Machine Vision Market Size, Share & Analysis

Updated on : Sep 12, 2024

Machine Vision Market Size

The global Machine vision market Size, Share, Industry Growth, Trends & Analysis is expected to grow from USD 12.9 billion in 2023 to USD 18.4 billion by 2028, registering a CAGR of 7.3%. Machine vision flourishes across industries, driven by advancements in AI and automation, enhancing precision and efficiency in manufacturing, healthcare, automotive, and more. The market growth is remarkable.

Machine Vision Market Growth

Machine Vision Market Forecast to 2028

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The global machine vision market is expanding rapidly, driven by the increasing demand for automated quality inspection and process control solutions across various industries. Industrial machine vision systems play a crucial role in ensuring product quality, optimizing production processes, and enhancing safety standards. These systems utilize advanced image processing and analysis techniques to extract meaningful information from captured images or videos, enabling real-time decision-making and automation.

Key applications of industrial machine vision include product inspection, object detection and tracking, defect detection, and robot guidance. In the manufacturing industry, machine vision systems are used to inspect components for defects, ensure product consistency, and verify assembly accuracy. In the automotive industry, machine vision is employed to detect cracks in welds, identify missing parts, and verify vehicle assembly. In the pharmaceutical industry, machine vision systems are used to inspect tablets for defects, ensure proper packaging, and verify labeling accuracy.

Machine Vision Market trends: Analyzing Products - PC-based Systems and Smart Camera-based Systems

• High Processing Power: Leverages the computational capabilities of industrial PCs to handle complex algorithms and large data sets.
• Customizability: Allows for extensive customization of hardware and software components to meet specific application requirements.
• Multi-camera Support: Can support multiple cameras simultaneously, enabling comprehensive inspection and monitoring of large or intricate objects.

• Manufacturing: Used for detailed inspection, quality control, and robotic guidance in assembly lines.
• Automotive: Helps in inspecting automotive parts for defects and ensuring precision in assembly processes.
• Electronics: Essential for inspecting tiny components and ensuring the integrity of electronic devices.

• Scalability: Can be scaled up to accommodate more cameras and processing power as needed.
• Versatility: Suitable for a wide range of applications due to its flexibility and customization options.
• Performance: Offers high-speed processing and real-time analysis, crucial for high-precision tasks.

• Compact Design: Combines all necessary components into a single device, saving space and simplifying installation.
• Ease of Use: User-friendly interfaces and software make setup and operation straightforward, even for users with limited technical expertise.
• Integrated Processing: Performs image processing within the camera, reducing the need for external computing resources.

• Food and Beverage: Used for packaging inspection, ensuring that products meet quality standards.
• Pharmaceuticals: Helps in verifying labels, inspecting packaging, and ensuring product integrity.
• Logistics: Utilized in barcode reading, package sorting, and automated handling systems.

• Simplicity: Easy to install and operate, with minimal setup requirements.
• Cost-Effective: Lower initial investment compared to PC-based systems, making it suitable for smaller operations.
• Portability: Compact and lightweight, ideal for applications with limited space or mobile platforms.

Machine Vision Market Dynamics

Driver: Rising need for safety and enhancing product quality in industrial sector

In recent years, the industrial sector has witnessed a notable surge in the integration of cutting-edge technologies and operational practices, aiming to elevate safety standards and enhance product quality. Automation and robotics have taken center stage, streamlined operations, and reduced risks by handling repetitive and hazardous tasks. IoT and Industry 4.0 technologies enable real-time monitoring, predictive maintenance, and data-driven decision-making, enhancing safety and ensuring consistent product quality. Advanced sensors and AI-driven quality control mechanisms allow immediate anomaly detection and timely interventions, promoting a safer work environment and high product standards. Employee training and comprehensive safety programs have gained prominence to equip the workforce with essential skills, promoting safety and quality adherence. Additionally, supply chain transparency, collaborative robotics, sustainability initiatives, and stringent compliance with environmental standards further contribute to this dual objective. This concerted effort toward safety and quality fosters operational efficiency and bolsters consumer confidence and satisfaction in industrial products and processes.

Restraint: Lack of Skilled professionals in Manufacturing factories

Companies across various industries embrace emerging technologies to improve operational efficiency and performance, reduce waste and conserve natural resources, reach new markets and audiences quickly and conveniently, and support product and process innovation. Advancements in technology will significantly impact job availability and growth in the global economy—eliminating jobs, creating new jobs, and demanding new skills from workforces worldwide. Factories embracing machine vision technology would require more complex skill sets, making it difficult for lower-skilled, less-educated workers to access opportunities. Machine vision systems require a technically skilled workforce that can understand machine signals on a dashboard and work hand-in-hand with collaborative robots on which machine vision systems are mounted. The shortage of skilled professionals in machine vision systems within the manufacturing sector can have detrimental effects on operational efficiency. This includes inefficient setup and maintenance, increased downtime, inaccurate inspections, and escalated operational costs. These issues may lead to compromised product quality, inconsistency, and underutilization of machine vision's potential for process optimization and automation. It is imperative for businesses to bridge this skill gap to ensure the effective utilization of machine vision systems and maintain competitiveness.

