The overall industrial machine vision market was valued at USD 7.91 billion in 2017 and is expected to reach USD 12.29 billion by 2023, at a CAGR of 7.61% between 2017 and 2023. Industrial machine vision is gaining a lot of traction due to the growing competition among various players in the industry and the rising awareness about product quality, which has led to an increase in the demand for inspection and quality assurance of end products. The market is further driven by factors such as the development of new technologies to enhance the use of industrial machine vision in various industrial applications. The growing penetration of AI and IoT are expected to provide growth opportunities to players in industrial machine vision market.
The machine vision technology has a range of applications in the automobile industry; it is used in almost every phase of the production process. Industrial machine vision systems are used in detecting defects and aligning and assembling parts; these systems are also used for painting and robotics guidance. It provides improved accuracy in critical activities, including auto racking, bin picking, and positioning of parts, such as doors and panels, for assembly. Due to the shortage of skilled laborers and the reducing manufacturing prices of automobiles, automobile companies are focusing more on automation in their production processes. Thus, this end-user industry is expected to continue dominate the industrial machine vision market till 2023.
In identification applications is expected to have high growth among the industrial machine vision applications during the forecasted period, vision systems are used to read various codes and alphanumeric characters (text and numbers). Industrial machine vision is used to read bar codes and data matrix codes for identification purposes, including defect detection and reject tracking in high-speed applications, in the automotive, consumer goods, electronics, packaging, and pharmaceutical industries. Code verification and decoding and grading of products can be used for inventory control with factory-wide traceability. Barcodes are gaining wide acceptance for retail checkout. They are also used for product identification, and for tracking and verifying the authenticity of products in manufacturing industries.
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The industrial machine vision market in the APAC region is expected to hold the largest share and grow at the highest rate between 2017 and 2023. This region is a leading industrial hub for several industries, including automotive, electronics and semiconductor, and consumer electronics. APAC is the largest automobile producer in the world. Also, countries in APAC such as China, India, and South Korea are the leading manufacturers of consumer electronics devices such as smartphones, laptops, and gaming consoles. In the automotive sector, this region accounted for more than 50% share of the world’s passenger car production (2016). Countries such as Japan, India, South Korea, and China are mainly driving the market for industrial machine vision in APAC.
The major companies involved in industrial machine vision are Cognex (US), Basler (Germany), OMRON (Japan), KEYENCE Corporation (Japan), National Instruments (US), Sony (Japan), Teledyne Technologies (US), Texas Instruments (US), Intel (US), Baumer Optronic (Germany), Tordivel (Norway), ISRA VISION (Germany), MVTec Software (Germany) SICK (Germany) and JAI A/S (Denmark), among others.