Global Machine Vision Market Research Report: Forecast (2024-2030)

Market Definition

Machine vision is the methods and technologies used to provide analysis and inspection based on the data gathered from various cameras and sensors. Machine vision involves multiple hardware components, software as well as services. Machine vision is used in various industry verticals such as manufacturing, automotive, healthcare, etc.

Market Insights & Analysis: Global Machine Vision Market (2024-30):

The Global Machine Vision Market size is valued at USD 13.1 billion in 2024 & is estimated to grow at a CAGR of around 7.5% during the forecast period, i.e., 2024-30. The market growth of machine vision components in the automotive sector is due to increased demand and adoption. Increased road accidents and traffic around the world have also created a necessity for more reliable and efficient vehicles. Machine vision systems installed on cars such as cameras, frame grabbers, processors, etc., ensure that automobile parts are assembled with precision and quality control which has led to an increase in the demand for machine vision components within the automotive industry.

Furthermore, there is a growing integration of machine vision systems into advanced driver-assistance systems (ADAS) thus increasing the need for machine vision systems and software. For instance, ADAS provides several safety features including emergency braking, lane departure warning system (LDWS), obstacle detection, etc., all of which require the adoption of such systems thereby propelling their uptake across automotive applications. Additionally, companies like Tesla, Maruti, Honda, etc., are implementing ADAS into their cars hence creating a requirement for machine vision solutions. For Instance,

• In 2023, Honda launched its new model Honda City facelift with new features like the Advanced Driver Assistance System (ADAS) along with speed control features used in traffic congestion.

In addition, there has been an upward trend in cases of food poisoning, and high consumer consciousness to quality and source of food stuffs has been increasing the use machine vision technology in the manufacturing sector of foods and drinks. Bulk food has often given a chance for microbial infection or contamination which increases food poisoning globally. For Instance,

• In 2023, the Centre for Food Safety (CFS) received around 219 food poisoning cases which were referred by the Department of Health (DH), affecting 838 individuals in total globally.

The machine vision components and solutions such as cameras, sensors, etc., detect abnormalities in the food batches in terms of color, temperature, etc., with their microscopic viewing capabilities. This, in turn, is leading to the surging adoption of machine vision solutions in food and beverage manufacturing. Moreover, machine vision enables consistency in food by detecting differences in size and shape, which is further increasing its adoption in the sector.

Thus, the increasing adoption of machine vision solutions in sectors like automotive, food and beverage manufacturing, etc., is leading to its surging demand ultimately augmenting the growth of the Global Machine Vision Market.

Global Machine Vision Market Driver:

Proliferation in Electronics Manufacturing Boosting Machine Vision Market Growth – The increasing demand for consumer electronics such as mobile phones, laptops, washing machines, refrigerators, etc., across the globe has been surging the manufacturing of electronics and electronic parts worldwide. The rising consumer inclination towards smart home devices, 5G devices, routers, etc., has been further increasing the overall electronic manufacturing sector. The intricate designs and complex manufacturing processes of consumer electronic parts require precise and consistent solutions to ensure the quality of the electronic products. Machine vision solutions with cameras, sensors, frames, processors, etc., enable advanced inspection and quality control of the electronic, thereby increasing their adoption. Moreover, machine vision solutions detect minute defects in the circuit boards, semiconductor chips, etc., which further increase their adoption in electronic manufacturing. Additionally, the machine vision systems often enabled with AI (Artificial Intelligence) technologies enable the manufacturers to control their unit operations in electronic manufacturing at each step precisely which further augments their adoption in the overall electronic manufacturing sector. Companies such as Cognex Corporation, Texas Instruments, etc., have been launching various AI-enabled machine vision solutions for the electronics industry, which is further increasing the growth of the Global Machine Vision Market.

Global Machine Vision Market Opportunity:

Global Push towards Industry 4.0 Initiatives Prompting Machine Vision Market Growth – The growing demand for high-quality consumer products with customization and cost-effectiveness has been necessitating Industry 4.0 initiatives worldwide. The global acceptance of Industry 4.0 initiatives is enabling better operational efficiencies, reducing downtimes, and increasing overall productivity. Industrial Revolution 4.0 initiatives are also being put in place by governments across the world such as Germany, China, the US, India, the UK, etc., which further prompted the 4.0 revolutions globally. For Instance,

• In 2024, according to Germany Trade and Invest (GTAI), about 80% of all firms in the manufacturing sector have plans to digitalize their value chain in the country under their Industry 4.0 Revolution.

This has resulted in a growing government focus on digitalization and industry four systems in manufacturing around the world; thus machine vision solutions will be highly sought-after over the coming years. AI adoption, real-time monitoring devices, etc., are part of industry 4.0 initiatives demanding machine vision components like cameras, sensors, bar-code scanners, and processors among others. On top of that; if inspection, quality control navigation, etc., are to be fully optimized to make them more efficient they need machine learning solutions hence enhancing their demand worldwide. Thus, with the surging government initiatives and shifting global focus towards Industry 4.0 initiatives with digitalization is expected to boost the demand for machine vision solutions creating opportunities in the Global Machine Vision Market.

