PUBLISHER: The Business Research Company | PRODUCT CODE: 1508016
PUBLISHER: The Business Research Company | PRODUCT CODE: 1508016
Machine vision is a technology that enables machines to analyze and interpret visual data from images or videos, allowing them to perform tasks that typically require human vision. It is a crucial component of industrial automation, used in various applications such as automatic inspection, quality control, product sorting, and robot navigation.
The machine vision market consists of sales, by entities (organizations, sole traders and partnerships), of machine vision devices, software and services that allow a computer to examine, analyze and identify static or moving images. Machine vision systems are a set of connected devices which are designed to automatically direct production and manufacturing procedures such as go/no go assessment and quality control processes using information retrieved from digital images.
The global machine vision market was valued at $14,216.9 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 3.0%.
Growing Need For Improved Product Inspection And Quality Control
The growing need for improved product inspection and quality control fueled the growth of the machine vision market during the historic period. Enhanced precision from machine vision systems ensured stringent quality standards by identifying defects and inconsistencies. Automated inspection processes reduced quality check times, boosting production efficiency and output. Minimizing human error and waste, these systems also lowered operational costs. Additionally, stricter industry regulations required reliable inspection systems, which machine vision effectively provided, ensuring compliance with quality and safety standards. For instance, according to Robotics and Automation News, a UK-based website that offers news and advice on automation technologies, about 1.4 million industrial robots were used for quality inspection in 2020. In addition, according to the World Economic Forum, in 2020, 50% of business leaders were planning to accelerate the automation of repetitive tasks within their organization. Therefore, the increasing demand for improved product inspection and quality control drove the growth of the machine vision market.
Launch Of Smart Camera Vision System For Productivity Enhancement Across Various Sectors
Major companies in the machine vision market are focusing on the launch of smart camera vision systems, reflecting the industry's commitment to innovation, efficiency and productivity enhancement across various sectors. These advanced systems are poised to revolutionize the way businesses utilize machine vision technology, driving improvements in quality, productivity and competitiveness. For instance, in October 2023, Keyence Corporation, a Japan-based factory automation equipment manufacturing company, launched the VS series, its new line of smart camera vision systems. This series showcases advanced lens control technology, streamlining the management of 19 lenses within an IP67 (International Protection 67) camera. This innovation removes the need for manual lens selection or physical adjustments, enabling a single camera model to cater to diverse imaging requirements instantly. Additionally, in February 2022, Basler AG, a Germany-based manufacturer of computer vision applications, launched an industrial-grade stereo camera series to its product portfolio that uses vision-guided robotic systems to identify objects and bin picking. The five model variants are available in monochrome and color versions, with basic distances of 65 millimeters and 160 millimeters. All cameras come with a pre-installed, flexible onboard software package that may be used in a variety of robotics applications.
The global machine vision market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 11.6% of the total market in 2023.
Machine Vision Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global machine vision market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for 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 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 history and forecasts market growth by geography. It places the market within the context of the wider machine vision market; and compares it with other markets.