Machine Vision Market Size 2024-2028

The Machine Vision (MV) market size is projected to reach a value of USD 8.95 billion, at a CAGR of 10.87% between 2023 and 2028. The market for machine vision systems is experiencing notable growth, driven by several key factors. Significant cost savings in operations due to advanced process control technologies are boosting adoption across various industries. The escalating demand in the Asia-Pacific (APAC) region, driven by industrialization and infrastructure development, presents a substantial growth opportunity for companies offering systems such as industrial machine vision. Additionally, there is a rise in demand for machine vision systems from the APAC region, reflecting its growing industrial base and technological advancements. The automotive industry is a major contributor to this trend, with increasing demand for machine vision systems to enhance manufacturing precision and quality control. These systems are crucial for automating inspections and improving operational efficiency, making them highly sought after in both emerging and established markets. As a result, the market continues to expand, offering new opportunities for innovation and development.  

Market Size and Growth

Market Forecast 2024-2028

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The market is rapidly evolving, addressing various aspects such as error-proofing and enhancing efficiency for system operators. It caters to diverse customers' needs, spanning industries like chemical manufacturing. Times have changed, and machine vision now plays a pivotal role in inspecting products, categorizing items, and ensuring error-free processes. The market integrates artificial intelligence, automation, and robotics, utilizing learning algorithms for enhanced object recognition and quality assessment. This synergy empowers industries with efficient, intelligent systems, marking a transformative era where it plays a pivotal role in advancing automation and robotics through sophisticated learning and recognition algorithms.

Market Segmentation

By End-User 

The industrial segment is estimated to witness significant growth during the forecast period. Some of the main industries which have contributed to the development of this segment include automotive and electronics as well as the metal and food and beverages industries. There is increasing adoption of systems such as 2D and 3D machine vision systems across the pharmaceutical industry which extensively use components in its process lines and in logistics applications.

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The industrial segment was the largest and was valued at USD 7.45 billion in 2018. Furthermore, there is an increasing use of systems in the manufacturing industry in order to sustain the competition and gain a competitive advantage. Several manufacturers are extensively using solutions such as machine vision cameras to improve the rate of production and reduce the defects in their products. Other manufacturing industries that are significantly contributing to the growth of this segment are the electronics and semiconductors industries. hence, such factors are fuelling the growth of this segment which, in turn, will drive the market development during the forecast period.

By Type 

Based on type, the segment is classified into vision systems, cameras, and others.  A vision system includes an integrated system, vision sensors, processors, and software and hardware segments. There is a higher adoption of vision systems across the industrial segment and it has fuelled the demand for these vision systems. The application of vision systems can be customized as per industrial needs. Furthermore, the error detection of vision systems will determine the demand for the industrial machine market. Hence, such factors are expected to fuel the growth of this segment, which in turn will drive the market growth during the forecast period.

By Region

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The APAC region is expected to dominate the market with a growth rate of 45% during the forecast period. Technavio’s analysts have elaborately explained the regional market trends and analysis, drivers, and challenges that are expected to shape the market during the forecast period.  The Asia-Pacific region is expected to dominate the market with an accelerated growth rate during the forecast period. Some of the main factors that are significantly contributing to the growth of the market in APAC are the provision of innovative and low-cost cameras in the region by the machine vision camera market players. Additionally, factors such as development and increased adoption of systems in countries such as China, Japan, and Indonesia are also fuelling the growth of the market in the region during  the forecast period.

Furthermore, there is a strong presence of semiconductor industries in several countries such as China and Japan, which has a positive impact on market growth. Some of the major countries that are emerging as dominant countries for the market in APAC include China, Japan, India, Indonesia, Malaysia, and South Korea. Hence, such factors are expected to drive market growth in the region during the forecast period.

Market Dynamics

The market is driven by its wide application in various industries such as automotive, agriculture, and food & packaging. It leverages AI and deep learning capabilities for analysis techniques and defect detection. Automation and autonomous vehicles benefit from their assembly accuracy and asset utilization. It enhances efficiency and labeling precision while reducing downtime and labor inefficiency. Cost-effective and compact solutions are achieved through the integration of different components, including cameras and frame grabbers, leading to the general deployment of machine vision systems across industries, ensuring defect identification and maintaining high labeling accuracy. Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key market growth and trends including the major challenges. 

