Multi Camera Vision Inspection Systems Market to Garner $9.95 Bn, Globally, by 2031 at 12% CAGR: Says Allied Market Research

Increase in demand for industrial applications and surge in demand for vision-guided robotics systems in highly regulated sector have boosted the growth of the global multi camera vision inspection systems market.

PORTLAND, Ore., Nov. 29, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Multi Camera Vision Inspection Systems Market by Product Type (Fully Automatic, Semi-Automatic), by End User (Automotive, Healthcare, Manufacturing, Industrial, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031" As per the report, the global multi camera vision inspection systems industry generated $3.2 billion in 2021, and is projected to reach $9.95 billion by 2031, growing at a CAGR of 12% from 2022 to 2031.

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Drivers, Restraints, and Opportunities

Increase in demand for industrial applications and surge in demand for vision-guided robotics systems in highly regulated sector have boosted the growth of the global multi camera vision inspection systems market. However, high cost of maintenance and dearth of skilled professionals hinder the market growth. On the contrary, increase in advancement in industry 4.0 would open new opportunities in the future.

Covid-19 Scenario:

• The outbreak of the Covid-19 pandemic significantly affected the market due to disruption of supply chain. However, the increase in demand for industry 4.0 solutions has fueled the market growth.
• On the other hand, lack of skilled workforce availability and delay of products due to complete lockdowns hinder the market growth.

The Semi-Automatic Segment Dominated the Market

By product type, the semi-automatic segment held the lion's share in 2021, accounting for more than two-thirds of the global multi camera vision inspection systems market, due to rise in demand for industry 4.0 initiatives. However, the fully automatic segment is projected to portray the highest CAGR of 15.3% during the forecast period, owing to technological advancements and the rise in industrial automation solutions in prime sectors such as pharmaceuticals, medical, automotive, and manufacturing sectors

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The Online Segment to Register the highest CAGR through 2027

By end user, the healthcare segment is anticipated is estimated to register the highest CAGR of 16.2% from 2022 to 2031, due to rising demand for electric vehicles (EVs) and the increase in the adoption of cutting-edge security measures in automobiles. However, the manufacturing segment held the lion's share in 2021, contributing to nearly one-third of the global multi camera vision inspection systems market, owing to Increase in use of artificial intelligence (AI), coupled with image recognition process provides an accurate data of the abnormality to the microscopes.

Asia-Pacific to Manifest the Highest CAGR by 2031

By region, the global multi camera vision inspection systems market across Asia-Pacific is anticipated to register the highest CAGR of 13.1% during the forecast period. In addition, the region held the largest share in 2021, accounting for nearly half of the market, owing to surge in investment by prime players in machine vision technology solutions.

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Key Market Players

• Teledyne Imaging
• Cognex Corporation
• Omron Corporation
• Basler AG
• Nextsense GmbH
• Keyence Corporation
• NOVASIS
• Industrial Vision Systems
• Optex FA
• Estes Engineering

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SOURCE Allied Market Research