Global Machine Vision Market Challenge:

Lack of Skilled Professional to Operate Machine Vision Solutions Impeding the Growth of the Market – Machine vision systems and solutions consist of various intricate technologies and devices including sensors, lenses, processors, and artificial intelligence algorithms. These systems and solutions require highly skilled technicians, operators, and professionals to operate and perform the operations. Moreover, the complexity associated with the transmission of data, calculation, and screening further necessitates the skilled professional demand in the factories and manufacturing units. However, there is a shortage of skilled professionals in these required fields such as optics, data interpretation, etc., which in turn hampers the adoption of machine vision solutions at wider rates. Furthermore, factories with advanced machine vision solutions require individuals with complex skill sets and the shortage of individuals results in the reduced operational efficiency of the manufacturing unit. Furthermore, training the existing staff and hiring new professionals further adds a layer of expense to the overall business which restricts the businesses from adopting machine vision technologies. Small and Medium enterprises often face budget constraints in the adoption of machine vision solutions owing to highly-priced skilled professionals, thereby restraining the growth of the Global Machine Vision Market.

Global Machine Vision Market (2024-30): Segmentation Analysis

The Global Machine Vision Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2023–2030 at the global levels. Based on the analysis, the market has been further classified as:

Based on Component:

• Hardware
  • Cameras
  • Optics
  • Frame Grabbers
  • LED Lighting
  • Others (Processors, Sensors, etc.)
• Software
  • Deep Learning Software
  • Image Acquisition Software
  • Image Processing Software
  • Others (Application Software, Open Source Software, etc.)
• Services

Out of them all, the hardware segment holds a considerable market share in the machine vision market globally driven by the increasing incorporation of various cameras, processors, sensors, lenses, etc., in the manufacturing units. The hardware components are effectively incorporated to get real-time data about products in terms of quality as well as quantity. The components capture high-resolution pictures and infographics which are extremely crucial for maintaining the overall operational efficiency, thereby augmenting their adoption and demand. Furthermore, the continuous advancements and new developments in the hardware systems and parts also proliferate its adoption among the end users, which is increasing its overall growth. Companies such as Cognex Corporation, Basler AG, etc., have been developing efficient, AI-enabled hardware systems with enhanced capabilities which is creating their demand in the market globally. For Instance,

• In 2024, Cognex Corporation launched the world's first 3D machine vision system with AI that offers fast deployment and reliable inspections for manufacturing automation.

Thus, owing to increasing developments and surging incorporation, hardware segments hold a considerable market share in the Global Machine Vision Market.

Based on End User:

• Automotive
• Electronics
• Food and Beverages
• Healthcare
• Textile
• Others (Retail, Printing, etc.)

Based on end-user, the healthcare segment holds a substantial market share owing to increasing pharmaceutical manufacturing across the world. The increasing pace of the aging population along with lifestyle-related disorders among consumers is demanding a variety of medicines. This, in turn, has resulted in the large-scale manufacturing of medicines and pharmaceutical products. The medicines for diseases such as diabetes, heart issues, blood pressure, etc., are manufactured at a global scale which requires precise monitoring at every step. The pharmaceuticals and medicines are required to meet stringent regulatory and quality measures to ensure the safety of the individuals. The complex certification requirements by organizations such as the FDA (Food and Drug Administration) necessitate micromanagement at every unit operation of the entire production cycle creating the demand for machine vision systems and solutions. Machine vision solutions ensure the inspection and quality control of these medicines during the entire manufacturing process. Moreover, the cameras, sensors, and AI software detect any change in the formulation and color of the mixture thereby reducing the risk of contamination which further increases the adoption of machine vision systems prompting the growth of the Global Machine Vision Market.

Global Machine Vision Market (2024-30): Regional Projection

Geographically, the Global Machine Vision Market expands across:

• North America
• South America
• Europe
• The Middle East and Africa
• Asia-Pacific

Asia-Pacific holds a significant market share in the machine vision market worldwide owing to its high manufacturing capabilities. The region boasts various manufacturing units of automobiles, packaging, textiles, etc. Moreover, the region is emerging as a prominent player in food and pharmaceutical manufacturing. With these increasing manufacturing capabilities, the demand for machine vision systems and solutions is on the rise to monitor and inspect the manufacturing chains. Countries like China, Japan, South Korea, etc., boast the demand for advanced automation systems and solutions for electronics and semiconductor manufacturing. The complexity and tedious compilation of electronic parts require machine vision parts such as lenses and cameras, which increase their demand and adoption in the region augmenting market growth. Furthermore, companies such as Ametek Inc., Sony Corporation, etc., have been launching innovative machine vision systems in the region, which is leading to its wider adoption among end users propelling market growth. For Instance,

• In 2023, Ametek Inc., launched its Phantom T4040 high-speed camera, surpassing the frame rate capabilities of other high-resolution, high-speed cameras in India.

Thus, the increasing manufacturing sector in Asia-Pacific coupled with companies developing new and innovative, machine vision solutions is leading to market growth in the region. In addition, the rising Industry 4.0 initiatives in countries such as Japan, India, China, etc., are expected to surge the digitalization in the region, creating demand for machine vision solutions and creating opportunities in the forecast years.

Global Machine Vision Industry Recent Development:

• In 2024: Cognex Incorporation introduced the 380 Modular Vision Tunnel, a new addition to the Modular Vision Tunnel portfolio, featuring the powerful DataMan® 380 barcode reader.
• In 2024: Basler AG launched new racer 2 L 8k and 16k line scan cameras equipped with the latest Gpixel sensors and CXP-12 interface.

Gain a Competitive Edge with Our Global Machine Vision Market Report

• Global Machine Vision Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
• This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
• Global Machine Vision Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.