The global Machine Vision market was valued at around US$13,006 million in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 5.8% between 2022 and 2029. The growing demand for vision-guided robotic systems across industry verticals such as automotive, food and beverage, pharmaceutical and chemicals, and packaging is driving the market growth.
Machine Vision systems comprise components such as cameras, sensors, communication systems, and vision processing units that assist in identifying, inspecting, and evaluating work performance with high precision. The data obtained is used to control and automate processes to increase accuracy and efficiency.
AgileIntel’s global Machine Vision market study is a 157 pages report containing in-depth analysis on historical and forecasted spending patterns in the sector. The study offers granular value data from a global, regional, component, and application perspective.
The base year is 2021 for the study with historical data between 2018 and 2021. The data forecast has been provided for the years between 2022 and 2029.
Figure 1: Global Machine Vision Market during 2018-2029 in US$ million
Key insights from the Global Machine Vision report
Insights on Component:
The Machine Vision market is classified into hardware, software, and services, based on the component.
The hardware segment held the largest revenue share of 63% in 2021 and is expected to dominate the market during the forecast period. The major hardware components of a Machine Vision System comprise cameras, lenses, frame grabber, lighting, and vision processors.
Furthermore, the software components include barcode reading, standard algorithms, and deep learning software. The software installed determines how these inspection programs run and their responsiveness and operability. For instance, image processing algorithms perform imaging functions such as defect detection, optical character recognition (OCR) and verification, image measurement, and pattern matching.
Figure 2: Global Machine Vision Market by Component in 2021
Insights on Application:
The Machine Vision market is classified into quality and inspection, positioning and guidance, measurement, and identification based on application.
The quality assurance and inspection segment dominated the Machine Vision market, registering a revenue share of around 52% in 2021. The extensive usage of these systems in scanning and identifying labels, barcodes, and texts, primarily in the consumer goods, pharmaceutical, and packaging industry, is expected to drive the segment growth during the forecast period.
Furthermore, Machine Vision systems in identification applications include reading barcodes, data matrix codes, direct part marks (DPM), and characters to identify and categorize products for error-proofing production and packaging. The segment is anticipated to grow significantly during the forecast period as it is being extensively deployed in manufacturing plants to monitor processes and quality.
Figure 3: Global Machine Vision Market by Application in 2021
Insights on End-Use Industry:
The Machine Vision market is classified into automotive, pharmaceutical and chemicals, electronics and semiconductors, pulp and paper, printing and labeling, food and beverage, glass and metal, postal and logistics, and others, based on the end-use industry.
The automotive industry segment dominated the global Machine Vision market with a revenue share of around 20% in 2021, and it is expected to continue its dominance during the forecast period. In the automotive industry Machine Vision applications involve inspection and robotic guidance. Robots use Machine Vision to perform auto racking, assembly of parts, inspection, assembly verification, etc. The adoption of Machine Vision systems allows dimensional gauging of precision machined components ensuring parts within the correct tolerances are fitted in the vehicles. Additionally, the rising demand for hybrid and electric vehicles globally is likely to provide lucrative growth opportunities for the Machine Vision market during the forecast period.
Further, the food and beverage industry is anticipated to adopt Machine Vision systems primarily in packaging and bottling operations. They not only scan the quality of food and trace products from the farm to the shelf but also ensure the hygiene of the processing plant.
Figure 4: Global Machine Vision Market by End-Use Industry in 2021
Insights on Regional Growth:
The Asia Pacific dominated the Machine Vision market, accounting for a revenue share of 31% in 2021, with India, China, South Korea, and Japan being the key countries. The high growth can be attributed to the increase in the region's automotive, packaging, pharmaceutical, and other industrial applications. Additionally, government initiatives in developing countries such as South Korea, India, Taiwan, and Singapore, promoting advanced technologies in the manufacturing sector, encourage industries to adopt Machine Vision systems to increase efficiency and production.
Meanwhile, Europe is anticipated to grow considerably during the forecast period due to advancements in technology and increasing automation in the region. The large-scale adoption of Machine Vision systems by automotive OEMs in developing autonomous vehicles is also expected to propel the market growth.
Figure 5: Global Machine Vision Market by Region in 2021
Insights on Key Markets:
The Machine Vision market in the U.S. was valued at more than US$1,834 million in 2021. The adoption of Machine Vision systems in the food and beverage, automotive and pharmaceuticals, and chemicals industries is driving the market growth in the region. Moreover, the presence of major market players such as Cognex, National Instruments Corporation, etc., is expected to drive the market positively during the forecast period.
Meanwhile, China’s Machine Vision market was valued at over US$ 1,215 million in 2021. The deployment of Machine Vision systems in food and beverage, automotive, printing and labeling, and electronics and semiconductors industry is expected to drive the market growth in the country.
Figure 6: Global Machine Vision Market by Key Countries in 2021
Market dynamics
Trends
Drivers
Opportunities
Challenges
Impact of COVID-19
The COVID-19 pandemic has adversely affected the Machine Vision market. Supply chain bottlenecks caused by government-imposed lockdowns and travel restrictions have slowed down the procurement, manufacturing, and delivery at many manufacturing facilities worldwide. The exports of Machine Vision components and related services were hampered due to the pandemic.
However, industries are bouncing back and strategizing on how Industry 4.0 technologies could help them return to productive operations post the pandemic. Many industries have begun operations and are focusing on partnerships and collaborations, geographic expansion, and product development to expand their businesses.
Scope of the Global Machine Vision report
This report provides analysis of the latest industry trends and estimates revenue growth at global, regional, and country levels. For this report, AgileIntel has segmented the global Machine Visionmarket report based on production stage, end-user, and region:
Insights on Component (Revenue in US$ million, 2018-2029)
Insights on Application (Revenue in US$ million, 2018-2029)
Insights on End-Use Industry (Revenue in US$ million, 2018-2029)
Insights on Regional market (Revenue in US$ million, 2018-2029)
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Figure 119: By value: Share of North America Printing & Labeling Market during 2018-2029 in %
Figure 120: By value: North America Printing & Labeling Market during 2018-2029 in US$ million
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| Report Parameters | Details |
|---|---|
| Time Period Considered | 2018-2029 |
| Historical Period | 2018-2021 |
| Forecast Period | 2022-2029 |
| Units considered | Revenue in US$million |
| Report Coverage | Value/Revenue forecast, competitive landscape, drivers, challenges, opportunities, and trends |
| COVID-19 | Impact of the COVID-19 pandemic has been factored in the revenue estimations, trends, and drivers |
| Segments | By Component By Application By End-Use Industry By Region |
| Regions included in the study | Asia Pacific (APAC), North America, Europe, Middle East and Africa, South America |
| Companies Profiled | Allied Vision Technologies GmbH, Basler AG, Cognex Corporation, Keyence Corporation, LMI Technologies, Inc., National Instruments Corporation, OMRON Corporation |
The global Machine Vision market size was estimated at US$13,006 million in 2021 and is expected to reach US$14,027 million in 2022.
The global Machine Vision market is expected to grow at a compound annual growth rate of 5.8% from 2022 to 2029 to reach US$21,947million by 2029.
The quality assurance and inspection segment dominated the Machine Vision market, registering a revenue share of around 52% in 2021.
Some key players operating in the Machine Vision market include Allied Vision Technologies GmbH, Basler AG, Cognex Corporation, Keyence Corporation, LMI Technologies, Inc., National Instruments Corporation, OMRON Corporation among others.
Key factors that are driving the Machine Vision include the growing prominence in the non-industrial sectors such as pharmaceuticals and chemicals to automate processes.
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