Machine Vision Laser Market Size, Trends and Growth Analysis by 2027

The machine vision laser sector was valued at approximately US$ 3,711.3 million in 2019, with projections indicating it will reach around US$ 7,144.4 million by 2027. This growth represents a compound annual growth rate (CAGR) of 8.5% from 2020 to 2027.

The expansion of the global machine vision laser market is primarily driven by the rising demand for laser-based machine vision technologies and the increasing need for intelligent machine vision systems. Nevertheless, the diverse requirements of end users across various industries can impede market growth in certain applications. Recent advancements in processing capabilities have enhanced the robustness of machine vision laser systems, leading to increased processing power, reduced costs, and simplified operations, thereby broadening the scope of machine vision laser technology applications. Consequently, the market is expected to experience significant growth during the forecast period.

Machine vision typically consists of a multi-stage system that utilizes smart cameras in the initial stages of image processing. These smart cameras are specifically designed to function effectively in challenging environments, outperforming traditional multi-camera setups. They are self-contained units that can be programmed for specific tasks or adjusted as needed without disrupting other inspection processes on the production line. The anticipated rise in demand for smart machine vision systems during the forecast period can be attributed to their cost-effectiveness, compact design, and adaptability. The flexibility of these systems facilitates easier modifications in response to updated regulations and standards.

With the ongoing advancements in smart camera technology and the integration of the Internet of Things (IoT), the adoption of machine vision systems utilizing these cameras is expected to increase significantly in the coming years. Smart cameras typically integrate lighting, image sensors, and software, and the evolution of their capabilities has enabled manufacturers to develop models with larger image sensors and emerging embedded vision cameras that function as smart cameras. Additionally, new models capable of executing deep learning and artificial intelligence (AI) tasks are being introduced. The growing market demand for inspecting larger components and detecting minute defects in images has spurred the development of smart camera image sensors with higher resolutions. Thus, the increasing demand for smart machine vision systems is a key factor propelling the growth of the machine vision laser market.

The machine vision laser market is categorized based on type, application, end user, and geography. In terms of type, the market is divided into smart machine vision lasers, PC-based machine vision lasers, and 3D machine vision lasers. As of 2019, smart machine vision systems commanded the largest market share. When considering applications, the market is segmented into process control, automatic inspection, industrial inspection, and others, with the industrial inspection segment holding the largest share in 2019. Regarding end users, the market is classified into automotive, electronics and semiconductor, food and beverages, pharmaceuticals, logistics, and others, where the electronics and semiconductor segment was the largest in 2019. Geographically, the market is divided into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). In 2019, APAC held the largest market share, followed by Europe and North America. Furthermore, APAC is anticipated to be the fastest-growing region, with a projected CAGR of 11.3% from 2020 to 2027.

However, the COVID-19 pandemic has negatively impacted the global economy, including the machine vision laser industry. The pandemic has disrupted business operations and revenue generation due to lockdowns and restrictions on movement in various countries, leading to production halts across multiple sectors due to labor shortages. The decline in production of goods and the reduced demand for machine vision laser solutions are constraining market growth. Nevertheless, the adverse effects of the COVID-19 pandemic are expected to be temporary, with a recovery anticipated in the coming years.

The overall size of the machine vision laser market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. This approach also aimed to provide an overview and forecast for the machine vision laser market across all segments. Additionally, primary interviews were conducted with industry participants and experts to validate the data and gain further analytical insights. Participants included industry professionals such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the machine vision laser market.

Key players in the global machine vision laser market include Cavitar Ltd., Cognex Corporation, Laser Components GmbH, Laserex, Keyence Corporation, ProPhotonix, RAYLASE GMBH, RPMC Lasers, STEMMER IMAGING AG, and Z-LASER GmbH.