Machine Vision Laser Market Trends and Scope by 2031
The global machine vision laser market size is expected to grow from US$ 4.52 billion in 2023 to US$ 8.49 billion by 2031; it is anticipated to expand at a CAGR of 8.2% from 2024 to 2031. The increasing advancements in machine vision technology are likely to remain a key machine vision laser market trends.
Machine Vision Laser Market Analysis
The rising need for enhanced quality inspection and automation across various industry vertical is expected to fuel market growth.
Machine Vision Laser Market Overview
Machine vision (MV) laser systems use video cameras, digital signal processing, and analog-to-digital conversion to let computers to view, examine, and assess job performance. These systems collect data, which is subsequently sent to a computer for processing and producing the required output. Resolution and sensitivity are two critical parameters in MV systems. Resolution determines the system's capacity to distinguish between things. At the same time, sensitivity refers to the machine's capacity to identify objects or weak signals in low-light settings or at wavelengths that are invisible to the human eye. These systems are critical in managing work environments, including functions such as process control, robotic guiding, and automated inspection in industrial applications.
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Machine Vision Laser Market: Strategic Insights
Market Size Value in US$ 3,711.3 Million in 2019 Market Size Value by US$ 7,144.4 Million by 2027 Growth rate CAGR of 8.5% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Machine Vision Laser Market: Strategic Insights
Market Size Value in | US$ 3,711.3 Million in 2019 |
Market Size Value by | US$ 7,144.4 Million by 2027 |
Growth rate | CAGR of 8.5% from 2020-2027 |
Forecast Period | 2020-2027 |
Base Year | 2020 |
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Speak to AnalystMachine Vision Laser Market Drivers and Opportunities
Increased Automation to Favor Market
Automation has grown in popularity across a variety of sectors, driven by the desire for increased efficiency and quality control. This tendency is especially prevalent in manufacturing and logistics. The deployment of automation processes has resulted in an increased need for machine vision systems, particularly laser-based technologies, to improve these automated operations. The use of automation in production and logistics provides several benefits. One key advantage is better control and uniformity of product quality. Automated systems often conduct production procedures with lower variability than human workers, allowing for more control over product quality.
Advancements in Artificial Intelligence and Camera Technologies
Advancements in artificial intelligence (AI) and camera technology have considerably aided the machine vision market's growth and development. These improvements have improved the capabilities of machine vision systems, making them more precise and efficient in a variety of applications. One of the most significant advancements in machine vision is the rising use of Al and deep learning approaches. Algorithms and deep learning approaches enable computers to learn from data and improve their performance independently, without the need for human intervention. This has resulted in the creation of increasingly complex machine vision systems that can detect and analyze pictures or film with higher accuracy and speed.
Machine Vision Laser Market Report Segmentation Analysis
Key segments that contributed to the derivation of the machine vision laser market analysis type, application, and end user.
- Based on type, the market is divided into smart machine vision lasers, 3D machine vision lasers, and PC-based machine vision lasers. The smart machine vision lasers segment held a larger market share in 2023.
- Based on application, the market is divided into process control, automatic inspection, industrial inspection, and others. The automatic inspection lasers segment held a larger market share in 2023.
- Based on end user, the market is bifurcated into automotive, electronics and semiconductor, food and beverages, pharmaceuticals, logistics, and others. The automotive segment held a larger market share in 2023.
Machine Vision Laser Market Share Analysis by Geography
The geographic scope of the machine vision laser market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. North America dominated the machine vision laser market in 2023. The increasing demand for automation and the integration of advanced imaging technologies in a wide range of industries are driving the machine vision laser market in North America. Furthermore, the focus on technological advancements by key players in the market is expected to drive the growth of the machine vision laser market. These advancements include the development of platform-independent software, smart cameras, 3D sensors, and vision controllers.
Machine Vision Laser Market Report Scope
Machine Vision Laser Market News and Recent Developments
The machine vision laser market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
- In October 2023, Keyence Corporation introduced the VS Series, a new line of smart camera vision systems. This system is designed to be user-friendly and does not require a control panel or software for checking IP addresses and connections. It is rated at IP67 and comes with several features that enhance its functionality. These features include a built-in laser pointer, four mounting holes for flexible installation configurations, and support for Power over Ethernet, which allows both the camera and light to be powered using a single ethernet cable.
(Source: Keyence Corporation, Press Release, 2023)
Machine Vision Laser Market Report Coverage and Deliverables
The "Machine Vision Laser Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type , Application , and End User (Automotive, Electronics and Semiconductor, Food and Beverages, Pharmaceuticals, Logistics, and Others
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The machine vision laser market size is expected to grow from US$ 4.52 billion in 2023 to US$ 8.49 billion by 2031; it is anticipated to expand at a CAGR of 8.2% from 2024 to 2031.
The global machine vision laser market is expected to reach US$ 8.49 billion by 2031.
The increasing advancements in machine vision technology are likely to remain a key machine vision laser market trend.
The key players holding the majority of shares in the global machine vision laser are Keyence Corporation, ProPhotonix, RAYLASE GMBH, RPMC Lasers, and STEMMER IMAGING AG.
The rising need for enhanced quality inspection and automation across various industries is expected to fuel market growth.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.