Overview and Scope
Industrial machine vision refers to the application of computer vision technology within industrial settings to automate and enhance various processes such as quality control, inspection, guidance, and measurement. The purpose of industrial machine vision is to perform visual inspections, measurements, and evaluations in industrial settings. This technology involves the use of cameras, sensors, and image processing algorithms.
Sizing and Forecast
The industrial machine vision market size has grown strongly in recent years. It will grow from $11.01 billion in 2023 to $11.92 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to quality control and inspection needs, advancements in computing power, cost reduction and increased affordability, integration with industry 4.0 and automation.
The industrial machine vision market size is expected to see strong growth in the next few years. It will grow to $16.18 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to robotic vision in collaborative robotics (cobots), edge computing for real-time processing, integration with IOT and connectivity. Major trends in the forecast period include increased adoption of explainable AI, advancements in hyperspectral imaging, integration with augmented reality (AR) and virtual reality (VR), edge AI for real-time decision-making, focus on sustainability and energy efficiency.
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Segmentation & Regional Insights
The industrial machine vision market covered in this report is segmented –
1) By Component: Hardware, Software
2) By Product: PC-Based, Smart Camera-Based
3) By Technology: Laser, Imaging, Augmented
4) By Application: Measurement, Identification, Positioning And Guidance, Quality Assurance And Inspection, Other Applications
5) By End-User: Automotive, Pharmaceutical And Healthcare, Food And Beverage, Electronics And Semiconductor, Packaging, Process Control, Printing And Labeling, Other End-Users
Top 5 Major Players:
- Siemens AG,
- Sony Corporation,
- Panasonic Corporation,
- Mitsubishi Electric Corporation,
- Schneider Electric SE,
North America was the largest region in the industrial machine vision market in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial machine vision market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing demand for automation is expected to propel the growth of the industrial machine vision market going forward. Automation refers to a process of using technology and machinery to perform tasks without direct human intervention. Automation demand arises because of efficiency, cost savings, quality control, and advancements. Industrial machine vision systems use automation to enhance work effectiveness, improve inventory management, detect defects in production processes, and allow for faster, more accurate, and more efficient manufacturing processes. For instance, in October 2022, according to the International Federation of Robotics, a Germany-based non-profit organization, the installation of industrial robots in the Americas reached 50,712 units in 2021, marking a 31% increase compared to the previous year. Therefore, the growing demand for automation is driving the growth of the industrial machine vision market.
Key Industry Players
Major companies operating in the industrial machine vision market are Siemens AG, Sony Corporation, Panasonic Corporation, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., ABB Group, Emerson Electric Co., Rockwell Automation Inc., Keyence Corporation, Omron Corporation, Fanuc Corporation, Zebra Technologies, Synopsys Inc., Coherent Inc., Sick AG, FLIR Systems, Cognex Corporation, Datalogic S.p.A., Balluff Automation India Pvt. Ltd., National Instruments, LMI Technologies Inc., Basler AG, Vitronic GmbH, Baumer Group
The industrial machine vision market report table of contents includes:
1. Executive Summary
2. Industrial Machine Vision Market Characteristics
3. Industrial Machine Vision Market Trends And Strategies
4. Industrial Machine Vision Market – Macro Economic Scenario
5. Global Industrial Machine Vision Market Size and Growth
….
32. Global Industrial Machine Vision Market Competitive Benchmarking
33. Global Industrial Machine Vision Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Industrial Machine Vision Market
35. Industrial Machine Vision Market Future Outlook and Potential Analysis
36. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Industrial Machine Vision Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Industrial Machine Vision Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Industrial Machine Vision Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
….
Table 76: Siemens AG Financial Performance
Table 77: Sony Corporation Financial Performance
Table 78: Panasonic Corporation Financial Performance
Table 79: Mitsubishi Electric Corporation Financial Performance
Table 80: Schneider Electric SE Financial Performance
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