Machine Vision Market Detailed Analytical Overview by 2030
Machine Vision Global Market Share – Overview
Machine Vision or MV can be described as electronic imaging used for the purposes of inspection, process control, and automatic guidance. MV as a term encompasses a large number of technologies, software and hardware products, integrated systems, actions, methods and expertise.
In MV applications, computers use imaging technologies to capture images as input for the purposes of extracting and delivering information output. Apart from conventional Industrial Applications, Machine Vision capabilities are used in AR/VR, advanced Driver Assist Systems (ADAS), and Smart Security Systems to achieve advanced digital-imaging capabilities that deliver well in low-light, or no-light, conditions, consume less battery power, all at once, without interfering with human activity. Machine Vision (MV) is gaining a huge traction currently and MV Market is growing with the rapid pace mainly due to the burgeoning demand for image processing attributed to the Miniaturization trend of optical and electronic products or devices.
Accrediting the current market worth of Machine Vision and the levels it’s going to hike up; The Market Research Future recently published a brilliant Study report putting out the detailed market prognosis of Machine Vision. According to which, Machine Vision Market is Predicted to Reach USD 23,855.7 million by 2030 Registering a CAGR of 8.8%.
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Machine Vision systems are expected to be deployed increasingly in the Smart City Projects’ in the Intelligent Traffic Management System, Monitoring System and Automatic Number Plate Recognition (ANPR) for security purposes. Intelligent Transportation Management Systems including advanced vision technologies and connected vehicle technologies, with higher accuracy will control accidents.
MV Systems applications in areas are driving a robust growth for Hyperspectral cameras that allows combining of spectroscopy with digital imaging. The military surveillance sector accounts for the largest market share of Hyperspectral imaging. Hyperspectral imaging is hugely adopted in Mining & Mineralogy, Environment Testing sector and in various medical procedures and diagnostics. On the other hand, high cost of hyperspectral cameras coupled with the relative complexity of analyzing and processing imaging data is anticipated to present challenges to the Machine Vision market growth
Machine Vision Global Market – Competitive Analysis
The Machine Vision market appears to be highly competitive due to the presence of various dynamic and diversified international organizations, domestic organizations as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio.
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Vendors are focusing on improving their market performance and are expanding by acquiring promising companies in the fast-growing markets. Marketers employ a continuous improvement strategy to analyze and update the software, implementing improvements and launching new technologies to meet the changing needs of consumer. These manufactures develop a well-established infrastructure that allows seamless implementation of advanced technologies.
They strive to develop unravel design and adept technology Heavy investments are transpired in R&D sector from the major players which is in turn helping the market to grow. In view of growth and immense revenue generation opportunities potential that market is currently demonstrating is in turn attracting several new players to enter the market. However, those new entrants find it challenging to survive in the market with the introduction of new technologies.
Machine Vision Global Market – Segments
The Machine Vision Market can be segmented in to 5 key dynamics for the convenience of the report and enhanced understanding;
Segmentation By Type: Comprises 1D Machine, 2D Machine Vision, and 3D Machine Vision.
Segmentation By Application: Comprises Inspection, Gauging, Guidance, Identification, and other.
Segmentation By Component: Comprises Hardware (ASMV, Cameras, Sensors, Illuminations, Processors and other) and Software.
Segmentation By End Users : Comprises Automotive, Electronics and Semiconductor, Healthcare, Food and Packaging, and other.
Segmentation By Regions : Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
Machine Vision Global Market – Regional Analysis
Machine Vision Market is growing with the positive growth in all the regions. Increasing application areas year on year and advancement in technology and integration is driving the market on global scale. On the basis of region, the market has been segmented into North America, Europe, Asia-Pacific and Rest of the World. Asia Pacific is dominating the global market with more than 30% of market share followed by Europe which stands as second biggest market due to the heavy demand from automotive and healthcare industry. North America stands as third biggest market.
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Recent Developments in Machine Vision Industry
In March 2021, Basler AG launched Embedded vision processing kit that includes various interfaces for image processing and allows the connection of different camera types. The kit includes the reliable pylon Camera Software Suite, which provides certified drivers for all types of camera interfaces, simple programming interfaces, and a comprehensive set of tools for camera setup.
In September 2021, KEYANCE launched High-resolution Camera, CV-X/XG-X Series of ultra-high resolution cameras, 64 mp camera significantly improves accuracy in conventional inspection. And the camera built-in angle sensor makes camera installation significantly easier and quickly detect camera misalignment during operation.
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