PUBLISHER: The Business Research Company | PRODUCT CODE: 1465806
PUBLISHER: The Business Research Company | PRODUCT CODE: 1465806
Industrial machine vision refers to the implementation of computer vision technology to streamline and improve diverse processes such as quality control, inspection, guidance, and measurement. The primary objective of industrial machine vision is to conduct visual inspections, measurements, and evaluations in industrial environments. This technology relies on cameras, sensors, and advanced image processing algorithms.
The fundamental elements of industrial machine vision can be categorized into hardware and software. Hardware encompasses the tangible components of a computer system or electronic device that are touchable and manipulable. This category includes a range of products, such as PC-based and smart camera-based systems, employing diverse technologies such as laser, imaging, and augmented reality. Hardware applications span measurement, identification, positioning and guidance, quality assurance and inspection, among others. End-users of this technology cut across various industries, including automotive, pharmaceutical, healthcare, food and beverage, electronics and semiconductors, packaging, process control, printing and labeling, and more.
The industrial machine vision market research report is one of a series of new reports from The Business Research Company that provides industrial machine vision market statistics, including industrial machine vision industry global market size, regional shares, competitors with an industrial machine vision market share, detailed industrial machine vision market segments, market trends and opportunities, and any further data you may need to thrive in the industrial machine vision industry. This industrial machine vision market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The industrial machine vision market size has grown strongly in recent years. It will grow from $11.01 billion in 2023 to $11.92 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The expansion observed in the historical period can be attributed to the increasing demand for quality control and inspection, advancements in computing power, cost reduction leading to enhanced affordability, and the integration with Industry 4.0 and automation. These factors collectively contributed to the growth during that timeframe.
The industrial machine vision market size is expected to see strong growth in the next few years. It will grow to $16.18 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The anticipated growth in the forecast period can be ascribed to the rise of robotic vision in collaborative robotics (cobots), the implementation of edge computing for real-time processing, and seamless integration with the Internet of Things (IoT) and connectivity. Key trends expected in the forecast period encompass a higher adoption of explainable AI, progress in hyperspectral imaging, integration with augmented reality (AR) and virtual reality (VR), the application of edge AI for real-time decision-making, and a notable emphasis on sustainability and energy efficiency.
The increasing demand for automation is poised to drive the expansion of the industrial machine vision market in the coming years. Automation, characterized by the use of technology and machinery for task execution without direct human involvement, is sought after for its benefits in efficiency, cost savings, quality control, and technological advancements. Industrial machine vision systems leverage automation to enhance work efficiency, optimize inventory management, identify defects in production processes, and facilitate faster, more accurate, and efficient manufacturing processes. As evidenced in October 2022 by the International Federation of Robotics, the installation of industrial robots in the Americas saw a significant 31% increase from the previous year, reaching 50,712 units in 2021. This surge in automation demand is a key driver for the growth of the industrial machine vision market.
Major players in the industrial machine vision market are strategically focusing on the development of innovative solutions, particularly in machine vision cameras, to augment their capabilities and deliver advanced solutions in the field of industrial automation. An illustrative example is the initiative taken by Nikon Corporation, a Japan-based digital camera manufacturer, which introduced 'LuFact' in July 2022. LuFact is an ultra-compact machine vision camera designed to meet the needs of industrial automation and machine vision, offering advanced imaging capabilities in a compact form factor. The camera's unique design includes a separate camera head for capturing interface conversion units and processing images. Notably, this innovation contributes to reduced heating in existing machinery and production lines by installing the camera head and interface conversion unit separately, making it suitable for applications with high-performance imaging requirements in confined spaces.
In November 2023, Oxford Metrics Plc, a UK-based software company specializing in intelligent sensors and software, completed the acquisition of Industrial Vision Systems Ltd. for $10.2 million. This strategic move aims to bolster the market position of both companies by expanding their technology portfolio, incorporating advanced artificial intelligence capabilities, and gaining access to a skilled team and new market opportunities. Industrial Vision Systems Ltd., based in the UK, is recognized for manufacturing progressive machine vision and automated inspection products, including smart cameras, further enriching the collective expertise of the consolidated entities.
Major companies operating in the industrial machine vision market are Siemens AG, Sony Corporation, Panasonic Corporation, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., ABB Group, Emerson Electric Co., Rockwell Automation Inc., Keyence Corporation, Omron Corporation, Fanuc Corporation, Zebra Technologies, Synopsys Inc., Coherent Inc., Sick AG, FLIR Systems, Cognex Corporation, Datalogic S.p.A., Balluff Automation India Pvt. Ltd, National Instruments, LMI Technologies Inc., Basler AG, Vitronic GmbH, Baumer Group
North America was the largest region in the industrial machine vision market in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial machine vision market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the industrial machine vision market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The industrial machine vision market consists of revenues earned by entities by providing services such as quality tests, control processes, automated inspection, measurement and dimensional analysis, pattern recognition, surface inspection, and packaging inspection. The market value includes the value of related goods sold by the service provider or included within the service offering. The industrial machine vision market also includes sales of camera systems, image processing software tools, sensors and actuators, lighting systems, communication interface tools, optics and lenses, and image processing hardware tools. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Industrial Machine Vision Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on industrial machine vision market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for industrial machine vision ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The industrial machine vision market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.