Machine Vision (MV) Camera Market size is set to grow by USD 1.73 billion from 2024-2028, Increased demand in non-industrial sectors to boost the market growth, Technavio

NEW YORK, June 28, 2024 /PRNewswire/ -- The global machine vision (MV) camera market size is estimated to grow by USD 1.73 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 9.31% during the forecast period. Increased demand in non-industrial sectors is driving market growth, with a trend towards augmented demand for smart cameras. However, high cost of implementation poses a challenge. Key market players include Adimec Advanced Image Systems bv, Alpha MOS, AMETEK Inc., Banner Engineering Corp., Basler AG, Baumer Holding AG, Cognex Corp., Datalogic SpA, Decision Technology LLC, Hangzhou Hikvision Digital Technology Co. Ltd., Hitachi Ltd., Intel Corp., JAI AS, Keyence Corp., National Instruments Corp., OMRON Corp., SICK AG, Sony Group Corp., Teledyne Technologies Inc., and TKH Group NV.

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Key Market Trends Fueling Growth

Machine Vision (Mv) Camera Market is experiencing significant growth due to the increasing adoption of smart cameras in industrial applications. These compact devices, with embedded image sensors, offer ease of use and cost-effectiveness for automated functions. Omron's new F440 Smart Camera further enhances machine vision applications by enabling self-contained vision systems within machines. This innovation strengthens companies' capabilities in inspection and quality assurance, contributing to the market's expansion. 

The Machine Vision (MV) camera market is experiencing significant growth, driven by the increasing demand for automation and quality control in various industries. Three-dimensional (3D) modeling and manufacturing are trending applications, utilizing MV cameras for accurate measurement and inspection. Machine learning and artificial intelligence are also key technologies, enabling advanced image analysis and recognition capabilities. Additionally, the integration of MV cameras with production lines and robotic systems is increasing efficiency and productivity. The market for MV cameras is expected to continue expanding, with applications in sectors such as automotive, electronics, and healthcare. 

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Market Challenges

• The Machine Vision (Mv) Camera Market involves the use of expensive camera systems and software, posing a challenge for small and medium-sized enterprises (SMEs) due to high implementation costs. Customization and operational requirements increase the overall price. Smart cameras, equipped with advanced technologies for clarity and precision, have high base prices. Vendors face pressure to lower prices due to competition and the lack of concentration in the market. The scarcity of high-quality sensors further complicates matters, hindering market growth during the forecast period.
• The Machine Vision (MV) Camera market faces several challenges in the industry. Three-dimensional (3D) imaging and scanning are becoming increasingly important, requiring advanced capabilities from MV cameras. Sensors and resolution are key factors in delivering accurate results. The integration of Artificial Intelligence (AI) and deep learning algorithms is essential for advanced analysis and processing. The need for real-time processing and high frame rates adds complexity. Additionally, cost-effectiveness and miniaturization are crucial for mass adoption. The market for MV cameras is competitive, with players focusing on innovation and differentiation to meet these challenges. The market for MV cameras is expected to grow significantly due to these demands.

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Segment Overview 

This machine vision (mv) camera market report extensively covers market segmentation by

1. Platform 
• 1.1 PC based camera
• 1.2 Smart camera
• 1.3 Wireless camera
• 1.4 Wearable camera
2. Type 
• 2.1 Line scan
• 2.2 Area scan
• 2.3 3D scan cameras
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

1.1 PC based camera- The Machine Vision (Mv) Camera Market is experiencing significant growth due to increasing automation in industries. These cameras are essential for quality control and inspection in manufacturing processes. Companies are investing in advanced Mv cameras to enhance productivity and improve product consistency. The market is driven by the demand for automation and the need for efficient production processes. Mv cameras are becoming an integral part of modern manufacturing, enabling real-time monitoring and analysis of production lines.

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Research Analysis

The Machine Vision (Mv) Camera Market encompasses a range of advanced imaging technologies, including Machine Vision cameras, smart cameras, wireless cameras, wearable cameras, parking cameras, CMS cameras, SVS cameras, and barcode scanners. These cameras employ various lens types, such as wideangle and normal lenses, to facilitate applications in measurement, position guidance, pattern recognition, 3D imaging, and line scan. Machine Vision systems are integral to industries like automotive, healthcare, retail, and manufacturing, enabling tasks like quality control, inspection, and surveillance. The market is driven by advancements in technology, increasing demand for automation, and the growing need for real-time data processing.

Market Research Overview

The Machine Vision (MV) Camera Market encompasses the production, sales, and installation of cameras designed for machine vision applications. These cameras utilize advanced technologies such as artificial intelligence and machine learning to analyze data in real-time, enabling automation and improved efficiency in various industries. The market is driven by the increasing demand for smart manufacturing and Industry 4.0 initiatives. Key applications include quality control, inspection, and measurement in sectors like automotive, electronics, food and beverage, and pharmaceuticals. The market is expected to grow significantly due to the rising adoption of automation and the increasing need for real-time data analysis. Additionally, the development of new technologies such as 3D modeling and hyperspectral imaging is expanding the market's potential applications.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Platform
• PC Based Camera
• Smart Camera
• Wireless Camera
• Wearable Camera
• Type
• Line Scan
• Area Scan
• 3D Scan Cameras
• Geography
• APAC
• North America
• Europe
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio