CHICAGO, Nov. 11, 2022 /PRNewswire/ -- Machine Vision Market size is estimated to be USD 12.0 billion in 2022 and is projected to reach USD 17.2 billion by 2027, at a CAGR of 7.4% according to a new report by MarketsandMarkets. The growth of the market is attributed to the benefits of the machine vision over the mundane visual inspection. During the forecast period, development of machine vision in industries such as food & packaging, consumer electronics, electronics & semiconductors and automotive are expected to create growth opportunities for the market.
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Smart camera based machine vision system is to account for the larger share of Machine Vision Market in 2022.
Smart camera based machine vision system is accounted for a larger share of Machine Vision Market, it is expected to remain prominently larger through out forecasted period. Smart camera based machine vision systems are consists of an imager to capture images, an intelligent processor to process and analyze images, and input and output capabilities in a small/compact body. Also, advanced processors with fast analytical capabilities are being integrated with smart cameras in machine vision systems. Technology used in smart camera has also been applied to biometric recognition system, retinal, facial, or fingerprint scanning which is used for security purpose. One of the latest innovations in machine vision is the use of hyper-spectral (HS) cameras, which can collect full spectral data of a scene. It led to increase in demand for smart camera based systems.
General deployment of machine vision system is accounted for the largest market share through the forecasted period
General deployment of machine vision system is accounted for the largest market share through the forecasted period. The machine vision system can be deployed on general or robotic cell. Machine vision system is an image-based, automatic inspection and analysis system used in process control and many other applications. It takes pictures automatically and accurately to inspect materials as they come down the assembly line. Machine vision uses a small industrial camera and lights mounted near assembly lines to capture photos of the products as they pass by. While there are several problems while integrating machine vision cameras in robots, such as scaling, the continuous movement of robots, camera placement, occlusion.
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Market in Asia Pacific holds significant opportunities for the market during forecast period.
The market has been segmented into China, Japan, South Korea, India, and the rest of Asia Pacific. The region has emerged as a global focal point for large investments and business expansion opportunities. The fastest growth of the Machine Vision Market in Asia Pacific can be attributed to the growing opportunities for machine vision systems in industries such as food & packaging, electronics & semiconductor, consumer electronics. This region represents the fastest-growing market worldwide for machine vision. China, Japan, South Korea, and India being the leading countries in terms of technology adoption in manufacturing industry.
The key players in the Machine Vision Market includes Cognex Corporation (US), Keyence (Japan), Teledyne Technologies (US), TKH GROUP (Germany), Basler (Germany), OMRON Corporation (Japan), NATIONAL INSTRUMENTS CORP (US), Intel Corporation (US).
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