According to a comprehensive research report by Market Research Future (MRFR), “Machine Vision Market Analysis by Type, By Application, By Components, By End Users - Forecast till 2030” valuation is poised to reach USD 23,855.7 million by 2030, registering an 8.8% CAGR throughout the forecast period (2022–2030) 

Machine Vision Market Overview

The machine vision system can completely replace human visual and inspection capabilities. These systems use a camera with several features, image processing, sensors, and measurement.

Machine Vision Market Drivers

The global market for machine vision has recorded significant growth in the last few years. The market's growth is attributed to the growing investments and increasing requirements for quality inspection and automation.

Machine Vision Market Restraints

The constantly changing end-user requirements are the major restraint faced by the players across the global market.

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Machine Vision Market Segments

Among all the components, the hardware segment is anticipated to dominate the global market for machine vision over the assessment timeframe. The segment encompasses objects like LED lighting, processors, cameras, optics, frame grabbers, and sensors. The camera subsegment will likely account for the largest market share over the projected timeframe. The segment's growth is attributed mainly to the growing demand for CMOS imaging sensors.

Among all the products, the PC-based segment is anticipated to lead the global martlet for machine vision over the forecasted timeframe. The segment's growth is credited primarily to the growing applications of the systems. On the other hand, the camera-based systems are likely to register the highest CAGR over the review timeframe. The increasing implementation of the cameras in 3D imaging is the primary aspect boosting the segment's growth.

Out of all the end use sectors, the automotive end-use sector is projected to account for the highest revenue across the global market for machine vision over the review timeframe. Currently, the industry is the primary adopter of the machine vision systems across the globe and is likely to register a healthy CAGR over the assessment timeframe. On the other hand, the food and beverage sector is projected to record the highest CAGR over the assessment timeframe. MV systems in the industry are highly used in bottling and packaging operations.

Among all the application areas, the quality assurance and inspection segment are projected to acquire the highest revenue share across the global market for machine vision over the assessment timeframe. The systems are widely utilized for identifying and scanning labels, texts, and barcodes, particularly in the packaging sector. This automates packaging activities, thus boosting efficiency, avoiding human errors, and saving time.  

Machine Vision Market Regional Analysis 

The global market for machine vision is analyzed across five major regions, including North America, Latin America, Asia-Pacific, Europe, and the Middle East & Africa.

As per the analysis reports by MRFR, the Asia-Pacific region is dominating the global market for machine vision with a market share of approximately 30% of the net market share. The region's growth is mainly credited to the region having significant manufacturing markets such as China, India, Japan, and South Korea, where automation of manufacturing processes is the highest priority globally. Furthermore, the competitive nature of the regional market is another significant parameter boosting the growth of the regional market.

The European region is likely to record substantial growth over the forecasted timeframe. The regional market's growth is mainly due to strong demand from the healthcare and automotive industries.

The North American regional market for machine vision is anticipated to register substantial growth over the assessment timeframe.

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Machine Vision Market Competitive Analysis

Dominant Key Players on Machine Vision Market Covered are:

•  Omron Corporation (Japan)
•  Cognex Corporation (U.S.)
•  Keyence (Japan)
•  Vitronic GmbH (Germany)
•  ViDi Systems SA (Switzerland)
•  Perceptron Inc. (U.S.)
•  USS Vision (U.S.)
•  Microscan Systems (U.S.)

About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.