In 2023, the global machine vision market will reach $6.26 billion, of which 2D and 3D industrial cameras account for 40%, smart cameras/sensors account for 13%, and light sources and lenses account for 13%.

57552-4 From the growth rate point of view, according to the survey and interview of visual manufacturers at home and abroad, as well as Interact Analysis’s tracking and forecasting of the growth of the manufacturing industry, the global machine vision market size in 2023 declined by 2.8% year-on-year, but the challenging year has passed, and the market is expected to recover by 1.4% in 2024. The global machine vision market is expected to reach a CAGR of 8.3% in the next five years (2023-2028), and 3D cameras will be the highest growth product market with a forecast CAGR of up to 15.9%.

57552-4 From the perspective of industry, the main application industry differences between China and European and American markets are very obvious. Batteries, automobiles, and semiconductors are the three largest application industries in China’s machine vision market in 2023, while the automotive, logistics, food and beverage & tobacco industries in the European and American markets are among the top three, especially the proportion of logistics and food and beverage industries in the European and American markets is significantly higher than that in China. The outbreak of the lithium battery industry in the past two years has brought a large number of machine vision inspection application demand, although we expect that the lithium equipment industry in 2024 will still face a slowdown in demand growth, but in the medium and long term, the market demand for machine vision is robust, is expected to be after the short-term recession, Europe and North America lithium battery manufacturing will lead the next round of prosperity cycle, Bring the demand for machine vision inspection.

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57552-4 In terms of application, inspection applications contribute up to 44% of the market size in the key areas of global machine vision products. The box picking application is the growth highlight of the machine vision market in the next five years, and the market is expected to grow to nearly triple its current size by 2028, with a CAGR of up to 24%. In the Asia-Pacific machine vision market, the proportion of product sales for assembly and testing is higher than that in the European and American markets.

In the global machine vision market, we observe two clear trends:

57552-4 The first is the increasing penetration of 3D cameras. The introduction of 3D vision can improve the degree of automation of difficult scenes, and in some scenes that traditionally use 2D cameras, 3D vision companies have emerged in this field, such as welding applications. Vision manufacturers around the world are actively exploring and demonstrating a variety of application scenarios, especially the application/solution oriented route of Chinese manufacturers, which helps to lower the threshold of integrators and users, and improve the market acceptance of 3D cameras.

Second, the growth of the robot market is driving the development of the machine vision market size. According to the “Industrial Robot Parts” market research published by Interact Analysis in 2023, 41% of industrial robots equipped with machine vision in 2023, and nearly half of industrial robots will be equipped with vision systems by 2027. The application of machine vision in assembly, sorting and inspection will particularly benefit from the expansion of the robotics market.