“Machine vision market projected to grow at a CAGR of 6.5% from 2020 to 2025.”
The global machine vision market is expected to grow from USD 10.7 billion in 2020 to USD 14.7 billion by 2025, at a CAGR of 6.5% during the forecast period. The major driving factors in the machine vision market is the increasing need for quality inspection and automation, growing demand for vision-guided robotic systems, increasing adoption of vision-guided robotic systems, and many more.
“Position & guidance to grow at the fastest rate in the machine vision market during the forecast period.”
Position & guidance application enables manufacturers to build multiple products on the same production line and reduces the need for expensive hard tooling to maintain part position during inspection.Also, this application helps to improve the efficiency of production processes by instantaneously detecting the positional relationship between the target and machine tool or table and helps to control the system carefully.
“Automotive industry to hold a major market share in the machine vision market during the forecast period.”
The automotive industry provides several opportunities for the machine vision market. The demand for machine vision systems is increasing in the automotive sector as it provides improved accuracy in critical activities such as bin picking and positioning of parts, such as doors and panels, for assembly. Due to the shortage of skilled laborers and the reducing manufacturing prices of automobiles, automobile companies are focusing more on automation in their production processes, ultimately boosting the growth of machine vision solutions in the automotive industry.
“APAC held the largest market share in the machine vision market between 2020 and 2025.”
The machine vision market in APAC is expected to hold a major market share during the forecast period as countries in APAC such as China, Japan, India, and South Korea have some of the largest manufacturing facilities wherein automation of manufacturing processes has been taken as the highest priority. Also, strong competition among consumer electronics companies in APAC is likely to boost the adoption of machine vision systems in the region.
In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in computational photography market space.
The break-up of primary participants for the report has been shown below:
- By Company Type: Tier 1 =55%, Tier 2 =20%, and Tier 3 =25%
- By Designation: C-Level Executives =75% and Manager = 25%
- By Region: North America =10%, Europe =20%, APAC =40%, and RoW=30%
The major players in the machine vision market are Cognex Corporation (US), Basler AG (Germany), Omron Corporation (Japan), Keyence (Japan), National Instruments (US), Sony Corporation (Japan), Teledyne Technologies (US), Texas Instruments (US), Intel Corporation (US), ISRA Vision (Germany), Sick AG (Germany) and FLIR Systems (US).
Research Coverage:
This research report categorizes the global machine vision based on deployment, component,product, application, end-user industry, and geography. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the machine vision market and forecasts the same till 2025.
Key Benefits of Buying the Report
The report would help leaders/new entrants in this market in the following ways:
- This report segments the machine vision market comprehensively and provides the closest market size projection for all sub segments across different regions.
- The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
- This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes product launches, acquisition, and partnership, and agreements.