Opportunity: Integration of Industry 4.0 technologies into manufacturing processes

Industry 4.0 technologies are being integrated into manufacturing processes to improve productivity by maximizing asset utilization, minimizing downtime, and improving labor efficiency. Industry 4.0 is expected to enhance operations at all value chain levels, from the R&D to the end-use stages. The use of Industry 4.0 will help enhance productivity through quality control (by detecting defects) and predictive maintenance of factory machinery, which is expected to drive the demand for machine vision systems as these systems can accurately detect defects in industrial manufacturing processes. Governments in countries such as the US, Germany, the UK, and China promote the use of Industry 4.0. America Makes, an initiative by the US government, aims to help bolster technology research, discovery, creation, and innovation in the US. This initiative is carried out in collaboration with major US-based manufacturers, industries, academia, and government and non-government agencies to bring innovations in competitive manufacturing. The German government is adopting Industry 4.0 to computerize the manufacturing sector to increase resource efficiency and industrial output. The UK government considers Industry 4.0 as one of the five sectors likely to receive government support to boost the development of struggling manufacturing firms.

Challenge: Complexities associated with integration of different components of machine vision systems and production lines at application sites 

Whether it is a camera, optics, software, lighting, or a frame grabber, versatile solutions can be quickly developed to tackle a wide range of tasks by using multipurpose components. The hour needs to simplify the integration process of different components of machine vision systems and the production lines at application sites. With increasing efforts being put into boosting the convenience of installing and handling all technical systems, players in the machine vision industry must look to address this need by coming up with plug-and-play solutions. Leading companies in the market are introducing open computing standards such as peripheral component interconnect (PCI) buses and emerging digital camera interfaces, including GigE and USB. The USB interfacing standard offers a transfer rate of about 480 Mbps. With the help of a driver, this USB interface can be used for plug-and-play applications.

Machine vision Market Size Ecosystem

Component suppliers and system integrators have witnessed a decline in production activities. Consequently, OEMs have needed more essential components. The figure below shows the Machine vision ecosystem.

Machine vision Market Size Segmentation

General Deployment of Machine vision holds largest market share in year 2022

The General Deployment of machine vision is rapidly expanding due to advancements in hardware and software, making it more accessible and cost-effective. This growth is driven by increased automation demands, diverse applications across industries like manufacturing, healthcare, and retail, as well as quality control, safety, and security needs. Machine vision's role in autonomous vehicles, healthcare, and agriculture further propels its market growth, promising continued technological innovation and widespread adoption.

Software components segment to grow at highest CAGR in the forecast period 2023-2028.

Software components in the machine vision market have seen remarkable growth. They've become increasingly sophisticated, offering advanced image processing, pattern recognition, and deep learning capabilities. This progress has enabled machine vision systems to handle complex tasks in industries like manufacturing, healthcare, and autonomous vehicles, driving market expansion.

Smart camera-based machine vision system segment to grow at highest CAGR in the forecast period 2023-2028.

The machine vision sector is witnessing robust growth in smart camera-based systems. These compact solutions, equipped with integrated processing power, are in high demand across various industries. As automation and quality control needs continue to rise, smart camera systems are becoming increasingly vital in enhancing efficiency and accuracy, propelling their rapid proliferation..

Food & Packaging is expected to register highest CAGR during the forecast period

Machine vision's adoption has seen a remarkable surge in the food and packaging industry. It has brought about a paradigm shift in quality control and operational efficiency. Automated inspection systems now play a pivotal role in identifying defects, maintaining precise labeling, and safeguarding product integrity. This transformation has led to more streamlined manufacturing processes, marked reductions in errors, and better adherence to stringent industry regulations, ultimately elevating product safety and enhancing customer satisfaction.

Machine Vision Market by Region

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Asia Pacific to grow at highest CAGR during the forecast period

In the business landscape of the Asia Pacific region, the Machine Vision System sector has undergone a remarkable evolution, characterized by a harmonious blend of technological innovation and the rich tapestry of cultural diversity. This thriving market spans across an array of sectors, including electronics and agriculture, showcasing the distinctive strengths of each nation. China's rapid technological progression, Japan's mastery of precision engineering, and South Korea's creative ingenuity collectively orchestrate a unique and dynamic expansion in the Machine Vision System industry within this dynamic region.

Top Companies Machine Vision - Key market players

The Machine vision companies players have implemented various organic and inorganic growth strategies, such as product launches, collaborations, partnerships, and acquisitions, to strengthen their offerings in the market.

The major players in the market are

• Cognex Corporation (US),
• Basler AG (Germany),
• Omron Corporation (Japan),
• National Instrument Corporation (US),
• Keyence Corporation (Japan),
• Teledyne Technologies (US),
• Sick AG (Germany),
• TKH Group (Netherland),
• Sony Corporation (Japan),
• Texas Instruments Incorporated (US),
• Intel Corporation (US),
• Atlas Copco (Sweden),
• Microsoft (US) and Others

The study includes an in-depth competitive analysis of these key players in the Machine vision market with their company profiles, recent developments, and key market strategies.