Key Market Driver

One of the key factors driving growth in the market is the significant cost savings in operation due to process control.  Vision systems are utilized in the initial stage of production to detect defective components, which are then removed from the process to prevent them from being finished. This technology has become essential in bustling manufacturing hubs across Asia and nations like Australia, ensuring product quality and error-proofing in inspection tasks. It offers cost-effective solutions with deep learning capabilities for defect detection and identification, reducing downtime and improving efficiency, particularly in industries such as the food & packaging industry. The increasing adoption of vision systems is evidenced by robust revenue growth and increased expenditure on advanced systems.

The versatility of vision systems is evident in their application across diverse industries, from plastics to lenses, serving a broad spectrum of product categories. The market's growth is further fueled by the adoption of frame grabbers, paneling, and various purchase options, providing flexibility in pricing models to suit the specific needs of different businesses.

Significant Market Trends

Increasing the incorporation of thermal inspection in systems is a key trend. There has been a significant improvement in thermal inspection due to the improvement in the 2D and 3D Machine Vision Systems Market. Several market players who are offering machine vision are launching thermal imaging, although thermal imaging is costly and heavy for the industry and is hard to adopt. Furthermore, there have been significant enhancements in the thermal inspections as it offers  Ethernet, camera links, and standard applications that support conventions. Thus the integration of thermal inspection in systems positively impacts the market. Hence, such factors are expected to drive the market during the forecast period.

Major Market Challenge

The market faces several challenges, including the importance of operator training and the varying usage across manufacturing companies. Competitors such as Vidi Systems SA in Switzerland, Panasonic, and ISRA Vision AG globally contribute to a dynamic ecosystem. The introduction of advanced systems like the Dataman 8700 and barcode scanners by different participants adds complexity to the market. Object detection, a crucial aspect, poses challenges for most clients and requires tailored solutions. Defining the market and its participants, particularly in terms of findings and restraints, becomes a complex task. The global nature of the market further complicates standardization, making it essential for companies to navigate challenges and find innovative ways to address the diverse needs and demands across the world.

Key Market Players in Market Companies

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. Key players in the market include companies like Cognex Corporation, Basler AG, and Omron Corporation.

Adimec Advanced Image Systems: The company offers the QUARTZ series, SAPPHIRE series, DIAMOND Gentific camera series, and NORITE N 5A100 camera.

We also have detailed analyses of the  market's competitive landscape and offer information on 20 market companies, including ADLINK Technology Inc., Advantech Co. Ltd., AFRY AB, Basler AG, Baumer Holding AG, Cognex Corp., Datalogic SpA, DATASENSOR India PVT. LTD., Industrial Vision Systems Ltd., Intel Corp., iX Cameras Ltd, JAI AS, Keyence Corp., OMRON Corp., Optronis GmbH, Sony Group Corp., Teledyne Technologies Inc., TKH Group NV, Toshiba Corp.

This market growth and forecasting report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.  

Segment Overview

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.

• End-user Outlook 
  • Industrial
  • Non-industrial
• Type Outlook 
  • Vision system
  • Cameras
  • Others
• Geography Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Argentina
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The market is driven by the rising need for safety and quality inspection in various industries. Automated inspection systems play a crucial role in ensuring product integrity and operational efficiency. Cutting-edge technologies such as smart camera-based machine vision systems and IoT integration are revolutionizing industrial machine vision systems, enhancing predictive maintenance and process control solutions. Image processing and pattern recognition capabilities enable real-time decision-making and robot guidance, improving product consistency and customer satisfaction. The market benefits from industry support and regulations, promoting the integration of components for complex applications like crack detection in welds. Skilled professionals drive innovation in manufacturing processes and quality inspection, ensuring compliance with industry standards and enhancing operational practices.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market  and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming market growth and trends and changes in consumer behavior
• Growth of the market across North America, Europe, APAC, South America, and Middle East and Africa
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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