Widened Applications to Drive Global Machine Vision Market by 2030

Triton Market Research presents the ‘Global Machine Vision Market’ report sectioned by Vertical (Electronics & Semiconductors, Automotive, Food & Packaging, Healthcare, Other Verticals), by Application (Inspection, Identification, Gauging, Guidance, Other Applications), by Type (1D Machine Vision, 2D Machine Vision, 3D Machine Vision), by Component (Hardware [ASMV, Sensors, Cameras, Processors, Illuminations, Other Hardware Components], Software), and by Regional Outlook (Europe, Latin America, Middle East and Africa, Asia-Pacific, North America).

The report further discusses the Market Summary, Industry Outlook (Impact Analysis, Market Maturity Analysis, Porter’s Five Forces Analysis, Key Market Strategies, Key Impact Analysis, Drivers, Challenges, Opportunities, Analyst Perspective), Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2023-2030).

The report by Triton Market Research states that the global machine vision market will develop with a CAGR of 5.90% in the forecast years from 2023 to 2030.

The automotive, semiconductor, and electronics industries are traditional end-users of MV systems due to the enhanced need for quality inspection and visual data collection. But, in recent years, more non-traditional end-users have begun using machine vision components for their specific needs.

For instance, increased global regulation has compelled the pharmaceutical industry to install MV systems to ensure quality, security, and traceability at every step of the manufacturing process. Moreover, life sciences, robotics, and traffic management are also expected to see much demand for machine vision systems, over the forecasted years, which is expected to augment the market’s growth.

On the other hand, despite the multiple business benefits it offers, machine vision is yet to be utilized to its full potential. This is because MV systems require a high level of expertise to ensure their successful and efficient functioning post implementation. This factor majorly hampers the growth of the studied market.

The Asia-Pacific region leads the global market for machine vision. It accounted for the highest revenue share in 2022, and is anticipated to maintain its lead until the end of the estimated period. The rise in the disposable incomes of the middle-class population in India and China has enhanced the demand for consumer goods.

This, coupled with rising government stimulus packages to develop the infrastructure, will fuel the regional market’s growth in the years to come. Further, an increase in the outsourcing of manufacturing activities to low-cost nations, especially those in the Asia-Pacific, is another driver for the machine vision market.

Jai AS, Omron Corporation, Perceptron Inc, Isra Vision AG, Allied Vision Technologies GmbH, FLIR Systems Inc, Baumer Electric AG, Keyence Corporation, Teledyne Technologies Incorporated, National Instruments Corporation (NI), Datalogic SpA, Optotune AG, Basler AG, Cognex Corporation, and USS Vision are some of the leading players operating in this market.

The studied market is highly competitive, with several local, regional, and international players, ranging from SMEs to large-scale organizations. Manufacturers compete by offering similar features at lower prices and acquiring major companies or by offering the same characteristics at similar prices. Besides, they are majorly engaged in R&D activities to further advance their products and technologies. Additionally, various companies in the market provide different technologies for different applications. Therefore, the threat of industry rivalry is high.