Scope of the Machine Vision Market Size Report

Machine Vision Market Highlights

This report has segmented the Machine Vision market based on Deployment, Component, Product, Application, Industry and Region.

Recent Developments:

• In May 2023, Cognex Corporation has unveiled the Advantage 182 vision system. This cutting-edge system is specifically engineered to streamline intricate tasks such as location identification, classification, and inspection. The all-in-one solution integrates state-of-the-art machine vision capabilities, barcode reading functionality, and advanced edge learning technology. With these advanced features, the Advantage 182 enables automation across a wide range of applications, ranging from basic presence/absence detection and track-and-trace functions to meticulous alignment tasks and comprehensive color inspections.
• In May 2023, Teledyne DALSA, a subsidiary of Teledyne Technologies, announce the commencement of production for its Linea 2 4k Multispectral 5GigE line scan camera. This advanced camera elevates the capabilities of vision systems with its exceptional performance and value. It incorporates a 5GigE interface, providing five times the bandwidth of the Linea GigE camera, and represents a significant leap forward in terms of speed and data transfer capabilities.
• In March 2023, Texas Instruments (TI) has launched a new series of six Arm Cortex-based vision processors, emphasizing advancements in edge intelligence. This family enables designers to enhance vision and artificial intelligence (AI) processing affordably and with improved energy efficiency in applications like video doorbells, machine vision, and autonomous mobile robots, fostering innovation at the edge.characteristics, combining functionalities of a colorimeter, spectrophotometer, and water testing methods within a single, portable unit, replacing the need for three separate instruments.
• 14th Nov 2023, ASTM International is developing a proposed standard for robotic bin-picking systems used in industrial environments. The standard will provide guidance for choosing the right 3D machine vision system for a particular application. This will save potential users time and speed up new technologies' adoption.
• 1st Nov 2023, Oxford Metrics has acquired Industrial Vision Systems Ltd. (IVS), a developer of machine vision software and systems, for $9.9 million. IVS's noncontact vision systems, powered by AI deep learning, are used for automated production processes for high-precision quality control, inspection, guidance, identification, measurement, tracking, and counting. This acquisition will expand Oxford Metrics' smart sensing capabilities into the manufacturing industry.
• 30th Oct 2023, Smart Vision Lights has launched the JWL150-DO Lightgistics Series light with Hidden Strobe technology, which delivers strobe-like lighting without the disorientation caused by traditional LED strobe lights. This technology helps high-speed machine vision systems capture clear images without affecting workers. Additionally, Lightgistics lights feature Dual OverDriveTM technology for accurate barcode reading and OCR in challenging applications.
• 3rd Oct 2023, Eigen Innovations' end-to-end machine vision solutions have been installed at The Smart Factory @ Montreal, Deloitte Canada's innovation facility. Eigen's solutions generate comprehensive digital records of parts in production, simplifying machine learning training and enabling production teams to prevent issues rather than just detect them. Eigen's approach to machine vision reduces customization and trial and error, providing manufacturers with a standardized solution for every part across machines, lines, and factories.
• 14th Sept 2023, Beckhoff Vision offers a comprehensive product portfolio of EtherCAT-enabled industrial cameras, lighting, and lensing components paired with proven TwinCAT Vision software. This solution provides high scalability, long-term availability, and a sleek design.
• 29th Aug 2023, Hitachi, Ericsson, and AWS have partnered to demonstrate the use of private 5G, cloud, and AI/ML technologies to enhance product quality in manufacturing. They developed a system that uses cameras and machine vision to inspect 24 assembly-line components simultaneously and detect defects down to sub-millimeter level. This system has the potential to revolutionize the way products are manufactured by improving operational efficiency, product quality, supply chain optimization, and environmental impact.
• 1st Aug 2023, Cognex Corporation's new Advantage 182 vision system combines advanced machine vision, barcode reading, and edge learning technology to automate a wide range of tasks in various industries, including life sciences. It supports both edge learning and rule-based tools and features modular hardware for long-term adaptability.
• 7th July 2023, Gloria Ferrer, a California vineyard, uses an AI-powered machine vision system to track its grapes during the growing season. The system uses cameras and AI models to count grape clusters, measure shoots, and identify the colors of grape clusters. This information is used to estimate crop yields, track the health of the vines, and make management decisions.
• 21st June 2023, A new machine-vision system that uses ultrathin layers of semiconductor wafers has been developed by scientists at RMIT University. The system can reportedly “see” in the ultraviolet range and rapidly process the detected images, making it potentially useful for applications such as autonomous driving and inspections on the manufacturing floor. The system's key is using antimony-doped indium oxide sheets less than 3 nm thick. These sheets exhibit persistent photoconductivity, allowing the system to retain information for longer without frequent training cycles. The system also incorporates a convolutional neural network to finish the image processing. The researchers believe that their work could lead to a new generation of compact, fast, scalable, and energy-efficient machine-vision systems.

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