The overall industrial machine vision market was valued at USD 7.91 Billion in 2017 and is expected to reach USD 12.29 Billion by 2023, at a CAGR of 7.61% between 2017 and 2023.
This is because of the increasing need for quality inspection and automation, growing demand for AI and IoT integrated machine vision system, increasing adoption of Industrial 4.0, development of new connected technologies, and government initiatives to support smart factories, among others. Governments of different countries worldwide are encouraging investments in manufacturing, which is necessitating the use of various automation products for structural development.
Software component is expected to grow at the highest rate between 2017 and 2023. The integration of AI in industrial machine vision software is expected to fuel the growth of the industrial machine vision market for software during the forecasted period as deep learning enables machines to recognize objects. Also, deep learning-based machine vision software helps in minimizing human intervention and provide a real-time solution by distinguishing the acceptable variations in products and the defects in manufacturing industries.
The PC-based industrial machine vision product is expected to hold a major share during the forecast period. This is because PC-based machine vision system is the oldest form of industrial machine vision system, and these systems are simple to handle and have faster processing power units compared to smart camera-based systems. However, it is only suitable where space is not an issue. Though smart camera-based systems have several advantages over computer-based systems, the PC-based industrial machine vision systems dominate the market, but this trend is expected to change with the advancements in smart camera technology and IoT, which can be easily be integrated with smart cameras, and the penetration of the smart camera-based machine vision systems is likely to increase in the next few years.
Among all the end-user industries, the market for the food and packaging industry is expected to grow at the highest rate between 2017 and 2023. The food industry provides several opportunities for the machine vision market, and several companies have responded by developing application-specific solutions in the areas of grading, sorting, portioning, processing, and quality checking during processing and packaging.
APAC held the largest market share for industrial machine vision market in 2016. The market in APAC is expected to grow at a high rate between 2017 and 2023. The increase in demand for automotive, electronics and semiconductor, pharmacy, and consumer electronics products in China is driving the growth of industries the growth of the industrial machine vision market in this region.
The ongoing large-scale developments in the emerging economies in this region owing to the use of advanced technologies for manufacturing is also contributing to the growth of the industrial machine vision market in APAC. Countries such as Japan, India, South Korea, and China are mainly driving the market of industrial machine vision in APAC.
Factors that are restraining the growth of the industrial machine vision market include the changing requirements of end users with respect to industrial machine vision applications and lack of flexible machine vision solutions.
Increasing Need for Quality Inspection and Automation
Growing Demand for Vision-Guided Robotic Systems
Growing Demand for Application-Specific Machine Vision Systems
Increasing Adoption of 3d Machine Vision Systems
Varying End-User Requirements
Lack of Flexible Industrial Machine Vision Solutions
Increasing Demand for Artificial Intelligence (AI) in Industrial Machine Vision
Advancements in Vision Technology and Industrial Expansion
Government Initiatives to Support Industrial Automation
Growing Adoption of Industrial 4.0
Complexity in Integrating Industrial Machine Vision Systems
Lack of User Awareness About Rapidly Changing Industrial Machine Vision Technology