“Machine vision market projected to grow at 7.0% CAGR in 2021 during the forecast period”

The machine vision market is estimated to be valued at USD 11.0 billion in 2021 and reach USD 15.5 billion by 2026, at a CAGR of 7.0%. 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. The rising security concerns related to industrial machine robots and devices are expected to restraint market growth. Major challenge for the said market is  lack of user awareness about rapidly changing machine vision technology

“Position & guidance to grow at the fastest rate in the machine vision market during the forecast period.”

Position & guidance application boosts 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.

Consumer Electronics is expected to grow with the second-largest CAGR during the forecast period between 2021-2026

There is an increasing demand for machine vision systems in consumer electronics such as smartphones, desktops, and laptops is driving the growth of the machine vision market. Food & beverages is projected to grow at the highest CAGR during the forecast period as machine vision technology plays a vital role in applications like inspection, defect detection, quality inspection Apart from this, increasing demand of packed and instant food has led to the growing demand of machine vision system in Food & beverages sector.

“APAC held the largest market share in the machine vision market between 2021 and 2026.”

Countries such China, Japan, and South Korea are expected to be the major contributors to the market in APAC. 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. However, during the COVID-19 outbreak, the shutdowns and decline in demand have affected the growth of machine vision market in APAC.

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%

 Machine vision market was dominated by Cognex Corporation (US), Keyence (Japan), Teledyne DALSA (US), TKH Group (Germany), and Basler (Germany).

Research Coverage:

This research report categorizes the machine vision market by component, deployment, product, application, end-user industry, and geography. The report describes the major drivers, restraints, challenges, and opportunities, value chain, trade analysis, technology trends, industry trends, use cases  pertaining to the machine vision market, and forecasts the same till 2026.

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 and developments, collaborations, and acquisitions.
• This report would help understand the pre and post-COVID-19 scenarios as to how would the penetration of machine vision will look like for the forecast period. The region segment includes the country-wise impact analysis of COVID-19 and initiatives taken to overcome these impacts.