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Detailed examination of the industrial machine vision market forecast to 2024

Detailed examination of the industrial machine vision market forecast to 2024

Industrial Machine Vision Market By Component Type (Camera, Frame Grabber, Optics, LED Lighting, Processor, Software Tools), By Product (PC-based Machine Vision Systems, Smart Camera-based Vision Systems), By Vertical (Automotive, Glass, Metal, Wood, Pharmaceutical and Cosmetics, Semiconductor, Electrical/Electronic, Rubber and Plastic, Medical Devices, Printing, Food and Beverage, Others), By Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa)– Industry Trends and Global Forecast to 2024

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Global Industrial Machine Vision Market is expected to reach USD 35,573.2 million by 2024 from USD 18,001.5 million in 2016, at a CAGR of 8.9%. The new market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.

Also the Global Industrial Machine Vision Market By Component Type (Camera, Frame Grabber, Optics, LED Lighting, Processor, Software Tools), By Product (PC-based Machine Vision Systems, Smart Camera-based Vision Systems), By Vertical (Automotive, Glass, Metal, Wood, Pharmaceutical and Cosmetics, Semiconductor, Electrical/Electronic, Rubber and Plastic, Medical Devices, Printing, Food and Beverage, Others), By Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa)– Industry Trends and Forecast to 2024.

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The major factors driving the growth of this market are rising demand for quality inspection and increasing need for specific machine vision systems migration towards 3D-based machine vision systems rising number of applications in various industrial sectors On the other hand, absence of flexible machine vision solutions and unpredictable end-user needs hinders the market growth.

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Market Segmentation: Global Industrial Machine Vision Market

The Global industrial machine vision market is segmented on the basis of component type, product, application and vertical. On the basis of component type, the Global industrial machine vision market is segmented into cameras, frame grabbers, optics, led lighting, software tools and processor In 2017, cameras segment is expected to dominate the Global industrial machine vision market with 72.2% market share and is expected to reach USD 25,991.9 million by 2024, growing with the highest CAGR of 9.1% in the forecast period 2017 to 2024.

On the basis of product the Global industrial machine vision market is segmented into PC-based machine vision systems and smart camera-based vision systems In 2017, PC-based machine vision systems is expected to dominate the Global industrial machine vision market with 77.7% market share and is expected to reach USD 27,111.3 million by 2024, growing with a CAGR of 8.7% in the forecast period 2017 to 2024.

On the basis of application the Global industrial machine vision market is segmented into inspection, measurement, positioning and guidance, symbol reading, character recognition, part recognition and others In 2017, inspection is expected to dominate with 54.8% market share and is expected to reach USD 19,324.2 million by 2024, growing with a CAGR of 8.8% in the forecast period 2017 to 2024.

On the basis of vertical the Global industrial machine vision market is segmented into automotive, electrical/electronics, food and beverage, rubber and plastic, metal, semiconductors, pharmaceuticals and cosmetics, medical devices, printing, glass, wood, others In 2017, automotive is expected to dominate the Global industrial machine vision market with 38.3% market share and is expected to reach USD 13,646.0 million by 2024, growing with a CAGR of 9.0% in the forecast period 2017 to 2024.

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Key Drivers: Global Industrial Machine Vision Market

The major factors driving the growth of this market is rising demand for quality inspection and increasing need for specific machine vision systems migration towards 3D-based machine vision systems rising number of applications in various industrial sectors

Absence of flexible machine vision solutions and unpredictable end-user needs may hinder the growth of the market.

Key Points: Industrial Machine Vision Market

  • Global industrial machine vision market is dominated Cognex Corporation, followed by Basler AG, Sony among others.
  • The global cameras market is expected to reach USD 25,991.9 million by 2024, from USD 12,967.5 million in 2016, growing at the highest CAGR of 9.1%.
  • The global inspection market is expected to reach USD 19,324.2 million by 2024, from USD 9,878.2 million in 2016, growing at a CAGR of 8.8%.

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