June 07, 2023 09:01 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, June 07, 2023 (GLOBE NEWSWIRE) -- The global machine vision market size was valued at USD 9.01 billion in 2022. The market is projected to grow from USD 9.68 billion in 2023 to USD 16.82 billion by 2030, exhibiting a CAGR of 8.2% during the forecast period. In order to allow for the inspection, observation, and scrutiny of work performance, machine vision (MV) includes the installation of one or more video cameras, analogue to digital conversion, and digital signal consumer electronics. Concord Wire Edm
In order to get the desired findings, the data is subsequently transferred to a computer for analysis. MV systems are made up of two essential parts: resolution and sensitivity. Resolution is configured to recognize different objects. On the other hand, sensitivity enables object detection in dimly lit or completely dark surroundings. Fortune Business Insights presents this information in their report titled "Global Machine Vision Market, 2023–2030."
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COVID-19 Impact: During the COVID-19 Pandemic, the Healthcare Sector Saw a Significant Increase The shutdown caused several manufacturing and industrial sectors to close. As a result of the lockdown, producers and consumers suspended their operations for several months. Yet there was also a steady rise in demand for the use of strategies in the healthcare sector, such as camera-based vision systems that let hospital administration track patients' health and other continually monitored variables. As things become more normal, the government is encouraging enterprises to gradually realize their full potential. Since businesses rapidly automate more and more of their operational activities as a result of COVID, the market for machine vision is currently seeing rising demand, which is fostering market expansion.
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The report offers: • Major growth drivers, restraining factors, opportunities, and potential challenges for the market. • Comprehensive insights into the regional developments. • List of major industry players. • Key strategies adopted by the market players. • Latest industry developments include product launches, partnerships, mergers, and acquisitions.
2-D Vision Systems to Retain Most Market Share due to its use in Photographs Based on type, the market is divided into 1-D vision system, 2-D vision system, and 3-D vision system. The 2-D vision system sector is likely to have a commanding market share during the anticipated timeframe. This is so that it can be used to photograph items with a digital camera.
PC-based Industry Will Continue to Lead in the Future due to High Popularity By system, the market is segregated into PC based, smart camera, and others (Compact, etc.). PC-based MV systems were the most popular product category on the market. The sector is predicted to maintain its position in the worldwide market throughout the forecast period. Automotive Sector to Display Stable CAGR due to its Usage in Various Processes in the Industry Based on the industry, the market is segmented into semiconductor, healthcare, automotive, manufacturing, and others (retail, banking, etc.). It is projected that the automobile industry will expand quickly in the years to come. MV systems deployed in the automobile industry are used for presence/absence checking, error proofing, assembling verification, and final inspection.
North America will Dominate Market Share, Driven by Ongoing Technological Advancements North America dominates the machine vision market as a result of the prominence of the semiconductor sector, a vital industry for machine vision systems. In order to be integrated into automation applications like autonomous vehicles, AI-driven bin picking, etc., machine vision technologies are also becoming more complex and portable. Asia Pacific is expected to grow in near future due to the presence of large factories in the region’s key countries such as South Korea, India, Japan, and China. These factories primarily focus on automated manufacturing operations.
Important Players Release New Products to Increase Market Presence Market participants frequently make investments in new product development to increase their market presence. The leading competitors control between 62% and 67% of the market. To meet certain system requirements, these businesses are concentrating on providing specialized and diverse goods. For instance, Omron, Panasonic, and Toshiba are providing MV systems that may be used to conduct character, appearance, defect, and placement checks. Similar to this, Sony provides CMOS image sensors that aid in factory automation.
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Quality Inspection and Automation are in Higher Demand, Supporting Market Growth The market will likely be fueled by the rising demand for automation and quality inspection across numerous industrial sectors. The demand for vision-guided robotic systems in the chemical, packaging, automotive, food and beverage, and pharmaceutical industries is also anticipated to drive market expansion. The surge in demand for application-focused vision systems is also anticipated to result in an increase in the technology's implementation and machine vision market share during the forecasted period. However, a shortage of skilled labor may impede the machine vision market growth.
List of Key Players Mentioned in the Report:
Recent Development of the Machine Vision Market:
October 2022 - Advanced motor condition monitoring systems from OMRON Corporation were introduced. In order to minimize inspection effort and prevent unexpected failure, the K7DD-PQ numerically tracks trends in the degeneration and wear of machine tools, servomotors, & other equipment.
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