TBRC’s Machine Vision Market research report covers in-depth analysis of market size, forecast, competitors, regional performance, and more.
LONDON, March 24, 2022 /PRNewswire/ — North America holds the largest machine vision market share, accounting for 31.5% of the total in 2021. It was followed by Asia Pacific, Western Europe, then the other regions. Going forward, the fastest growing regions in the machine vision market will be South America and Middle East, where growth will be at CAGRs of 11.1% and 10.6% respectively. These will be followed by Africa and Asia Pacificwhere the markets are expected to grow at CAGRs of 10.4% and 10.0% respectively, during the period 2021-2026.
The size of the global machine vision market is expected to grow from $12.09 billion in 2021 for $13.52 billion in 2022 at a compound annual growth rate (CAGR) of 11.8%. The growth of the machine vision market is primarily driven by businesses resuming operations and adapting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive lockdown measures involving social distancing, remote working and closure of business activities which resulted in operational difficulties. The market should reach $18.50 billion in 2026 at a CAGR of 8.2%.
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Machine Vision Market Competitive Landscape
The machine vision market is very fragmented, with a large number of small players. The top ten market competitors accounted for 18.96% of the total market in 2020. Major market players are Cognex Corporation, Keyence Corp., Omron Corporation, Sony Corporation, Teledyne Technologies, ISRA Vision AG, Basler AG, Sick AG, Intel Corporation and Texas Instruments.
Segmentation of the machine vision market
The TBRC Machine Vision Market report is segmented by Product into Smart and PC-based Cameras. The PC-based market was the largest segment of the machine vision market segmented by product, accounting for 55.0% of the total in 2021 and the smart camera-based segment is expected to be the fastest growing segment in the future. future, with a CAGR of 9.5. % during 2021-2026.
The machine vision market is also segmented by offering hardware and software, by type of deployment in general machine vision systems and robotic cell, by application in quality assurance and inspection, positioning and guidance , measurement, identification and predictive maintenance, and by end-user in automotive, pharmaceuticals and chemicals, electronics and semiconductors, pulp and paper, printing and l labeling, food and beverage, post and logistics, other end users.
Machine Vision Market Opportunities
The best opportunities in the product-segmented machine vision market will arise in the PC-based segment, which will gain $4,444.7 million of global annual sales by 2026. Major opportunities in the machine vision market segmented by offering will arise in hardware segment, by type of deployment in general machine vision systems segment, by end user in segment automotive, and by application will arise in the quality assurance and inspection segment, which will gain $2,758.2 million of global annual sales by 2026. The machine vision market size will gain the most in the United States at $2,172.5 million.
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