Machine vision market predicted at $14B US by 2024

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According to the latest market research on the Machine Vision Market from Marketsandmarkets, this sector is expected to reach USD 14.0 billion by 2024 from an estimated USD 9.9 billion in 2019, at a CAGR of 7.1% from 2019 to 2024.

The recent advancements in imaging technology such as deep learning software, liquid lens, vision processing unit, 360-degree camera, hyperspectral imaging, and hybrid image sensor and the growing demand for artificial intelligence play a significant role in the growth of the machine vision market. In addition, the growing trend of Industry 4.0 in emerging economies of the world is expected to propel the growth of the machine vision market during the forecast period.

In terms of products, smart camera-based machine vision systems are predicted to grow at a higher CAGR in the machine vision market during the forecast period tp 2024. The market penetration of smart camera-based machine vision systems in comparison to the PC-based systems is likely to increase during the forecast period according to the analysts. Smart cameras are designed with open embedded processing technology which eliminates certain peripheral devices. They are cost-effective, compact, and flexible. Currently, the PC-based machine vision systems dominate the market, but this trend is expected to change with the advancements in smart camera technology and IoT, which can be easily integrated with smart cameras.

Among end-use industries, the food & packaging industry is expected to grow at the highest rate during the forecast period. Machine vision systems ensure error-free assembly by inspecting closure panels such as doors, hoods, lift gates, and tailgates, among other components. These systems help gauge the presence as well as diameters of the bearings to ensure that all systems are in place and there is no damage. The customised point & click interface of machine vision technology makes it easy for system operators to carry out quality inspection and requires minimal labour training. The food industry provides several opportunities for the machine vision market, and several companies have responded by developing application-specific solutions in the areas of grading, sorting, portioning, processing, and quality checking during processing and packaging.

Geograhically speaking, the APAC region is expected to provide ample growth opportunities for the machine vision market since it is considered a manufacturing hub for most industries. China is an ideal destination for production units of various industries, including electronics and automotive. The machine vision market in China is expected to witness a higher growth than in other APAC countries owing to the increasing demand for automation in the country. In addition, the labour cost in China is increasing year on year. Therefore, companies based in China are focusing on using automation systems to reduce production costs. These factors are driving the growth of the machine vision market in China.

The key players in this market as identified by the research report include,  Cognex, Basler, Omron, Keyence, National Instruments, Sony, Teledyne, Allied Vision, Texas Instruments, Intel, Baumer Optronic, JAI, Mvtec, Tordivel, Isra Vision, Sick, Flir, Ametek, Qualitas, Sualab, Cadence, Ceva, and Inuitive are some of the players in the machine vision ecosystem.


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