Machine Vision Market To Generate Revenue Worth $27.86 Billion by 2030

The global machine vision market is projected to generate USD 27.86 billion revenue by 2030, advancing at a CAGR of 8.60% during 2022–2030. This can be ascribed to the rising need for automated tools in industries due to industrial automation; the surging industrialization and standardization; and the growing end-use industries. Moreover, the increasing preference for achieving higher efficiency in organizations, the miniaturization of products, and the rising need for quality inspection will propel the industry growth.

Demand for Smart Camera-Based Machine Vision Systems To Show Faster Growth

Based on product type, the smart camera-based machine vision system category will register faster growth during the predicted period, advancing with a CAGR of 9.05%. This growth can be attributed to the continuing developments in the automobile sector, which is resulting in the increased usage of these cameras, to recognize and identify objects, road markings, traffic signs, and lights; calculate distance between objects; and detect motion paths. Moreover, the increasing adoption of cameras in 3D sensing and imaging, and assembly lines to detect and capture data in manufacturing facilities is supporting the demand for smart camera-based systems.

Based on application, the market is categorized into quality assurance and inspection, positioning and guidance, measurement, and identification. Among these, the quality assurance and inspection category contributed the majority of revenue in 2022, and it is further expected to maintain its position in the coming years. This is because such systems are primarily utilized for scanning and identifying labels, barcodes, and texts, particularly in the packaging sector. Additionally, this is more accurate and faster than manual inspection, saves time, and avoids human errors, which enhance overall efficiency.

The hardware category, based on component, accounted for a larger revenue share in 2022, and it is expected to maintain its position during the forecast period as well. This is because, for efficient computer vision, multiple components such as sensors, cameras, lightings, optics/lenses, processors, and frame grabbers are used in production lines in the manufacturing industry.

Based on end-use industry, the automotive category held a significant revenue share in 2022, and it is expected to grow at a substantial growth rate during the forecast period. This is ascribed to the high demand for EVs and autonomous vehicles. In addition, machine vision is widely employed in the automobile sector for inspection tasks such as presence-absence verification, error proofing, assembly confirmation, and final inspection.

Geographically, the APAC market will register the fastest growth in the coming years. This growth can be attributed to the rising urbanization coupled with industrialization, the increasing number of industry players, and the surging R&D spending by industry giants to improve such cutting-edge technology. Moreover, the presence of a large number of manufacturing facilities and the growing automotive, consumer electronics, and semiconductor industries in the region are driving the demand for machine vision solutions.

Whereas, North America accounted for significant revenue share in 2022, and it is further expected to maintain its dominance during the forecast period. This is due to the growing end-use industries, such as food & packaging, pharmaceuticals, and automotive; the high rate of adoption of advanced technologies; the high per capita income; and the rising preference for automation in industrial sectors.

Some of the major players in the market are Cognex Corporation, Keyence Corporation, Teledyne Technologies Incorporated, Basler AG, Omron Corporation, National Instruments Corporation, TKH GROUP, and Intel Corporation.