Machine Vision Producers and Machine Vision Market Trend
The field of machine vision, an essential component of artificial intelligence, has witnessed significant expansion over the past five years, catering to a wide range of applications, including renewable energy inspection, semiconductor analysis and measurement, PCB quality control, and flat panel display assessments. The latest data indicates a robust growth trajectory for the global machine vision market from 2018 to 2023, with a forecast that extends until 2028.
From 2018 to 2023, the global machine vision market burgeoned from a valuation of $5.4 billion to an impressive $14.2 billion, reflecting a Compound Annual Growth Rate (CAGR) of 21.3% during this period. This remarkable expansion has been underpinned by the increasing demand for automated visual inspection and quality control in various industries.
Looking ahead, it is anticipated that the market will continue to flourish, with a projected valuation of $20.9 billion by 2028. The anticipated CAGR for the period from 2023 to 2028 is a steady 8.0%, suggesting a sustained upward trajectory for the industry.
Key players in the global machine vision market are at the forefront of driving these developments. Notably, leading suppliers include onsemi, Sony, and Teledyne. These companies have carved out a significant presence in the market, collectively holding an impressive market share. Specifically, onsemi leads with a market share of 26.9%, followed closely by Sony at 26.6%, and Teledyne at 26.2%. Their contributions to technological advancements in machine vision, including hardware and software innovations, have been instrumental in shaping the industry's landscape.
The machine vision market's evolution has been fueled by its application in diverse sectors. Renewable energy inspection benefits from machine vision technology to ensure the quality and performance of new energy sources. In the semiconductor industry, machine vision plays a pivotal role in detecting and measuring minute defects and variations in semiconductor devices. Additionally, PCB inspection has been enhanced by machine vision's ability to identify flaws in printed circuit boards, optimizing production quality. In the realm of flat panel displays, machine vision aids in detecting defects and ensuring the visual clarity and precision of displays.
As we approach 2028, the global machine vision market is poised for further growth, driven by technological advancements and the continuous expansion of its applications across various industries. The collaborative efforts of industry leaders, such as onsemi, Sony, and Teledyne, will likely continue to shape the landscape of machine vision technology, solidifying its place as a critical component of the artificial intelligence ecosystem.