Machine Vision Market to reach USD 26.1 % billion in 2030, at a CAGR of 9.2%

Robotics and machine vision are the two interrelated technologies that are influencing and enhancing the capabilities of other industries. Robotics provides enhanced perception, precision, accuracy, automation, and higher productivity compared to human workers. Robots can use cameras, sensors, and other vision systems to gather visual data, enabling them to make informed decisions in real time.

Machine vision enhances the precision and accuracy of robotic operations. Robots can rely on visual data to perform tasks with a level of detail and accuracy that might be challenging through other means. The integration of machine vision into robotics facilitates automation by allowing robots to identify and adapt to changing environments autonomously. This synergy results in increased efficiency and productivity across various industries.

Machine vision finds its applications in industries such as automotive, consumer packaged goods (CPG), electronics & semiconductor, healthcare, pharmaceuticals, transportation & logistics, among others. In consumer packaged goods, machine vision is widely used for defect detection, color inspection, label verification, packaging integrity, automated sorting & packaging, fill level inspection, product counting, foreign object detection, barcode reading, batch and lot traceability, etc. CPG industry has accounted for the significant share of the market in 2023 due to wide application scope of machine vision in this industry.

Apart from CPG, automotive industry is expected record the significant growth rate during the forecast period. During the automobile manufacturing process, machine vision is used in defect detection, assembly verification, and quality inspection, among others. In addition, many companies are investing in autonomous cars or self-driving cars. In such cars, machine vision is used for object detection and recognition, collision avoidance systems and driver monitoring systems.

Machine vision market is segmented into hardware, software, and services. Hardware segment includes camera, sensors, vision controller, frame grabber, etc. In 2023, the hardware segment is estimated to account for the significant market share. In end-use industries, machine vision cameras are used for several applications such as detection, inspection and operation monitoring. However, the software segment is expected to record significant growth during the forecast period.

Among the major regions, Europe is estimated to show significant growth of the global machine vision market in coming years. A strong backing from the government for Industry 4.0 and well established automotive, CPG, transportation & logistics industry and the increasing penetration of automation in these industries are driving the adoption of machine vision; thereby driving the regional market growth.

Major players operating in the global machine vision market are Bosch, Cognex, HIK Robot, Intel, Keyence, Omron, Sick, Tamron, Texas Instruments, and Zebra, among others. In addition, there are several prominent start-ups that are working in the field of machine vision. Aeye, Aibee, Algolux, Clarifai, Cogniac, Deepomatic, PerceptIn, Taranis, Traptic and Veo Robotics are the leading start-ups in machine vision market.

Major market players are adopting organic and inorganic strategies to expand their business. Some of the important developments in recent past are mentioned below

• In August 2023, Cognex, a leader in industrial machine vision, announced that it has agreed to acquire Moritex which is engaged in the development, manufacture and sale of machine vision optical components with a strong presence in Japan.
• In June 2023, Omron, a global leader in industrial automation solutions, has announced the launch of the new Omron MicroHAWK F440-F smart camera. It has smart camera with a 35 frame-per-second 5-megapixel monochrome global shutter sensor that can provide high performance to any machine vision application.