Market Leader - Machine Vision Market
The global machine vision market is expected to grow from USD 10.7 billion in 2020 to USD 14.7 billion by 2025, at a CAGR of 6.5% during the forecast period. The machine vision market is growing owing to the increasing demand for quality inspection and automation, increasing demand for vision-guided robotic systems, increasing adoption of 3D machine vision systems in applications such as automotive, construction and infrastructure, consumer goods, food and packaging, transportation, and medical and life sciences.
In 2019, the machine vision market was mainly dominated by Keyence (Japan), Cognex (US), Basler (Germany), Omron Corporation (Japan), National Instruments (US), ISRA Vision AG (Germany), Baumer Optronic (Germany), and Jai A/S (Denmark). These players have adopted various growth strategies, such as product launches, acquisitions, partnerships, and agreements, to expand their presence in the global machine vision market further. Acquisitions and new product launches and developments have been the most dominating strategies adopted by major players from January 2017 to January 2020, which helped them to innovate on their product offerings and broaden their customer base.
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Cognex (US) is the dominant player regarding the machine vision market in the US and globally. Cognex offers machine vision systems, software, sensors, surface inspection systems, and industrial ID readers for automation processes. In 2015, the company sold its Surface Inspection Systems Division (SISD) business to AMETEK, Inc. (US), a global manufacturer of electronic instruments and electromechanical devices based in the Americas. Currently, it has only one reportable segment—Modular Vision Systems Division (MVSD)—which provides inspection and automation-related products and services used for the production of cellular phones, aspirin bottles, automobile wheels, metals, paper, plastics, and glass, among others. The products of Cognex Machine vision are widely used in the manufacturing sector where the technology is considered as an essential component of the automated product and quality assurance.
Keyence (Japan) is the dominant player regarding machine vision products globally. The company develops, manufactures, and sells factory automation and control equipment, measurement instruments, information devices, and other electronic application equipment and systems. It is a leading supplier of sensors, measuring systems, laser makers, and machine vision systems worldwide. Some of the company’s key subsidiaries are Keyence of America (US), Keyence Deutschland GmbH (Germany), Keyence Canada, Inc. (Canada), Keyence Limited (UK), Keyence México S.A. DE C.V. (Mexico), Keyence France SAS (France), Keyence International NV/SA (BELGIUM), Keyence Singapore PTE LTD. (Singapore), Keyence Italia S.p.A. (Italy), Korea Keyence Co., Ltd. (South Korea), and Keyence Co., Ltd. (China).
Related Reports:
Machine Vision Market by Deployment (General & Robotic cell), Component (Hardware and Software), Product (PC-based and Smart camera-based), Application, End-user Industry & Region - Forecast till 2025
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