This market research report was originally published at the Yole Group’s website. It is reprinted here with the permission of the Yole Group.
In 2023, the total machine vision market generated $6.9 billion in revenue. When will growth return?
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Industrial machine vision: a $7.8 billion market in 2029 compared to $6.9 billion in 2023. Yole Group announces a 2.1% CAGR between 2023 and 2029.
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Chinese ecosystem has been significantly ramping up. Hikrobot and Huaray (iRayple) secured leading positions alongside longstanding players.
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Technology status: besides a strong focus on software and AI development, hardware innovation is concentrated in 3D, non-visible, and event-based modalities.
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Non-visible industrial imaging creates new opportunities for more defense-oriented players.
The industrial machine vision market will grow from $6.9 billion in 2023 to $7.8 billion in 2029, with a 2.1% CAGR during this period, announces Yole Group, in its latest Imaging for Industrial – Machine Vision 2024 report.
General dynamics were characterized by strong years in 2021 and 2022, powered by the resurgence in production of consumer goods following the COVID-19 crisis and stockpiling by machine vision customers. Between 2023 and 2024, the overall market will decrease and flatten, impacted by the global economic downturn. According to Yole Group’s analysts, growth will gradually recover before 2029, driven by long-term positive trends caused by a continuous workforce shortage in the industry and increasing operating costs, encouraging the adoption of automation technologies.
“Cameras for factory and warehouse automation represent the highest value segment in the industrial machine vision market. At Yole Group, we expect this segment to go from $5 billion in 2023 to $5.7 billion in 2029, registering a 2.2% CAGR2023-2029. We expect camera manufacturers to focus on software development to meet increasing customer demand for more plug-and-play solutions.”
Axel Clouet PhD
Technology and Market Analyst for Imaging, Yole Group
In this context, the market research and strategy consulting company Yole Group releases its market & technology report Imaging for Industrial – Machine Vision 2024. In this report, the company provides accurate market data on key industrial imaging metrics and dynamics as well as related forecasts by revenue, shipments, and components. This report covers the competitive landscape (CIS manufacturers, camera manufacturers, etc.) and delivers detailed market shares, with detailed breakdowns by player and components. In addition, Yole Group’s analysts offer an in-depth understanding of the industrial imaging value chain, infrastructure, and players. The technology landscape is also well analyzed in this report. In summary, Yole Group presents key technical insights and analyses regarding future technology trends and challenges with an overview of the technological landscape and dynamics of technology adoption.
On the fringes of machine vision, the market for non-visible imaging used in an industrial context has been covered in the report as it represents an opportunity for traditionally more defense-oriented companies. According to Yole Group’s new report, this market should reach $2.8 billion in 2023. It will grow to almost $3.8 billion in 2029, with a 5.5% CAGR during this period.
“Apart from thermal imaging, which remains the most common non-visible modality, SWIR is gaining traction among customers in the semiconductor and battery manufacturing sectors. The trend is amplified by an increasing technological push from the ecosystem towards this modality.”
Anas Chalak,
Technology and Market Analyst for Imaging, Yole Group
Furthermore, the report includes two other segments – government & commercial security and robotic mobility – that will also register significant growth between 2023 and 2029: respectively, 5.1% and 55.2% CAGR. Despite cost-cutting by some robotaxi OEMs (such as Waymo and Cruise), interest from major automotive tier 1s is obvious, as seen in the partnerships with major OEMs that believe in the growth potential of this market.
In its new imaging report, Yole Group also deeply analyzes the industrial machine vision ecosystem and provides a particular focus on the Chinese ecosystem. There, the industrial machine vision landscape has undergone a striking transformation, marked by the remarkable ascent of Chinese camera manufacturers Hikrobot and Huaray (iRayple). These companies have now secured leading positions alongside longstanding players, such as Basler, Teledyne, and Allied Vision. From 2020 to 2022, they experienced substantial growth, ranging from 40% to 50% year-over-year, driven by a resurgence in consumer electronics and significant investments in car electrification. With growth momentum slowing in 2023 to about 15% YoY, these companies are increasing their footprint outside China, leveraging a significant price advantage. To not hinder their growth, Yole Group expects these players to be spun out from their mother companies, Hikvision and Dahua, respectively, the two leaders in security and both on the U.S. Entity List.
Yole Group will attend Image Sensors Europe with a dedicated presentation focused on the CIS market. The slowing mobile and consumer market is reshuffling the CIS ecosystem. Companies are seeking to enhance image sensor performance and target higher-value products in the automotive and industrial markets. After decades of racing to decrease pixel sizes, efforts seem to have refocused on improving image quality, data monitoring, and compactness with emerging technologies such as triple-stack sensors, metaoptics, and event-based imaging. Yole Group’s speaker, Florian Domengie, Senior Technology and Market Analyst, Imaging at Yole Group, will deliver on Mach 20 a presentation entitled: “The CMOS imaging industry is embarking on a new horizon.”
Do not hesitate to ask for a meeting with our experts at Image Sensor Europe: HERE.
Yole Group’s imaging team invites you to follow the technologies, related devices, applications, and markets on www.yolegroup.com.
Stay tuned!
