and beverage industry is projected to expand at the highest growth rate over the forecast period. MV systems in the food and beverage industry are prominently used in packaging and bottling operations. Followed by the food and beverage end-use industry segment, the machine vision systems are likely to witness significant growth in the pharmaceuticals and chemicals, printing and labeling, and other industry verticals, which include agriculture, rubber and plastic processing, solar paneling, machinery and equipment, and security and surveillance.

Asia Pacific dominated the market with a share of 40.27% in 2020. The region is projected to witness considerable growth from 2021 to 2028. This can be accredited to the lucrative opportunities in automotive, packaging, pharmaceutical, and other industrial applications in the Asia Pacific region.

As the region is establishing itself to become a global manufacturing hub, the technology is anticipated to gain significant traction over the forecast period. China and Japan are prominent countries having the potential to offer extensive opportunities for emerging as well as matured technologies, such as machine vision. The numerous manufacturing industries are contributing to the growth and prosperity of the region’s overall economic development.

In addition to this, the expenditure and operational benefits, coupled with the initiatives being undertaken by the governments of emerging countries, such as South Korea, India, Taiwan, and Singapore, are responsible for catapulting investments and encouraging different industry players to establish their production units in the Asia Pacific region.

Key Players

  • 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

Market Segmentation

  • Offering Outlook 

    • Hardware

      • Camera

      • Frame Grabber

      • Optics/Lenses

      • LED Lighting

      • Processor

    • Software

      • Barcode Reading

      • Standard Algorithm

      • Deep Learning Software

    • Services

      • Integration

      • Solution Management

  • Product Outlook 

    • PC Based

    • Smart Camera Based

  • Application Outlook

    • Quality Assurance & Inspection

    • Positioning & Guidance

    • Measurement

    • Identification

  • End-use Industry Outlook 

    • Automotive

    • Pharmaceuticals & Chemicals

    • Electronics & Semiconductor

    • Pulp & Paper

    • Printing & Labeling

    • Food & Beverage (Packaging and Bottling)

    • Glass & Metal

    • Postal & Logistics

    • Others (Agriculture, Security & Surveillance, Rubber, Plastics, Solar Paneling, Machinery, and Others)

  • Regional Outlook 

    • 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

The Machine Vision market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Machine Vision market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Machine Vision market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Machine Vision market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Machine Vision market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Machine Vision capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Machine Vision by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Machine Vision market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Machine Vision market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Machine Vision market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Machine Vision industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Machine Vision market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Machine Vision market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Machine Vision market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Machine Vision market. These factors have benefited the growth of the global market for Machine Vision. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Machine Vision. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Machine Vision are as follows:

  • Historic Year: 2017-2020
  • Base Year: 2021
  • Forecast Year 2021 to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market

To strategically profile the key players and comprehensively analyze their growth strategies.

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