Global machine vision market to reach $19.22bn by 2025
The global machine vision market is expected to reach $19.22 billion by 2025, according to market research firm Grand View Research.
Market growth is expected to occur at a CAGR of 8.5 per cent until then, and will be driven by several factors, such as the growing automation of industry, substantial growth in Asia, and the fast-growing identification and positioning and guidance application segments, according to the firm.
The market previously exceeded predictions between 2013 and 2016, after being valued at $9.10 billion last year, with PC-based systems accounting for the largest market size at the time and estimated to generate $10.48 billion by 2025.
Grand View Research reports that the machine vision market will see substantial growth in the Asia Pacific region over the next decade, at a CAGR of 10.4 per cent. This can be attributed to an increasing focus on developments and expenditures in vision-related research activities along with the growing manufacturing base in the region.
The firm also anticipates that the identification application segment will exhibit the fastest growth rate over the forecast period, followed by positioning and guidance applications. In addition, the increasing adoption of guided-robotics across industrial sectors such as automotive, pharmaceutical, packaging, and food and beverage, is creating more demand for vision systems, thereby strengthening the overall market. Furthermore, machine vision systems are also gaining traction in medical and healthcare applications at a considerable pace, in applications such as analysing medical images and guiding robotic procedures.
Lastly, the industry is reportedly facing challenges due to lack of awareness among users about the rapid advancement of machine vision technology. The complexity of integrating machine vision systems is also a major difficulty being faced by manufacturers, restraining the smoother growth of the industry.
North America in particular has demonstrated a particularly strong start to the year so far, experiencing an increase in sales of machine vision systems and components by 10 per cent year-on-year to $597 million, according to statistics from AIA, the industry’s trade group.
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