The global machine vision market is projected to reach a value of $18.4 billion by 2028, according to a new report by MarketsandMarkets. The market is expected to grow at a compound annual growth rate (CAGR) of 7.3% during the forecast period.
A key factor driving the growth of the machine vision market is the increasing demand for water and wastewater treatment. As environmental concerns continue to rise, there is a growing need for effective and efficient water and wastewater treatment solutions. Machine vision technology plays a crucial role in these applications by providing automated inspection and monitoring capabilities.
Another significant driver for the machine vision market is the expanding use of machine vision in drug safety. With the pharmaceutical industry facing stringent regulatory requirements, the need for accurate and reliable inspection systems has become paramount. Machine vision technology enables pharmaceutical companies to ensure the quality and safety of their products, contributing to the overall growth of the market.
Furthermore, fiscal policy measures by regional financial institutions have also contributed to the growth of the machine vision market. Governments and financial institutions across various regions have been implementing policies and programs to support the adoption of machine vision technology. These initiatives aim to boost productivity, enhance quality control, and drive innovation in manufacturing processes.
In terms of market segmentation, the general segment is expected to hold the largest market share in 2022. The machine vision industry is experiencing widespread deployment, driven by the convergence of cutting-edge technologies, increasing demand for automation, and the need for precision, quality assurance, and operational efficiency.
Among the different components of the machine vision system, cameras are projected to record the highest CAGR during the forecast period. High-resolution cameras with advanced features, such as higher frame rates, lower latency, and enhanced image processing capabilities, have become essential for applications like automation, robotics, and quality inspection.
Smart camera-based machine vision systems are also expected to see significant growth. These compact systems with embedded processing capabilities are becoming increasingly popular across industries due to their seamless integration and ability to improve efficiency and precision in automation and quality control processes.
Within end-user industries, the food and packaging sector is expected to record the highest CAGR during the forecast period. Machine vision technology has revolutionized quality control and operational efficiency in this industry. Automated inspection systems have become indispensable for detecting imperfections, ensuring precise labeling, and maintaining product integrity, leading to streamlined manufacturing processes, reduced errors, and improved compliance with industry regulations.
Geographically, the Asia Pacific region is expected to witness the highest growth rate in the machine vision market. Countries like China, Japan, and South Korea are experiencing rapid technological advancements and driving innovation in machine vision applications across multiple sectors. The dynamic landscape in the region, marked by technological evolution and cultural diversity, is propelling the exceptional growth of the machine vision market.
Key players in the machine vision market include Cognex Corporation, Basler AG, Omron Corporation, National Instrument Corporation, Keyence Corporation, Teledyne Technologies, Sick AG, TKH Group, Sony Corporation, Texas Instruments Incorporated, Intel Corporation, Atlas Copco, Microsoft, and others.
Overall, the global machine vision market is witnessing significant growth, driven by factors such as rising demand for water and wastewater treatment, increasing use of machine vision in drug safety, and fiscal policy measures by regional financial institutions. With the convergence of cutting-edge technologies, automation, and the need for precision, the machine vision market is expected to continue its expansion in the coming years.
