Machine Vision Systems And Components Market Size, Share, Industry Trends and Forecast to 2030

Machine Vision Systems And Components Market Size & CAGR in 2021:

The global machine vision systems and components market is projected to witness a Compound Annual Growth Rate (CAGR) of 6.8% from 2021 to 2026. In 2021, the market size was estimated to be USD 8.3 billion, and it is expected to reach USD 12.5 billion by 2026. The increasing demand for automation in various industries, such as automotive, electronics, and healthcare, is driving the growth of the machine vision systems and components market.

COVID-19 Impact on the Machine Vision Systems And Components Market:

The COVID-19 pandemic had a significant impact on the machine vision systems and components market. The global supply chain disruptions and restrictions on movement and trade affected the production and distribution of machine vision systems and components. However, the increased focus on automation and contactless technologies in response to the pandemic boosted the demand for machine vision systems in industries like pharmaceuticals, food and beverage, and logistics.

Machine Vision Systems And Components Dynamics:

The machine vision systems and components market is driven by the increasing need for quality inspection and automation in industries. The advancements in camera technologies, image processing software, and artificial intelligence have enhanced the capabilities of machine vision systems. Additionally, the rising adoption of Industry 4.0 and smart manufacturing practices is fueling the growth of the market.

Segments and Related Analysis:

The machine vision systems and components market is segmented based on technology, component, application, and end-user industry. The technology segment includes 2D vision, 3D vision, and hyperspectral imaging. Components consist of cameras, frame grabbers, optics, lighting, and software. Applications of machine vision systems are in inspection, measurement, identification, and guidance. Industries utilizing machine vision systems include automotive, electronics, pharmaceuticals, food and beverage, and logistics.

By Region Analysis:

The machine vision systems and components market is analyzed regionally into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America dominates the market due to the presence of key players and the adoption of advanced technologies. Asia Pacific is expected to witness rapid growth in the forecast period driven by increasing industrial automation in countries like China and Japan.

Key Market Players and Competitive Landscape:

Some of the key players in the machine vision systems and components market include Cognex Corporation, Basler AG, Keyence Corporation, Omron Corporation, and Teledyne Technologies. These companies focus on product innovation, strategic partnerships, and acquisitions to maintain their market position. The competitive landscape of the market is characterized by intense rivalry and technological advancements.

Recent Happenings in the Machine Vision Systems And Components Market:

- In March 2021, Cognex Corporation launched a new deep learning-based vision software platform for industrial applications. - Basler AG announced a collaboration with AWS to offer machine vision solutions using cloud computing in September 2021. - Keyence Corporation introduced a new 3D vision system for automated inspection in the automotive industry in November 2021. - Omron Corporation expanded its product portfolio with the acquisition of Sentech Co., Ltd., a machine vision camera manufacturer, in February 2022. - Teledyne Technologies acquired FLIR Systems, a thermal imaging company, in May 2022 to strengthen its presence in the machine vision market.