Global Machine Vision Market Report 2022 to 2027 - Surging Demand for Hybrid and Electric Cars Presents Opportunities - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--Dec 2, 2022--

The "Machine Vision Market by Component (Hardware, Software), Deployment (General, Robotic Cells), Product (PC-based Machine Vision System, Smart Camera-based Machine Vision System), End-user Industry, Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The machine vision market is projected to grow from USD 12.0 billion in 2022 to USD 17.2 billion in 2027; it is expected to grow at a CAGR of 7.4% during the forecasted period.

Market for smart camera-based products is expected to grow at highest CAGR during the forecasted period

The machine vision market is segmented into two types of products PC based and smart camera-based products. Smart cameras are employed for a number of automated functions, whether complementing a multipart machine vision system or as standalone image-processing units.

Smart camera-based machine vision systems consist of an embedded controller with integrated vision software that is directly connected to one or more cameras. Smart camera-based systems are cost-effective.

Deployment by robotic cells to have significant growth opportunities between 2022 and 2027

Machine vision and robotic systems are being integrated and used in the manufacturing industry due to the advent of low-cost smart cameras and pattern-matching software.

Machine vision, paired with AI and deep learning, inflate the role of robots in performing production-line tasks, such as picking, sorting, placing, and performing a manufacturing line scan. Vision-guided robots make processes completely automatic and enable flexibility in inspection and integrated functions and motion performed by robots, such as rotating and tilting.

Market for Asia Pacific is to grow at the highest CAGR during forecast period

The machine vision market is expected to grow at highest CAGR in Asia Pacific region. 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 consumer electronics, food & packaging, pharmaceutical, electronics & semiconductor. In the Asia Pacific region, China is the country expected to grow at the highest CAGR during the forecasted period. Being a hub for various manufacturing industries, China has a huge market for the machine vision system. The growth of the market in China is mainly driven by the consumer electronics market.

Market Dynamics

Drivers

• Growing Need for Quality Control and Automated Inspection
• Increasing Demand for Vision-Guided Robotic Systems by Manufacturing Firms
• Rising Need for Application-Specific Integrated Circuits

Restraints

• Vulnerability of Industrial Robotic Systems to Cyberattacks
• Unavailability of Flexible Machine Vision Solutions
• Lack of Skilled Professionals in Manufacturing Factories

Opportunities

• Surging Demand for Hybrid and Electric Cars
• Rising Adoption of Machine Vision Systems in Food Industry
• Government Initiatives to Support Industrial Automation
• Increasing Use of AI-Powered Machine Vision Systems
• Accelerating Adoption of Industry 4.0
• Emergence of Miniature Smart Cameras and Processors
• Increasing Use of Vision-Guided Industrial Robots, Especially in China, to Reduce Labor Costs

Challenges

• Complexities Associated with Machine Vision System Integration
• Lack of Awareness About Rapidly Changing Machine Vision Technology

Companies Mentioned

• Algolux
• Ametek, Inc.
• Atlas Copco
• Basler Ag
• Baumer Optronic
• Cognex Corporation
• Industrial Vision Systems Ltd.
• Intel Corporation
• Inuitive
• Ivisys
• Jai A/S
• Keyence Corporation
• Microsoft
• Mvtec Software GmbH
• National Instruments
• Omron Corporation
• Optotune
• Qualitas Technologies
• Sick Ag
• Sony Corporation
• Teledyne Technologies
• Texas Instruments
• Tkh Group
• Tordivel As
• Uss Vision LLC

For more information about this report visit https://www.researchandmarkets.com/r/d63rjr

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INDUSTRY KEYWORD: SOFTWARE TECHNOLOGY ROBOTICS HARDWARE

SOURCE: Research and Markets

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