Machine Vision Market Size Worth $21.17 Billion By 2028 | CAGR: 6.9%: Grand View Research, Inc.

SAN FRANCISCO, April 27, 2021 /PRNewswire/ -- The global machine vision market size is expected to reach USD 21.17 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.9% from 2021 to 2028. The ability of machine vision systems to process a large amount of information in a fraction of seconds is a major factor driving the market. The quick processing ability of machine vision systems is paving the way for manufacturers to achieve new milestones in manufacturing products with negligible defects. Moreover, the increasing adoption of robots across the industrial sectors is leading to the application of vision-guided robotic systems. Industrial verticals such as automotive, pharmaceutical, packaging, and food and beverage are prominent sectors where robotic systems are used, eventually fueling the demand for machine vision systems.

Key suggestions from the report:

• The PC-based product segment accounted for the largest market share in 2020 and is estimated to dominate the market over the forecast period
• The identification application segment is anticipated to exhibit the fastest growth rate over the forecast period, followed by the positioning and guidance application segment
• The food and beverage end-use industry segment is expected to register the highest CAGR over the forecast period
• The market in Asia Pacific is expected to witness substantial growth over the forecast period. This growth is attributed to the ample opportunities offered due to the presence of large manufacturing hubs in prominent countries, such as China and Japan, across the food and packaging, automotive, pharmaceutical, industrial, and consumer electronic sectors

Read 154 page research report with ToC on "Machine Vision Market Size, Share & Trends Analysis Report By Offering (Hardware, Software, Services), By Product (PC Based, Smart Camera Based), By Application, By End-use Industry, By Region, And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/machine-vision-market

Machine vision technology encompasses various components in order to capture images of products to analyze them depending on different parameters of quality and safety. The technology is a combination of software and hardware that provides operational control to devices to execute functions, such as capturing and processing images and measuring various characteristics required for decision making. Major components of the system comprise lighting, lens, image sensors, vision processing, and communication devices. Machine vision systems assist in resolving complicated industrial tasks with reliability.

Industrial machine vision systems are usually more robust and demand high reliability, stability, and accuracy as compared to those used in institutional or educational applications. They cost lesser than systems used in military, aerospace, defense, and government applications. These factors are expected to lead to greater adaptability of the technology in the industrial sectors. In addition, the robotic vision systems used across the industries are leading to the increasing adoption of the technology, thereby strengthening the overall market growth.

The technology has proven to be of key importance in the area of manufacturing and quality control owing to the increasing need for quality inspection and production. In addition, the growing automation in the industrial segments is facilitating the growth of the market worldwide at a considerable rate.

The technology has been witnessing extensive developments and innovative upgrades since its emergence. Several factors such as the growing inception of the technology and increasing need for quality products are influencing the market growth. Furthermore, machine vision systems are gaining traction in medical and healthcare applications at a considerable pace. The analysis of medical images and robotic applications for carrying various medical activities are the key roles of the technology in these sectors.

The automotive end-use industry held the largest market share in 2020. The inspection process, which includes error-proofing and presence/absence checking, is responsible for the adoption of machine vision in the automotive industry. The food and beverage industry is expected to register the highest growth rate in the coming seven years owing to the use of machine vision systems in the packaging and bottling operations.

The Asia Pacific region held the largest market share in 2020. This can be attributed to ample opportunities offered on account of large manufacturing practices carried out in the region. Countries such as China, Japan, Australia, and Singapore are considered to be potential markets for upcoming technologies, including machine vision. The region's huge industrial expansion has been contributing to the prosperity and development of various innovations and the adoption of different technologies significantly.

In addition, factors such as increasing focus on developments and expenditures in vision-related research activities and the growing manufacturing base in the region are expected to spur the market growth in the Asia Pacific, in turn, driving the overall market at a notable pace. The regional market is anticipated to exhibit the fastest growth rate over the forecast period.

The industry is facing challenges due to the lack of awareness among users about the rapidly advancing machine vision technology. Moreover, the complexity of integrating machine vision systems is the major difficulty being faced by manufacturers, which is restraining the smoother growth of the industry.

Grand View Research has segmented the global machine vision market on the basis of offering, product, application, end-use industry, and region:

• Machine Vision Offering Outlook (Revenue, USD Million, 2017 - 2028)
• Hardware
• Camera
• Frame Grabber
• Optics/Lenses
• LED Lighting
• Processor
• Software
• Barcode Reading
• Standard Algorithm
• Deep Learning Software
• Services
• Integration
• Solution Management
• Machine Vision Product Outlook (Revenue, USD Million, 2017 - 2028)
• PC Based
• Smart Camera Based
• Machine Vision Application Outlook (Revenue, USD Million, 2017 - 2028)
• Quality Assurance & Inspection
• Positioning & Guidance
• Measurement
• Identification
• Machine Vision End-use Industry Outlook (Revenue, USD Million, 2017 - 2028)
• Automotive
• Pharmaceuticals & Chemicals
• Electronics & Semiconductor
• Pulp & Paper
• Printing & Labelling
• Food & Beverage (Packaging and Bottling)
• Glass & Metal
• Postal & Logistics
• Others (Agriculture, Security & Surveillance, Rubber, Plastics, Solar Paneling, Machinery, and Others)
• Machine Vision Regional Outlook (Revenue, USD Million, 2017 - 2028)
• North America
• U.S.
• Canada
• Mexico
• Europe
• U.K.
• Germany
• France
• Italy
• Asia Pacific
• China
• Japan
• Australia
• Singapore
• South America
• Brazil
• Middle East & Africa
• Israel

List of Key Players of Machine Vision Market

• Allied Vision Technologies GmbH
• Basler AG
• Cognex Corporation
• Keyence Corporation
• LMI Technologies, Inc.
• Microscan Systems, Inc.
• National Instruments Corporation
• OMRON Corporation
• Sick AG
• Tordivel AS

Find more research reports on Next Generation Technologies Industry, by Grand View Research:

• 3D Machine Vision Market – The global 3D machine vision market size was valued at USD 1.13 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 14.7% from 2020 to 2027.
• CMOS Image Sensor Market – The global CMOS image sensor market size was estimated at USD 7.21 billion in 2013. The proliferation of handheld devices such as smartphones and tablets has led to the development of smart sensing techniques with remote monitoring and diagnostic ability, which has considerably widened the application scope.
• Machine Control System Market – The global machine control system market size was valued at USD 4.3 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 11.2% from 2020 to 2027.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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