Industrial machine vision market to grow by USD 4,218.42 million from 2022 to 2027

NEW YORK, Aug. 2, 2023 /PRNewswire/ -- The global industrial machine vision market size is estimated to grow by USD 4,218.42 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 8.4% during the forecast period. APAC will account for 34% of the global market growth. The regional market growth is attributed to factors such as the development and increased adoption of industrial machine vision systems in countries such as China, Japan, and Indonesia. Furthermore, due to the increasing government support and large-scale investments in electric vehicle projects in these countries, the demand for electric vehicles is expected to grow. Additionally, with the provision of innovative and low-cost cameras in the region by the market players and manufacturers the market in this region exhibits strong growth potential. Hence, such factors boost the growth of the regional market during the forecast period. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

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Global competitiveness and key competitor positions

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Industrial machine vision market - Segmentation AssessmentSegment OverviewThis report extensively covers market segmentation by product type (PC-based and smart camera), component (hardware and software), and geography (APAC, North America, Europe, Middle East and Africa, and South America).

The market share growth by the PC-based segment will be significant during the forecast period. These systems include an industrial computer that manages and communicates with all the other peripheral devices like lights and cameras. They are used when application requirements require high computing power, multiple cameras, or dedicated Field Programmable Gate Array (FPGA) processors. The rising need for vehicles to be equipped with active safety systems, including external sensors such as cameras, boosts the adoption of PC-based industrial machine vision systems in automobile production. Hence, such factors drive the PC-based segment of the industrial machine vision market during the forecast period.

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Industrial machine vision market – Market DynamicsKey factor driving market growthSignificant cost savings in operation due to process control drive the growth of the industrial machine vision market. Industrial machine vision systems are in the early stages of production, and defective machine vision system components are immediately removed from the process and left unfinished.

The integration of industrial machine vision systems in manufacturing units helps manufacturers reduce labor costs as well as avoid corrective action costs. Hence, such factors boost the growth of the industrial machine vision market during the forecast period.

Leading trends influencing the market

The rise in demand for Industrial IoT is an emerging trend in the industrial machine vision market. In order to facilitate the production process, the IoT can be integrated with industrial machine vision systems. Furthermore, a fully automated industry i.e. Industry 4.0 includes the development of an IoT ecosystem. This ecosystem enables the creation of automated intelligent production lines where systems, devices, and machines independently communicate and exchange information independently.

Similarly, Industry 4.0 aims to build smart factories where manufacturing processes are decentralized. Also, there are feedback mechanisms that give automated instructions to industrial machines based on production quality. Hence, such trends fuel the growth of the industrial machine vision market during the forecast period.

Major challenges hindering the market growth

Technical issues in deploying machine vision cameras challenge the growth of the industrial machine vision market, industrial machine vision market. These cameras, which are embedded in industrial robots, work efficiently when software and hardware work together. However, if the programmer fails to eliminate all bugs and software errors, the product may not work efficiently.

The physical combination is also a major challenge that occurs in vision-controlled industrial robots. There may be issues while mounting the camera at a time of physical integration. Hence, such challenges impede the growth of the industrial machine vision market during the forecast period.

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this Industrial Machine Vision Market report?

CAGR of the market during the forecast period

Detailed information on factors that will drive the growth of the industrial machine vision market between 2023 and 2027

Precise estimation of the size of the industrial machine vision market and its contribution to the market with a focus on the parent market

Accurate predictions about upcoming trends and changes in consumer behavior

Growth of the industrial machine vision market across APAC, North America, Europe, Middle East and Africa, and South America

A thorough analysis of the market's competitive landscape and detailed information about vendors

Comprehensive analysis of factors that will challenge the growth of industrial machine vision market vendors

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Industrial machine vision market scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 8.4%

Market growth 2023-2027

USD 4,218.42 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

7.8

Regional analysis

APAC, North America, Europe, Middle East and Africa, and South America

Performing market contribution

APAC at 34%

Key countries

US, Canada, China, Japan, and Germany

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Adimec Advanced Image Systems bv, ADLINK Technology Inc., Advantech Co. Ltd., Allied Vision Technologies GmbH, AOS Technologies AG, Basler AG, Baumer Holding AG, Cognex Corp., Datalogic SpA, Edmund Optics Inc., ifm electronic gmbh, iX Cameras Ltd, JAI AS, Keyence Corp., Nippon Electro Sensory Devices Co. Ltd., OMRON Corp., Optronis GmbH, Sony Group Corp., Teledyne Technologies Inc., and Toshiba Corp.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global industrial machine vision market 2017 - 2021

4.2 Product type Segment Analysis 2017 - 2021

4.3 Component Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Product Type

6.1 Market segments

6.2 Comparison by Product Type

6.3 PC-based - Market size and forecast 2022-2027

6.4 Smart camera - Market size and forecast 2022-2027

6.5 Market opportunity by Product Type

7 Market Segmentation by Component

7.1 Market segments

7.2 Comparison by Component

7.3 Hardware - Market size and forecast 2022-2027

7.4 Software - Market size and forecast 2022-2027

7.5 Market opportunity by Component

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 APAC - Market size and forecast 2022-2027

9.4 North America - Market size and forecast 2022-2027

9.5 Europe - Market size and forecast 2022-2027

9.6 Middle East and Africa - Market size and forecast 2022-2027

9.7 South America - Market size and forecast 2022-2027

9.8 US - Market size and forecast 2022-2027

9.9 Canada - Market size and forecast 2022-2027

9.10 China - Market size and forecast 2022-2027

9.11 Japan - Market size and forecast 2022-2027

9.12 Germany - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 Adimec Advanced Image Systems bv

12.4 Allied Vision Technologies GmbH

12.5 AOS Technologies AG

12.6 Basler AG

12.7 Baumer Holding AG

12.8 Cognex Corp.

12.9 Datalogic SpA

12.10 Edmund Optics Inc.

12.11 ifm electronic gmbh

12.12 JAI AS

12.13 Keyence Corp.

12.14 OMRON Corp.

12.15 Sony Group Corp.

12.16 Teledyne Technologies Inc.

12.17 Toshiba Corp.

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

About UsTechnavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]: www.technavio.com

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