While global automation markets have expanded and grown overall, 2023 was a difficult year for vision system vendors, who have seen total revenue fall from $6.5 billon in 2022 to $6.3 billon of dollars last year. As a result of this drop, market researchers predict single-digit growth of around 1.4 percent by 2024. According to a study by Interact Analysis, the forecast is for it to evolve gradually until 2028.
While pricing pressure will continue for machine vision system suppliers in the first half of 2024, orders for this technology should pick up again in the second half of the year. Therefore, the machine vision market would experience growth as early as 2025, which is in line with Interact Analysis’ forecasts for the growth of manufacturing and machine production.
Forecast of 6.4% growth for machine vision until 2028
Between 2022 and 2028, the machine vision market will grow at an estimated compound annual growth rate of 6.4 percent, and revenue will increase from US$6.5 to US$9.3 billon during the forecast period. The Asia-Pacific (APAC) region will be a major growth driver in this sector.
If we analyze the machine vision market by sector application, inspection has been the most predominant, accounting for more than 40 percent of use cases in 2022. By 2028, inspection will generate around $3.9 billon. Due to the good prospects for mobile robots, autonomous driving is expected to have the highest annual growth rate between 2022 and 2028, at 20.8 percent, followed by storage container picking (19.2 percent). cent), which will allow you to benefit from the use of industrial robots in numerous manufacturing industries.
Asian suppliers, those with the greatest growth prospects
Jonathan Sparkes, research analyst at Interact Analysis, explains the current state of machine vision vendors: “The top three machine vision vendors, Keyence, Cognex and Teledyne, accounted for almost a third of global revenue in 2023. Due to the improved growth in end customers in APAC, suppliers in that region were expected to have had a better year than those with less exposure in 2023. Overall, APAC suppliers, particularly in China, were the ones that showed the greatest growth compared to other countries.”
Furthermore, despite the large number of mergers and acquisitions in recent years, the machine vision market is still considered fragmented. For Sparkes, new suppliers continue to enter the market, with more than 200 companies worldwide, and increasing activity by new companies is taking place in China, in particular, as well as in those territories where machine vision products “They are increasingly used for autonomous driving and container collection.”