July 12, 2022 08:18 ET | Source: Market Research Future Market Research Future
New York, New York, UNITED STATES
New York, US, July 12, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Industrial Vision Market, By Product (Embedded), By Technology (Imaging), By Vertical (Consumer Electronics, Food & Packaging) – Forecast 2030” to acquire a valuation of over USD 17.53 Billion to thrive at a healthy CAGR of approximately 8.5% during the assessment timeframe.
Global Industrial Vision Market Overview:
Industrial vision technology replaces human senses and judgment abilities with image processing and digital cameras to complement manual inspections and measurements. Several industries integrate this technology to automate their production and enhance speed and product quality.
Industrial Vision Market Report Scope:
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Market USP Covered
Industrial Vision Market Drivers
The global market for industrial vision has registered an enormous rise in the growth rate in the last few years. The major causing an upsurge in the market’s growth is the increasing interest in edge processing in cell phones across the globe. Furthermore, the factors such as the development of AI regarding vision innovation and innovative advancements are also projected to influence the market’s growth over the coming years.
Industrial Vision Market Restraints
On the other hand, the factors such as lack of mindfulness & technical information and a serious cost are anticipated to impede the growth of the industrial vision market.
The global COVID-19 pandemic has had a severe impact on the majority of the market sectors across the globe. The global health crisis affected public health and had a massive impact on the global economy. The imposition of partial or complete lockdowns across several regions worldwide directly caused the disruption of supply chain networks across most regions worldwide. Several market sectors across the globe faced various unexpected challenges during the pandemic period. Businesses in the semiconductor industry faced short or complete shutdowns of production sites, causing a fall in revenue share in 2020-2021. The global pandemic has adversely impacted the overall industrial vision market, given the shutdown of manufacturing and production units across the globe.
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Furthermore, there is a pause in the manufacturing and implementation of these systems. Additionally, given the disruptions in the supply chain of raw materials, particularly across the Asia-Pacific region, the global market for industrial vision has witnessed a massive fall in demand and sales. The manufacturing industry, which is considered the leading user of the industrial vision systems, was put on halt, causing a direct impact on the growth of the market across the globe.
On the other hand, the growing demand from several end-client businesses for industrial vision systems is likely to help the global market to get back on track. In addition, consistent consolidations and securing is another major parameter supporting the market’s growth over the coming years.
Industrial Vision Market Segment Analysis
The installed framework is anticipated to lead the global industrial vision market over the assessment timeframe among all the products. The major aspect propelling the segment’s growth is the rare need to change, such as adding extra room or memory. Furthermore, it carries out a straightforward job, which usually doesn’t change the requirements for the working framework. At the same time, the PC-based frameworks need the expertise to adjust and use the most exceptional machine vision framework most of the time.
Out of all the technologies, the imaging segment is anticipated to account for the largest revenue share across the global industrial vision market over the assessment timeframe.
The hardware segment is anticipated to lead the global industrial vision market over the projected timeframe among all the solutions. The segment consists of various objects such as optics, LED lighting, cameras, frame grabbers, sensors, and processors.
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The automotive end-use industry is anticipated to account for the highest share in the global industrial vision market over the forecasted timeframe. The systems are used in the automotive sector for inspection purposes, including final inspection, assembly verification, error proofing, and presence-absence checking.
Among all the application areas, the quality assurance and inspection segment are anticipated to lead the global industrial vision market over the forecasted timeframe. It is highly used across the pharmaceutical and food & beverages sectors.
Out of all the components, the programming segment is anticipated to lead the global market over the coming years.
Industrial Vision Market Regional Analysis
The global industrial vision market is analyzed across five major regions: Europe, North America, Asia-Pacific, Latin America, and the Middle East & Africa.
The Market Research Future (MRFR) analysis reports suggest that the North American region will secure the top position across the global industrial vision market over the assessment timeframe. The regional market’s growth is attributed to the trendsetting innovation being carried out across several industries. In addition, factors such as the occurrence of major key players and the application of advanced technology in several industries are also likely to influence the regional market’s growth.
The industrial vision market for the Asia-Pacific region is anticipated to grow rapidly over the forecasted era. The regional market’s growth is mainly credited to the powerful assembling nations, such as South Korea, India, Japan, and China. Furthermore, the increase in the number of new entrants is another crucial parameter supporting the regional market’s growth.
The European regional market for industrial vision is likely to grow substantially over the forecasted era. The regional market’s growth is primarily credited to the significant carmakers present.
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Industrial Vision Market Competitive Analysis
The global market for industrial vision has prominent leaders such as:
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