The global machine vision system market size was calculated at ~US$29 billion in 2019. The market is forecast to reach ~US$ 98billion by 2030, growing at a compound annual growth rate (CAGR) of 11.8% during the forecast period from 2021 to 2030.
Machine vision technology is a technology that enables human visual sense and judgment capabilities through digital cameras. These technologies help to perform tasks such as manual inspections and measurements.
Factors Influencing
The growing era of industrial production networking has raised the demand for intelligent solutions. Industry 4.0 is significantly growing due to the automation and ubiquity of computing power. The evolution of industry 4.0 provides the interconnectivity of devices and their processing. It helps with autonomous production methods enabled through the internet of things (IoT).
The expansion of the machine vision system market is fueled by an increase in demand for industrial applications and a rise in demand for vision-guided robotics systems.
Machine vision is an efficient technology to reduce the human work of visual inspection and quality control since it is the ideal alternative for time-consuming inspections. Progressing machine vision technologies and related software tools have enabled manufacturers to expand visual inspections. The global machine vision system market forecasts to grow rapidly due to the growing demand for high-speed, high-magnification technologies and effective 24-hour operation,
However, a scarcity of experienced professionals in manufacturing units is a major obstacle, limiting the market's growth. On the other hand, the machine vision system market is expected to benefit from the rise in acceptance of the internet of things (IoT) and AI (Artificial Intelligence) over the forecast period.
COVID-19 Impact
The coronavirus pandemic has had a considerably disruptive impact on the global economy. Companies in the semiconductor industry are experiencing temporary shutdowns resulting in a drop in revenue. Due to the shutdown of manufacturing and production units, COVID-19 has had a severe negative influence on the global machine vision system market.
Furthermore, the use of machine vision systems has come to a halt. The machine vision system market witnessed a reduction in revenue due to interruptions in raw material supply chains, particularly in Asia-Pacific.
Geographic Overview
Regionally, the Asia-Pacific region is the leading revenue contributor in the global machine vision system market. The Asia-Pacific region is witnessing significant growth in various countries, including China, Taiwan, Japan, South Korea, and India. Moreover, growing investments in research and development of new advancements, forecast to present promising growth results. Apart from that, increasing the rate of manufacturing and electronics industries establishments is anticipated to stimulate the growth of the global machine vision system market.
Market Segmentation
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Competitors in the Market
