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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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.
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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
Growth momentum & CAGR
Accelerate at a CAGR of 8.4%
Market growth 2023-2027
USD 4,218.42 million
YoY growth 2022-2023 (%)
APAC, North America, Europe, Middle East and Africa, and South America
Performing market contribution
APAC at 34%
US, Canada, China, Japan, and Germany
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.
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.
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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
11.2 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.
13.1 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
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