Machine Vision Market to Grow at 7.4% CAGR, Reaching $19.5 Billion by 2030

According to the latest market research study published by P&S Intelligence, the global machine vision market will generate estimated USD 12.7 billion revenue in 2024 and witness a CAGR of 7.4% during 2024–2030, reaching USD 19.5 billion by 2030. This trend can be attributed to the growing demand for automated tools across industries, an increasing need for product standardization, and expanding sectors utilizing these technologies. Additionally, there is a rising focus on improving manufacturing efficiency, shrinking product sizes, and enhancing quality control, all contributing to the sector's expansion.

The capabilities of 3D imaging systems are advancing steadily, facilitating the adoption of vision-guided robotic solutions in various industries. Integrated solutions that combine 3D imaging technology, specialized software, robotics, and related components are now standard, simplifying integration and deployment for applications requiring precise 3D object location and handling.

Overall, industries experiencing growth are increasingly prioritizing technological advancements. The Industrial Internet of Things (IIoT) is pivotal in driving the Fourth Industrial Revolution forward. Machine vision is now integral to automation in manufacturing, enabling swift identification and localization of defects, crucial for Industry 4.0 compliant factories. IoT enhances productivity, boosts product quality, reduces waste, improves manufacturing flexibility, and cuts operational expenses on the factory floor. These benefits, among others, have led to the widespread adoption of cyber-physical systems (CPS).

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Key Insights

• PC-based systems hold a dominant market share of 70% in 2024 and are expected to maintain this position.

• They are favored for their easy integration with image acquisition boards and direct-connect cameras, supported by versatile software.

• PC-based systems are cost-effective and simpler to operate compared to separate smart cameras, especially for applications requiring multiple cameras.

• They enable diverse applications such as general inspection and 3D imaging using time-of-flight lasers, which conventional cameras cannot achieve.

• Smart-camera-based systems are forecasted to grow at a faster rate of 7.7% during the prediction period, driven by automotive and manufacturing sectors.

• Robotic cells are expected to achieve a high CAGR of 7.8% from 2024 to 2030, facilitated by advancements in machine vision, AI, and line scanning technologies.

• General machine vision systems dominate with a substantial 75% market share in 2024, thanks to improved hardware and software accessibility.

• Hardware components, including sensors, cameras, and processors, hold a significant 65% market share in 2024.

• Software for machine vision is the faster-growing segment with a CAGR of 7.6%, automating complex inspection tasks and enhancing production efficiency.

• The automotive sector is poised for significant growth, driven by the demand for electric vehicles (EVs) and autonomous driving technologies.

• Food & beverages lead with a 35% market share in 2024, utilizing machine vision for quality assurance, measurement, and identification tasks.

• Quality assurance & inspection is the largest category, capturing a 55% market share in 2024, essential for scanning labels and ensuring product quality.

• Identification applications, such as traffic monitoring and security systems, maintain a substantial market share due to widespread adoption of machine imaging.

• APAC emerges as the fastest-growing region with a CAGR of 7.9%, fueled by industrialization, automotive growth, and adoption of AI and robotics.

• China leads APAC with significant revenue generation, driven by electronics manufacturing and automotive sectors.

• North America holds a significant market share in 2024, driven by high per capita income and advanced technological adoption in various industries.

• Europe maintains a strong presence due to a well-established automotive sector and high adoption rates of advanced machine vision technologies.

• Germany contributes significantly to the European market with its concentration of automotive manufacturing.

• Market growth is supported by increasing demand for automation, quality control, and operational efficiency across various industries.

• Continued advancements in machine vision, AI, and deep learning technologies are pivotal in driving market expansion and innovation.