Global Industrial Machine Vision Market Set to Grow at a CAGR of 8.4% during 2022

The global industrial machine vision market is projected to grow by USD 4,218.42 million from 2022 to 2027, with a compound annual growth rate (CAGR) of 8.4% during the forecast period. APAC is expected to account for 34% of the global market growth.

The growth in the APAC region can be attributed to the development and increased adoption of industrial machine vision systems in countries like China, Japan, and Indonesia. Additionally, the demand for electric vehicles is expected to grow due to government support and large-scale investments in electric vehicle projects in these countries. The availability of innovative and low-cost cameras provided by market players and manufacturers also contributes to the strong growth potential in this region.

The market is segmented by product type (PC-based and smart camera), component (hardware and software), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The PC-based segment is expected to witness significant growth during the forecast period. These systems are used in automobile production for applications that require high computing power, multiple cameras, or dedicated FPGA processors.

The industrial machine vision market offers significant cost savings in operation due to process control. It helps manufacturers reduce labor costs and avoid corrective action costs by identifying defective components early in the production process.

One emerging trend in the market is the integration of Industrial IoT with machine vision systems. This allows for the creation of automated production lines where systems, devices, and machines communicate and exchange information independently. The rise of Industry 4.0 and the development of smart factories are driving the adoption of industrial machine vision systems.

However, technical issues in deploying machine vision cameras pose a challenge to market growth. Ensuring that software and hardware work together efficiently and addressing physical integration issues with vision-controlled industrial robots can hinder the growth of the market.

In conclusion, the global industrial machine vision market is projected to experience substantial growth during the forecast period, driven by factors such as the development in the APAC region, cost savings in operation, and the integration of IoT in industrial processes.