Redding, California - July 30, 2024
Vision Inspection Systems Market to be Worth $23.5 Billion by 2031
Vision Inspection Systems Market Size, Share, Forecast, & Trends Analysis Offering (Hardware, Software, Other), Application (Defect Detection, Others), Type (PC-based, Compact, Other), Inspection Mode, End User (F&B, Healthcare, Automotive, Others) & Geography- Global Forecast to 2031
Meticulous Research®—a leading global market research company, published a research report titled, ‘Global Vision Inspection Systems Market by Offering (Hardware, Software, Other), Application (Defect Detection, Others), Type (PC-based, Compact, Other), Inspection Mode, End User (F&B, Healthcare, Automotive, Others) & Geography - Global Forecast to 2031’
According to this latest publication from Meticulous Research®, the vision inspection systems market is projected to reach $23.5 billion by 2031, at a CAGR of 12.3% from 2024 to 2031. The market is growing due to stringent regulatory regulations and compliances regarding product quality and safety, the rising need for automated inspection procedures, and increased adoption of industry 4.0 technologies. However, the large initial investment needs limit the market's expansion.
Additionally, technical improvements in inspection systems, as well as increased usage of robot-assisted inspection systems, are likely to create potential opportunities for market stakeholders. However, compatibility and interoperability issues are major challenges impacting market growth. Furthermore, the integration of AI technology is a major trend in the vision inspection systems market.
Based on offering, the global vision inspection systems market is segmented into hardware, software and services. In 2024, the hardware segment is expected to account for the largest share of over 59.0% of the global vision inspection systems market. The hardware segment is further segmented into vision sensors, lenses, lighting, cameras, processors, and peripheral devices. This segment’s large market share is mainly attributed to the increased adoption of machine vision inspection for ensuring product quality, the rising need for inspection systems to optimize workflow efficiency for quality control, to enhance the quality of products during the development and production stages, increasing R&D expenditure of key players, the rapid growth of industrial sectors such as automotive, packaging, pharmaceuticals, electronics, and other industrial applications and increasing focus of key players on the development of vision inspection systems.
However, the software segment is expected to register the highest CAGR during the forecast period. This segment's growth is driven by the growing demand for vision inspection software, stringent regulations regarding product quality, the rising need for efficient, accurate, and reliable inspection processes, and the growing focus of players on the development of AI vision inspection software.
Based on application, the global vision inspection systems market is segmented into identification inspection, quantity inspection, dimension measurement, positioning/alignment, verification, defect detection, and appearance inspection. In 2024, the defect detection segment is expected to account for the largest share of over 27.0% of the global vision inspection systems market. This segment’s large market share is attributed to factors such as the growing development of advanced vision inspection systems to ensure accurate detection, the increasing focus of manufacturers on improving production efficiency and product quality, and the increased integration of AI technology in vision inspection systems.
However, the identification inspection segment is expected to register the highest CAGR during the forecast period. This segment’s growth is driven by the rising focus of the F&B industry on leveraging vision technology to identify leaked packaging and damaged products, the growing need for faster inspection processing in fast-paced environments, and the increasing use of identification inspection to categorize products across several manufacturing industries.
Based on type, the global vision inspection systems market is segmented into PC-based, smart camera-based, and compact. In 2024, the PC-based segment is expected to account for the largest share of over 49.0% of the global vision inspection systems market. This segment's substantial share of the market is due to advantages such as increased flexibility, power, and speed of PC-based systems, increasing adoption of PC-based visual inspection systems in a fast-paced industrial environment, and an increase in manufacturing operations across many nations.
However, the smart camera-based segment is expected to register the highest CAGR during the forecast period. This segment's growth is driven by the increasing use of AI technology in vision inspection systems and the growing focus of key players on the development of AI vision camera systems for inspection.
Based on inspection mode, the global vision inspection systems market is segmented into 3D mode and 2D mode. In 2024, the 2D mode segment is expected to account for a larger share of over 56.0% of the global vision inspection systems market. This segment’s large market share is attributed to factors such as the increased focus of businesses on improving product quality due to their affordability and less complexity than 3D systems, the rising use of 2D vision inspection systems for barcode reading, pattern recognition, and quality inspection across F&B, pharmaceutical industry, growing adoption of 2D systems for high-speed image acquisition and processing and growing demand of modern manufacturing processes.
However, the 3D mode segment is expected to record the highest CAGR during the forecast period. This segment's growth is mainly driven by the growing adoption of multi-camera inspection systems across manufacturing industries, advancements in 3D imaging technology, and businesses' focus on geometries and complex product manufacturing.
Based on end users, the global vision inspection systems market is segmented into electronics & semiconductors, aerospace & defense, healthcare, pharmaceutical, consumer goods, food & beverages, automotive, transportation & logistics, and other end users. In 2024, the food & beverages segment is expected to account for the largest share of over 24.0% of the global vision inspection systems market. The segment’s large share is mainly attributed to factors such as strict legal requirements, rising raw material and energy prices, the rising need to ensure the required food quality and high efficiency of the production process, and the rising focus of market players to launch advanced inspection systems for the food & beverage industry.
However, the pharmaceutical segment is expected to record the highest CAGR during the forecast period. This segment's growth is mainly driven by stringent regulatory requirements for product quality and safety, increasing adoption of automation and technological advancements in vision inspection systems, and rising focus on reducing production costs, minimizing product recalls, and improving overall manufacturing efficiency.
Based on geography, the vision inspection systems market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of over 36.0% of the global vision inspection systems market. This region's substantial market share is due to the widespread presence of the manufacturing industry, increased investment across industries for digital transformation, increased safety and consumer protection standards, and stringent safety laws.
Moreover, Asia-Pacific is estimated to register the highest CAGR of 13.40% during the forecast period. This region's growth is mainly driven by rising industrialization, manufacturers' growing adoption of automation systems, the growing demand for quality products, and increasing manufacturing activities across several industries, including pharmaceutical, automotive, food and beverage, and cosmetics. The growing demand for quality products from these industries creates potential opportunities for the players in this market.
Key Players:
Some of the key players operating in the vision inspection systems market are Teledyne Technologies Incorporated (U.S.), OMRON Corporation (Japan), Optel Vision Inc. (Canada), Cognex Corporation (U.S.), KEYENCE CORPORATION (Japan), FANUC CORPORATION (Japan), Mettler-Toledo International Inc. (U.S.), Antares Vision S.p.A. (Italy), Datalogic SpA (Italy), Averna Technologies Inc. (Canada), National Instruments Corporation (U.S.), Pleora Technologies Inc. (Canada), USS Vision LLC (U.S.), ISRA VISION GmbH (Germany), and Qualitas Technologies (India).
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Key questions answered in the report-
- Which are the high-growth market segments based on offering, application, type, inspection mode, and end user?
- What was the historical market for vision inspection systems?
- What are the market forecasts and estimates for the period 2024–2031?
- What are the major drivers, restraints, and opportunities in the vision inspection systems market?
- Who are the major players, and what shares do they hold in the vision inspection systems market?
- How is the competitive landscape in the vision inspection systems market?
- What are the recent developments in the vision inspection systems market?
- What do the major players adopt the different strategies in the vision inspection systems market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the global vision inspection systems market, and how do they compete with the other players?
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