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Market Analysis
Machine Vision Market Eyeing Remarkable Growth due to Growing Adoption of Robots in Various Industrial Sectors. The global machine vision market will touch USD 21.3 billion at a 7.2% CAGR by 2030, as per the recent Market Research Future report.
Drivers
Burgeoning Need for Industry 4.0 to Boost Market Growth
Increasingly sophisticated manufacturing and logistics solutions are required as industrial output becomes increasingly networked. Due to automation & the widespread accessibility of computer power, Industry 4.0 in warehousing and logistics is on the increase. Industry 4.0 is a result of the interconnectedness of machines and their processing. Additionally, it permits internet of things (IoT)-powered autonomous production techniques.
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Key Players
Eminent market players profiled in the global machine vision market report include:
Opportunities
The use of the vision-guided robotic system is being driven via the growing deployment of robots throughout industrial sectors. Robotic systems are widely employed in industrial verticals including automotive, packaging, pharmaceutical, and food & beverage that eventually increased demand for machine vision systems.
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Restraints and Challenges
Increase in Cyber Attacks to act as Market Restraint
The increase in cyber attacks and dearth of skilled experts in manufacturing units may act as market restraints over the forecast period.
Market Segmentation
The global machine vision market is bifurcated based on end use, application, and product.
By product, PC-based will lead the market over the forecast period.
By application, quality assurance and inspection will domineer the market over the forecast period.
By end use industry, automotive will spearhead the market over the forecast period.
Browse In-depth Market Research Report (110 Pages, Charts, Tables, Figures) on Machine Vision Market –
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COVID-19 Analysis
Several manufacturing & industrial sectors closed as a result of the closure. The lockout caused both manufacturers and consumers to halt their activities for a while. The employment of tactics in the healthcare industry, however, was also steadily in demand. For instance, camera-based vision systems that enable hospital management to track patients’ health & other continuously tracked data are becoming more popular. The government is urging businesses to gradually reach their full potential as things return to normal. As a consequence of COVID, businesses are quickly automating more of the operational processes, which are driving market growth in the machine vision industry.
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Regional Analysis
APAC to Command Machine Vision Market
With a share of 40.4%, the Asia-Pacific region held the largest portion of this market and is anticipated to continue to rule it throughout the projection period. The largest countries in the area, such as China, Japan, India, & South Korea, are in charge of the market’s growth since they have the most advanced factories and prioritize the automation of production processes. Through the use of various technologies, the area’s rapid industrial expansion has significantly contributed to the emergence and success of numerous breakthroughs. The rich potential in the Asia Pacific region’s automotive, pharmaceutical, packaging, & other industrial applications may be credited for this substantial market share and regional development.
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