TBRC's machine vision market research report covers in-depth breakdowns of market sizing, forecasts, competitors, regional performance, and more.
LONDON, March 24, 2022 /PRNewswire/ -- North America has the largest machine vision market share, accounting for 31.5% of the total in 2021. It was followed by Asia Pacific, Western Europe, and then the other regions. Going forward, the fastest-growing regions in the machine vision market will be South America and Middle East, where growth will be at CAGRs of 11.1% and 10.6% respectively. These will be followed by Africa and Asia Pacific, where the markets are expected to grow at CAGRs of 10.4% and 10.0% respectively, during 2021-2026.
The global machine vision market size is expected to grow from $12.09 billion in 2021 to $13.52 billion in 2022 at a compound annual growth rate (CAGR) of 11.8%. Machine vision market growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $18.50 billion in 2026 at a CAGR of 8.2%.
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Machine Vision Market Competitive Landscape
The machine vision market is highly fragmented, with a large number of small players. The top ten competitors in the market made up to 18.96% of the total market in 2020. Major players in the market are Cognex Corporation, Keyence Corp., Omron Corporation, Sony Corporation, Teledyne Technologies, ISRA Vision AG, Basler AG, Sick AG, Intel Corporation and Texas Instruments.
Machine Vision Market Segmentation
TBRC's machine vision market report is segmented by product into PC-based and smart camera-based. The PC-based market was the largest segment of the machine vision market segmented by product, accounting for 55.0% of the total in 2021 and the smart camera-based segment is expected to be the fastest growing segment going forward, at a CAGR of 9.5% during 2021-2026.
The machine vision market is also segmented by offering into hardware and software, by deployment type into general machine vision systems and robotic cell, by application into quality assurance and inspection, positioning and guidance, measurement, identification, and predictive maintenance, and by end-user into automotive, pharmaceuticals and chemicals, electronics and semiconductors, pulp and paper, printing and labeling, food and beverage, postal and logistics, other end-users.
Machine Vision Market Opportunities
The top opportunities in the machine vision market segmented by product will arise in the PC-based segment, which will gain $4,444.7 million of global annual sales by 2026. The top opportunities in the machine vision market segmented by offering will arise in the hardware segment, by deployment type will arise in the general machine vision system segment, by end-user will arise in the automotive segment, and by application will arise in the quality assurance and inspection segment, which will gain $2,758.2 million of global annual sales by 2026. The machine vision market size will gain the most in the USA at $2,172.5 million.
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