Machine Vision System Market Research, 2032
The Global Machine Vision System Market was valued at $49.7 billion in 2023, and is projected to reach $159.2 billion by 2032, growing at a CAGR of 13.9% from 2024 to 2032.
Market Introduction and Definition
Machine vision technology substitutes human visual sense and judgment capabilities with digital cameras and image processing to complement manual inspections and measurements. Different industries incorporate this technology to automate their production and improve product quality and speed.
Key Takeaways
On the basis of type, the 2D vision segment dominated the market in terms of revenue in 2023 and is anticipated to grow at the fastest CAGR during the forecast period.
On the basis of product, the vision sensors & image-based barcode readers segment dominated the machine vision system market size in terms of revenue in 2023.
On the basis of application, the inspection segment dominated the machine vision system market size in terms of revenue in 2023.
On the basis on end user, the manufacturing segment dominant the market in terms of revenue in 2023 and is anticipated to grow at the fastest CAGR during the forecast period.
Region-wise, North America generated the largest revenue in 2023. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
Industry Trends:
Machine vision has emerged as a cutting-edge advancement in camera technology, revolutionizing multiple industrial sectors such as logistics, manufacturing, and smart devices. With the advent of smart camera technologies, manufacturers can effortlessly develop and implement machine vision models tailored to their customer's specific requirements, helping customers gain comprehensive and actionable insights from valuable data. The market is poised to witness significant growth due to the rise in popularity of smart cameras, which offer enhanced processing capabilities in compact form factors.
For instance, in May 2023, Zivid launched a revolutionary line of its latest 3D color cameras, poised to make a significant impact on the machine vision and automation sectors. This development empowers the company to further enhance its capabilities, enabling customers to optimize efficiency and productivity across various applications such as de-palletizing, bin-picking, pick-and-place, assembly, packaging, and quality control. Such developments are expected to increase the potential of the market opportunities and drive the market growth.
The utilization of technology spans numerous industries, encompassing robotic guidance and automation, quality control and inspection, as well as mapping. The growing adoption of robotics in the manufacturing sector is anticipated to amplify the potential of cameras for machine vision systems, driven by technological advancements and the rising demand for automation in various industries. For instance, according to a survey published by the International Federation of Robotics (IFR) in 2023, there was a 5% year-on-year growth in the installation of industrial robots in factories worldwide, with a total of 553, 052 robots installed in 2022. Asia accounted for 73% of the newly deployed robots, followed by Europe with 15% and the Americas with 10%.
Key Market Dynamics
The rise in demand for automation in industrial applications is a significant driver for the machine vision system market. Automation becomes increasingly indispensable as industries strive for greater efficiency, accuracy, and productivity. Machine vision systems play a crucial role in this automation revolution by providing real-time visual inspection, quality control, and process optimization. Machine vision systems enable rapid and precise identification of defects, measurement of components, and monitoring of production processes by leveraging advanced imaging technology. Moreover, these systems enhance operational efficiency by reducing manual intervention, minimizing errors, and streamlining workflows. Moreover, machine vision effectively replaces human experts for visual inspection and quality control as it is the best solution in case of tedious inspection, where precise information can be quickly extracted. Advances in machine vision technology and related software tools have enabled manufacturers to deploy visual inspections that require high-speed, high-magnification, 24-hour operation, and repeatability of measurements. Therefore, rise in demand for automation in industrial applications drives the growth of the machine vision system market.
However, lack of skilled professionals in manufacturing units present a significant restraint for the widespread adoption of machine vision system. Machine vision system enables fast, reliable & precise control, effective production, and increased delivery reliability. However, it incurs high investment in training and education of operators, which is essential to help the technology enter new markets. The system enables flexibility to inspect multiple products on the same smart camera, which is often difficult. Specialized knowledge of the equipment is required to implement machine vision system. Therefore, there is a shortage of skilled professionals which are capable of handling this advanced technology in their manufacturing units. In addition, small manufacturing units are mostly not equipped in using this technology in its manufacturing process. Thus, this restraint is expected to overcome during the forecast period, owing to constant research activities by key players in the market and increase in penetration of machine vision systems in different industries.
