Machine Vision Industry Worth $17.2 billion in 2027
(I-BusinessNews.Com, November 14, 2022 ) The Machine Vision Market is projected to grow from USD 12.0 billion in 2022 to USD 17.2 billion in 2027; it is expected to grow at a CAGR of 7.4% from 2022 to 2027. Increase in demand for artificial intelligence in machine vision, where AI-based solutions are adopted in manufacturing facilities to improve productivity by maximizing asset utilization, minimizing downtime, and improving machine efficiency is expected to create growth opportunities for the market. Growing need for quality inspection and automation in the manufacturing industries driving the demand of machine vision system.
Machine vision systems are used in a wide range of industry applications, including quality assurance & inspection, predictive maintenance, positioning & guidance, measurement, identification, etc. Machine vision systems are prominently used in industries such as food & packaging, consumer electronics, electronics & semiconductors, solar panel manufacturing and automotive, etc.
The market is segmented in two types of machine vision products PC based and smart camera based machine vision systems. Further the products are segmented into components hardware and software. During the forecasted period the hardware products which includes camera, optics, frame grabber, processors, lighting and other equipments are expected to contribute more in the market. Cognex Corporation (US), Basler AG (Germany), OMRON Corporation (Japan), Keyence Corporation (Japan), Teledyne Technologies (US), Sony Corporation (Japan), Texas Instruments (US), Intel Corporation (US) are some of the the major manufacturers of the machine vision products and equipments.
Machine vision systems can be deployed on general and robotic cell. Deployment on robotic cell is expected to hold high growth opportunities in the market. Machine vision market of food & packaging Industry for robotic cell is expected to have high compound annual growth rate. The Asia Pacific region is expected to contribute highest in the machine vision market. Increasing wages leading to adoption of vision- guided industrial robots and other automation technologies, especially in China, is expected to drive the demand for deployment of machine on robotic cell.
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