Machine Vision Market to hit USD 14.18 billion by 2028; Advancing Landscape of Industry 4.0 to Augment Growth: Fortune Business Insights™

·7 min read

Companies Profiled in the Market: Cognex Corporation, Basler AG, Omron Corporation, Keyence, National Instruments, Sony Corporation, Teledyne Technologies, Texas Instruments, Intel Corporation, ISRA Vision, Sick AG, FLIR Systems, Optotune AG, USS Vision, ViDi Systems SA, Bosch Rexroth, Euclid Labs

Pune, India, Jan. 18, 2022 (GLOBE NEWSWIRE) -- The global machine vision market size was USD 7.85 billion in 2020. The market is projected to grow from USD 8.39 billion in 2021 to USD 14.18 billion in 2028 at a CAGR of 7.8% during the 2021-2028 period.

This information is provided by Fortune Business Insights™, in its report, titled, “Machine Vision Market, 2021-2028.”

As per the research experts, the growth of the market is attributed to the factor that Machine vision (MV) incorporates the capability to examine, perceive, and inspect work performance by mounting one or more than one video camera, equivalent to digital conversion, as well as digital signal consumer electronics.

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List of Key Players Covered in this Market Report

  • Cognex Corporation (U.S.)

  • Basler AG (Germany)

  • Omron Corporation (Japan)

  • Keyence (Japan)

  • National Instruments (U.S.)

  • Sony Corporation (Japan)

  • Teledyne Technologies (U.S.)

  • Texas Instruments (U.S.)

  • Intel Corporation (U.S.)

  • ISRA Vision (Germany)

  • Sick AG (Germany)

  • FLIR Systems (U.S.)

  • Optotune AG (Switzerland)

  • USS Vision (U.S.)

  • ViDi Systems SA (Switzerland)

  • Bosch Rexroth (U.S.)

  • Euclid Labs (Italy)

  • Allied Vision (Germany)

Report Scope & Segmentation –

Report Coverage

Details

Forecast Period

2021-2028

Forecast Period 2021 to 2028 CAGR

7.8 %

2028 Value Projection

USD 14.18 Billion

Base Year

2020

Market Size in 2020

USD 7.85 Billion

Historical Data for

2017-2019

No. of Pages

140

Segments covered

Type; System; Industry;

Growth Drivers

Increasing Demand in Vision Enabled Robotics Systems to Boost Market Demand



Pitfalls & Challenges

Daily Required Maintenance and Lack of Skilled Professionals to Hamper Growth


COVID-19 Pandemic: Slowdown of Manufacturing Activity to Hamper Market Growth

The unanticipated spread of the COVID-19 pandemic led to imposing of shutdown in several accomplishments, involving disturbance in manufacturing and sales action. The global outbreak of coronavirus has substantially influenced manufacturing industries and numerous other markets. The global apprehensions and guidelines imposition has forced businesses to think hostilely in order to thrust sales and revenue.

To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/machine-vision-market-105188

Report Coverage

The report provides an in-depth analysis of the market and a comprehensive evaluation of the major segments of the market. It delivers insights into major players in the market and strategies adopted by them to generate revenue. The report offers comprehensive insights into the regional dynamics and how they propel the market into an upward growth trajectory. Moreover, COVID-19 impact has been added for additional information and how it is expected to affect the demand for machine vision in the near future.

Segmentation

On the basis of type, the market is branched into 1-D vision system, 2-D vision system, and 3-D vision system.

In terms of system analysis, this market is categorized into PC based, smart camera, and others (Compact, etc.).

PC based MV systems were the most prominent product segment in the market in 2017. The segment is anticipated to maintain its position in the global market throughout the forecast period.

The industry is divided as semiconductor, healthcare, automotive, manufacturing, and others (retail, banking, etc.).

In terms of region, the global market is segmented as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Drivers and Restraints

Rising Demand in Vision Empowered Robotics Systems to Enhance Market Growth

Machine Vision market growth is driven by ongoing advances in terms of automation & robotics systems. Robotics and smart manufacturing is transforming machine vision technology into an essential tool for industrial automation.

Similarly, there has been prime growth in the usage of industrial robots in the automotive and consumer electronic sectors. This has resulted in the upsurge in the necessity for integrated MV systems with vision-guided robot regulators.

Regional Insights

North America to Dominate Led by Established Semiconductor Sector

North America held the maximum machine vision market share and is measured to be among the surging revenue generator in the worldwide market. This is due to the leading existence of the semiconductor industry in the region, which is a fundamental segment for MV systems.

Asia Pacific is predicted to demonstrate high growth in the upcoming years. Nations such as China, Japan, India, South Korea, and other countries conduct a primary role in the market prospect during the forecast period.

Europe is also anticipated to display a considerable growth rate during the forecast period. MV systems are depending on the noteworthy movement of development in technology and automation.

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Competitive Landscape

Key players are concentrating on partnerships and mergers to preserve their grip in the market. Additionally, they are also focusing on dropping waste generated during the production procedure. This comprises reprocessing waste products and minimal utilization of raw materials.

Industry Development

May 2021: National Instruments procured MonoDrive, who is an ultra-high fidelity simulation software for advanced driver-assistance systems (ADAS) frontrunner and independent vehicle researcher.

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Table Of Content

  • Introduction

    • Definition, By Segment

    • Research Approach

    • Sources

  • Executive Summary

  • Market Dynamics

    • Macro and Micro Economic Indicators

    • Drivers, Restraints, Opportunities and Trends

    • Impact of COVID-19

      • Short-term Impact

      • Long-term Impact

  • Competition Landscape

    • Business Strategies Adopted by Key Players

    • Consolidated SWOT Analysis of Key Players

    • PESTEL Analysis

    • Porter’s Five Forces Analysis

    • Global Machine Vision Market Share Analysis and Matrix, 2020

  • Key Market Insights and Strategic Recommendations

  • Profiles of Key Players (Would be provided for 10 players only)

    • Overview

      • Key Management

      • Headquarters etc.

    • Offerings/Business Segments

    • Key Details (Key details are subjected to data availability in public domain and/or on paid databases)

      • Employee Size

      • Key Financials

        • Past and Current Revenue

        • Geographical Share

        • Business Segment Share

    • Recent Developments

  • Annexure / Appendix

    • Global Machine Vision Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028

      • By Type (USD Bn)

        • 1-D Vision System

        • 2-D Vision System

        • 3-D Vision System

      • By System (USD Bn)

        • PC based

        • Smart Camera

        • Others (Compact, etc.)

      • By Industry (USD Bn)

        • Semiconductor

        • Healthcare

        • Automotive

        • Manufacturing

        • Others (Retail, Banking, etc.)

      • By Region (USD Bn)

        • North America

        • Europe

        • Asia Pacific

        • Middle East & Africa

        • South America

    • North America Machine Vision Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028

      • By Type (USD Bn)

        • 1-D Vision System

        • 2-D Vision System

        • 3-D Vision System

      • By System (USD Bn)

        • PC based

        • Smart Camera

        • Others (Compact, etc.)

      • By Industry (USD Bn)

        • Semiconductor

        • Healthcare

        • Automotive

        • Manufacturing

        • Others (Retail, Banking, etc.)

TOC Continued…!

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