Furthermore, the rise in trend toward IoT and AI presents a substantial opportunity for the machine vision system industry report. In the current IT-dominant world, people are moving toward automation-based solutions and services. This has led to increase in focus on IoT (internet of things) -based devices and AI (artificial intelligence) , owing to their innovative and advanced applications. IoT and AI are technologies that provide internetworking for almost all applications such as smartphones, machines, and buildings. IoT uses electronic software, sensors, and actuators to connect all things to a common network. IoT and AI-based devices help in machine-to-machine (M2M) communication and person-to-computer communication. In addition, these devices assist people in capturing and transmitting electronic data, which provides ample opportunities for market growth.
Patent Analysis of Global Machine Vision System Market
The global machine vision system market is segmented according to the patents filed in China, U.S. Patent Corporation Treaty (PCT) , Republic of Korea, European Union, Germany, the UK, Canada, and Australia. China and the U.S. have the largest number of patent filings, owing to suitable research infrastructure. Approvals from these authorities are accepted by devices registration authorities in many developing countries. Therefore, China and U.S. have maximum number of patent filings. Moreover, majority of companies belong to China, which largely contributes toward growth of the number of patent applications filed in the region.
Market Segmentation
The machine vision system market is analyzed into type, product, application, end use, and region. Based on type, the market is fragmented into D Vision, 2D Vision, and 3D Vision. Based on product, the market is segregated into PC-based machine vision system, vision controllers, standalone vision system, vision sensors & image-based bar code readers, and others. Based on application, the market is classified into identification, inspection, gauging, positioning, and others. Based on end use, the market is categorized into automotive, healthcare, manufacturing, industrial, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Market Segment Outlook
On the basis of type, the 2D vision segment dominated the machine vision system market forecast in revenue in 2023 and is anticipated to continue this trend during the forecast period due to its widespread application and cost-effectiveness in industries like manufacturing, automotive, and electronics, where it excels in barcode reading, object recognition, and surface inspection.
Based on product, the vision sensors & image-based barcode readers segment dominated the machine vision system manufacturer market in 2023 due to their extensive utilization in logistics, manufacturing, and retail for tasks such as product identification, sorting, and quality control contributes to their dominance. Vision sensors and image-based barcode readers are valued for their cost-effectiveness, ease of integration, and reliability in various automated processes.
Based on application, the inspection segment dominated the machine vision system manufacturer in 2023. This is because inspection plays a critical role in ensuring product quality and compliance across industries like manufacturing, automotive, electronics, and pharmaceuticals. Machine vision systems are extensively used to detect defects, verify assembly, and ensure product consistency, which are crucial for maintaining high standards and reducing waste.
Based on end user, the manufacturing segment dominates the machine vision system industry. This is due to the heavy reliance of manufacturing industries on machine vision systems for quality control, process automation, and efficiency enhancement. These systems are vital for inspecting products, ensuring compliance with standards, and optimizing production lines. The shift towards Industry 4.0 and smart manufacturing further drives the adoption of machine vision technology.
Regional/Country Market Outlook
On the basis of region, the machine vision system industry is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific holds the highest market share in the machine vision system market in 2023. This is driven by a robust manufacturing sector, particularly in countries like China, Japan, South Korea, and Taiwan. Asia-Pacific is a global hub for electronics, automotive, and semiconductor industries, which are key adopters of machine vision systems for quality control and automation. The rapid industrialization, increasing adoption of automation technologies, and significant investments in smart manufacturing further boost the demand for machine vision systems. In addition, supportive government initiatives and growing local expertise in advanced manufacturing technologies contribute to the region's leading market position.
Competitive Landscape
The major machine vision system market share by companies are Baumer Ltd., Cognex Corporation, Canon Inc., FLIR System inc, Intel Corporation, Keyence Corporation, National Instrument Corporation, Omron Corporation, Texas Instrument Inc., and SICK AG.
Recent Key Strategies and Developments
In October 2023, Emerson announced the acquisition of NI. NI increases Emerson’s end market exposure in discrete markets, which will be Emerson’s second largest industry segment. With approximately 20% of its sales in software, NI also increases Emerson’s exposure to high-growth industrial software markets. The acquisition of NI advances Emerson’s position as a global automation leader and expands its opportunities to capitalize on critical secular trends like nearshoring, digital transformation, sustainability, and decarbonization.
