Machine Vision Sensor Market Growth Forecast: 2022-2028 Analysis
By Mohan Krishna Challaturu | 31-01-2023 | News
Summary
- Interact Analysis forecasts the global machine vision market to grow at a 6.4% CAGR from 2022 to 2028, rebounding from a dip in 2023.
- The market is expected to expand from $6.5 billion to $9.3 billion, driven by significant growth in the Asia-Pacific region.
- Inspection remains the dominant application, while autonomous driving and bin-picking are projected to see the highest growth rates.
- The market landscape is competitive, with Keyence, Cognex, and Teledyne leading, and a notable rise in new entrants, especially from China, enhancing the sector’s dynamism.
The global machine vision market, after experiencing a slight downturn in 2023, is on the brink of resurgence, with expectations set for growth in the coming years. This optimistic forecast comes from Interact Analysis, a market intelligence specialist known for its in-depth industry insights.
According to their research, the machine vision market, which saw revenues decrease from $6.5 billion in 2022 to $6.3 billion in 2023, is anticipated to recover and grow at a compound annual growth rate (CAGR) of 6.4% between 2022 and 2028. This growth trajectory suggests that the market’s revenues could reach up to $9.3 billion by the end of the forecast period.
Interact Analysis points out that the Asia-Pacific (APAC) region will play a significant role in driving this growth. The research highlights several key areas within the machine vision market, with inspection being the most dominant application, accounting for over 40% of use cases in 2022.
By 2028, the inspection segment alone is expected to be valued at around $3.9 billion. Furthermore, the sectors of autonomous driving and bin-picking are projected to witness the highest growth rates, with CAGRs of 20.8% and 19.2%, respectively, between 2022 and 2028. These segments are benefiting from the widespread deployment of industrial robots and the increasing demand for mobile robots.
The research also sheds light on the competitive landscape of the machine vision market. In 2023, the top three vendors—Keyence, Cognex, and Teledyne—accounted for nearly one-third of the global revenues. The performance of vendors in the APAC region, particularly those in China, was notably strong, with these suppliers gaining market share over their counterparts in other regions.
Interact Analysis underscores the fragmented nature of the machine vision market, despite numerous mergers and acquisitions in recent years. With over 200 active vendors worldwide, the market continues to welcome new entrants, especially from China, where machine vision products are increasingly utilized for autonomous driving and bin-picking applications.
About the Report:
A new Interact Analysis market report provides insight and analysis into the machine vision market, offering an understanding of the market and economic trends driving and restricting growth by industry, application, and country. The report is built through extensive primary research and supplier reporting, utilizing data from Interact Analysis’ “Manufacturing Industry Output Tracker (MIO)” for credible industry forecasts.
About Interact Analysis:
With over 200 years of combined experience, Interact Analysis is the market intelligence authority for global supply chain automation. Covering the entire automation value chain, from factory production technology to the transportation of finished goods, Interact Analysis is trusted by the world’s leading companies for robust insights and opportunities for technology-driven growth.
This comprehensive analysis by Interact Analysis offers valuable insights into the machine vision market’s current state and its future prospects, highlighting the importance of technological advancements and regional market dynamics in shaping the industry’s growth.