The machine vision market is projected to grow from USD 12.0 billion in 2022 to USD 17.2 billion in 2027; it is expected to grow at a CAGR of 7.4% from 2022 to 2027. The growth of the market is attributed to the benefits of the machine vision over the mundane visual inspection. During the forecast period, development of machine vision in industries such as food & packaging, consumer electronics, electronics & semiconductors and automative are expected to create growth opportunities for the market.
Key players operating in the market includes Cognex Corporation (US), Keyence (Japan), Teledyne Technologies (US), TKH GROUP (Germany), Basler (Germany), OMRON Corporation(Japan), NATIONAL INSTRUMENTS CORP (US), Intel Corporation(US). Major strategies adopted by top players to enhance their product portfolios, increase their market share, and expand their presence in the market mainly include new product launches with latest technology and innovation and deals, such as acquisitions and partnerships.
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Cognex: Cognex holds a strong position in the global industrial machine vision market owing to its broad employee base and global presence, with offices and distributors located throughout the Americas, Europe, and Asia. It has an excellent international network for product distribution and services with a strong brand identity in the machine vision market. Also, the company has a strong research and development team for new product innovations.
Keyence: The company is not dependent on a single product line and has launched many new products, such as IM-8000 Series instant measurement device, SR-G100 Series—a barcode reader, and Laser Marker MD-X Series, between 2020 to 2021, which is a great strategy to maintain the brand name in the diversified market. Keyence focuses on enhancing its product portfolio and strengthening its sales channels to ensure medium- and long-term growth. Furthermore, it has a strong presence in the machine vision market in Asia, with global and diversified business operations. Along with these, it is among the world’s most innovative companies.
Teledyne: Teledyne has been consistently innovating and improving its products; in the last 2 years, the company introduced many products that cater to demands in the industrial machine vision market. Recently, Teledyne acquired FLIR, which was well-positioned in the machine vision market. It also acquired the Scientific Imaging businesses of Roper Technologies, which provides imaging solutions for life sciences and academic research as well as customized OEM industrial imaging solutions. In September 2017, Teledyne added polarization cameras to its Piranha family. In August 2018, the company launched a new product line of chromatography, the CombiFlash NextGen. The company focuses on R&D to enhance its product portfolio.
Machine Vision Market by Component (Hardware, Software), Deployment (General, Robotic Cells), Product (PC-based Machine Vision System, Smart Camera-based Machine Vision System), End-user Industry, Region – Global Forecast to 2027
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