In August 2023, Cognex Corporation acquired Moritex Corporation (Moritex) from Trustar Capital, a private equity affiliate of CITIC Capital Holdings Limited, for USD 275 million. Moritex is a leading global provider of optics components with a strong presence in Japan. Moritex is expected to contribute around 6-8% of Cognex’s revenue, and the acquisition is expected to be accretive to GAAP EPS in 2025.
In July 2022, Omron Automation Americas, a pioneer in delivering cutting-edge automation solutions for sensing, control, safety, and vision technology, launched some of its most advanced machine vision cameras at the A3 Vision Show 2022 in Boston. With the use of this technology, a system can be built to match the needs of an application without the need for expensive computing gear or specialized engineers.
Key Sources Referred
Semiconductor Industry Association (SIA)
SEMI.org
IEEE Electron Devices Society (EDS)
U.S. Department of Energy
Global Semiconductor Alliance (GSA)
World Economic Forum
European Semiconductor Industry Association (ESIA)
Key Benefits For Stakeholders
- This report provides a quantitative analysis, machine vision system sector analysis of the market segments, current trends, estimations, and dynamics of the machine vision system market analysis from 2024 to 2032 to identify the prevailing machine vision system market data, and machine vision system market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the machine vision system market segmentation assists to determine the prevailing robot vision system market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the vision inspection system manufacturers market players.
- The report includes the analysis of the regional as well as global machine vision system market trends, machine vision system market insights, machine vision system for US market, machine vision system market size by country, machine vision system company list, key players, market segments, application areas, and market growth strategies.
Machine Vision System Market Report Highlights
| Aspects | Details |
 Market Size By 2032 | USD 159.2 Billion |
 Growth Rate | CAGR of 13.9% |
 Forecast period | 2024 - 2032 |
 Report Pages | 250 |
 By Type |
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 By Product |
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 By Application |
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 By End Use |
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 By Region |
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 Key Market Players | Canon Inc., Cognex Corporation, Texas Instruments Inc., National Instrument Corporation, KEYENCE CORPORATION, SICK AG, Baumer Ltd., Omron Corporation, Intel Corporation, FLIR Systems, Inc. |
Analyst Review
The machine vision system market witnesses a high growth due to rise in demand for higher quality, less machine downtime and reduced setup time, increased productivity, and production flexibility in applications such as inspection, measurement, gauging, and assembly verification. Major disadvantages of human inspection, such as long-term inconsistency, need of rest period, slower speed than machine, and variation among different inspectors, boost the market growth.
Continued evolution of CMOS image sensors and rise in demand for automation in industrial applications are the factors that supplement the market growth. Machine vision system maintains a high level of error recognition for a long period of time, thus, enabling high-speed production lines, clean room environments, microscopic inspection, closed-loop process control, and precise non-contact measurement.
Smart camera component of machine vision system is most widely used and has maximum penetration in the market. It accounted for the largest machine vision system market share in 2015, owing to its high incorporation for image processing in machine vision systems. Machine vision system finds its application in industrial, healthcare, electronics, and automotive industries. Industrial segment consumes the highest share of machine vision system market in 2015, owing to its extensive utilization in production line monitoring and automated guidance system. Healthcare and automotive are expected to foster highest growth in the market owing to increase in demand of automated mass production, strict quality requirements, and high degree of cost sensitivity.
Asia-Pacific and Europe are the most potential regions for manufacturers to increase their revenue and market share in the global machine vision system industry, owing to the ongoing research activities for developing efficient machine vision system components, such as smart camera, software, embedded system, frame grabber, and many more.
Key players such as Cognex Corporation, Teledyne Technologies, Inc., Keyence Corporation, National Instruments Corporation, Texas Instruments, Inc., Basler AG, Baumer Optronic GmbH, Sick AG, Omron Corporation, and Allied Vision Technologies GmbH are largely engaged in the process of product innovation, collaboration, and acquisition to further expand their services across various geographies.
Increased adoption in the automotive industry and growing demand for 3D machine vision systems are the upcoming trends of the machine vision system market in the globe.
Inspection is the leading application of the machine vision system market.
Asia-Pacific is the largest regional market for machine vision system
In 2023, $$49.4 billion was the estimated industry size of machine vision system
Baumer Ltd., Cognex Corporation, Canon Inc., FLIR System Inc., Intel Corporation, Keyence Corporation, National Instrument Corporation, Omron Corporation, Texas Instrument Inc., and SICK AG are the top companies to hold the market share in machine vision system.
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