The Global Machine Vision Market to Amount to $17720.20 Million by 2028

Machine Vision Market
As per Triton’s report, the global machine vision market, which generated $10589.32 million in 2021, is likely to chart 7.55% of CAGR by the year 2028

A recent study by Triton Market Research titled ‘Global Machine Vision Market,’ covers the Global Analysis and Forecasts by Components (Hardware [ASMV, Cameras, Sensors, Illuminations, Processors, Other Hardware Components], Software), by Type (1D Machine Vision, 2D Machine Vision, 3D Machine Vision), by Verticals (Automotive, Electronics & Semiconductors, Healthcare, Food & Packaging, Other Verticals), by Application (Inspection, Gauging, Guidance, Identification, Other Applications), and by Regional Outlook (North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa), and Regional Outlook (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).

 

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A report by Triton Market Research predicts the global machine vision market to grow with a CAGR of 7.55% in the forecast years 2022-2028. This industry is likely to accumulate revenue worth $17720.20 million by 2028.

Today’s customers are more knowledgeable; and, therefore, lay great focus on quality. Product defects may lead to major losses. Thus, proper defect detection and tolerance monitoring are largely needed to avoid mistakes. The growing need for proper defect detection is expected to majorly boost the machine vision market’s growth over the forecast years. 

However, many system operators are unaware of the benefits of machine vision systems. Moreover, a few trust issues have been raised owing to the lack of awareness regarding the technology. In this regard, many strongly believe in traditional monitoring and do not feel the need to replace it with machine vision monitoring. The unawareness about the advantages of MV systems is anticipated to restrain the studied market’s growth.

The market for machine vision is segmented into components, type, verticals, and application. Based on components, it is bifurcated into hardware and software. The hardware sub-segment further comprises ASMV, cameras, sensors, illuminations, processors, and other hardware components.

Further, based on type, it is divided into 1D machine vision, 2D machine vision, and 3D machine vision. Whereas, on the basis of verticals, it is categorized into automotive, electronics & semiconductors, healthcare, food & packaging, and other verticals. Lastly, on the basis of application, it is classified into inspection, gauging, guidance, identification, and other applications.

The Asia-Pacific dominates the global market by holding a major share and is expected to continue the reign throughout the forecast period. A number of prominent companies, such as Sony Corporation, Keyence Corporation, Omron Corporation, continue to invest in Japan and other countries in the region. These players have also launched new plants in China to cater to the rising demand for machine vision technology and enhance its reach to the end-users. These elements are expected to support the growth of the market in the Asia-Pacific.

Omron Corporation, Cognex Corporation, USS Vision, Basler AG, Allied Vision Technologies GmbH, Datalogic SpA, Perceptron Inc, Baumer Electric AG, Jai AS, Teledyne Technologies Incorporated, Keyence Corporation, Optotune AG, Flir Systems Inc, National Instruments Corporation, and Isra Vision AG are the well-known players in the machine vision market.

 

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Question & Answer: Machine Vision Market

Question 1: What factor is expected to majorly boost the machine vision market’s growth over the forecast years?

Answer: Today’s customers are more knowledgeable; and, therefore, lay great focus on quality. Product defects may lead to major losses. Thus, proper defect detection and tolerance monitoring are largely needed to avoid mistakes. The growing need for proper defect detection is expected to majorly boost the machine vision market’s growth over the forecast years.

Question 2: What factor is anticipated to restrain the studied market’s growth?

Answer: Many system operators are unaware of the benefits of machine vision systems. Moreover, a few trust issues have been raised owing to the lack of awareness regarding the technology. In this regard, many strongly believe in traditional monitoring and do not feel the need to replace it with machine vision monitoring. The unawareness about the advantages of MV systems is anticipated to restrain the studied market’s growth.

Question 3: Which region dominates the global market for machine vision?

Answer: The Asia-Pacific dominates the global market by holding a major share and is expected to continue the reign throughout the forecast period. A number of prominent companies, such as Sony Corporation, Keyence Corporation, Omron Corporation, continue to invest in Japan and other countries in the region. These players have also launched new plants in China to cater to the rising demand for machine vision technology and enhance its reach to the end-users. These elements are expected to support the growth of the market in the Asia-Pacific.

Question 4: Which are the well-known players in the machine vision market?

Answer: Omron Corporation, Cognex Corporation, USS Vision, Basler AG, Allied Vision Technologies GmbH, Datalogic SpA, Perceptron Inc, Baumer Electric AG, Jai AS, Teledyne Technologies Incorporated, Keyence Corporation, Optotune AG, Flir Systems Inc, National Instruments Corporation, and Isra Vision AG are the well-known players in the machine vision market.

 

Related Report:

Global Industrial Robots Market

The global industrial robots market is deemed to register growth at a CAGR of 10.35% over the estimated phase 2021-2028. It is anticipated to reap $87.79 billion in revenue by 2028.

Industry 4.0, which is also known as the Industrial Internet of Things (IIoT), focuses on AI-powered automation and advanced analytics to develop an integrative ecosystem for businesses to improve manufacturing and supply chain management. Automation technology and industrial robotics are the foundations of smart manufacturing and also the important driving forces for Industry 4.0. This is majorly driving their market growth.

On the flip side, industrial robots cost large sums of money for maintenance and repair. Their programs require to be updated to suit the changing requirements, and, in case of breakdown, the procedures to restore lost codes or data could be time-consuming & costly. Also, over the past few years, manufacturers are finding it extremely difficult to source skilled staff members to fit the specialized roles in their factories. All these factors have become a great challenge in implementing industrial robotics.

 

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