The growing demand for industrial automation in multiple end-use industries, the rising demand for quality inspection are some of the prime factors which is driving the demand for Machine Vision Market.
JERSEY CITY, N.J. , May 23, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Machine Vision Market" By Offering (Hardware, Software), By Application (Measurement, Identification), By End Use Industry (Automotive, Pharmaceuticals & Chemicals), and By Geography. According to Verified Market Research, the Global Machine Vision Market size was valued at USD 12.30 Billion in 2021 and is projected to reach USD 18.65 Billion by 2030, growing at a CAGR of 5.26% from 2022 to 2030.
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202 - Pages
126 – Tables
37 – Figures
Global Machine Vision Market Overview
Rapid growth and innovation in the machine vision system have bought a new wave of industrial applications. The system has become the superior technology for automated inspection in manufacturing worldwide. It helps the business to achieve the needed quality by identifying the defect more efficiently than the human. Therefore, machine vision systems are increasingly becoming popular in the industrial automation sector. Furthermore, machine vision systems have also emerged in the areas such as food production, autonomous vehicles, security, packaging, and logistics. Industrial robotics is becoming increasingly used in the world today.
For instance, according to the New World Robotics 2020 Industrial Robots report, there are around 2.7 million industrial robots operating in factories around the world. Automotive and consumer electronics are some of the key industries for robotics deployment. According to robotics industry statistics for 2021, there are nearly 1287 robots per 10,000 employees in the automotive industry. The vision-guided robotics have become popular in recent years. Which has led to the increasing use of the machine vision system in robots. When robots are integrated with the machine vision system, it gives better accuracy, understanding, and orientation. Therefore, the rising deployment of industrial robots is driving the growth of the Global Machine Vision Market.
In January 2021, LMI Technologies, Inc. announced the acquisition of FringeAI, an innovative AI and IIoT/5G inspection company based in Boston, U.S. to increase the capability of LMIs' existing portfolio of 3D sensors hardware and web-based inspection software.
The major players in the market are LMI Technologies, Inc., TKH Group, Tordivel AS, Microscan Systems, Inc., Cognex Corporation, Sick AG, National Instruments Corporation, Teledyne DALSA, Keyence, and Basler.
Verified Market Research has segmented the Global Machine Vision Market On the basis of Offering, Application, End Use Industry, and Geography.
Machine Vision Market, By Offering
Machine Vision Market, By Application
Machine Vision Market, By End Use Industry
Machine Vision Market, by Geography
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