By Jonathan Sparkes, Research Analyst, Interact Analysis
The global machine vision market is expected to return to growth in 2024, expanding by around 1.4% this year. This is partially due to the continued growth of the 3D camera market, but is also a result of a return to growth in key machine vision consuming sectors (such as semis and electronics), which are expected to perform better in 2024 than the wider manufacturing industry. However, growth for some is also stimulated by acquisition, as companies seek opportunities to broaden their machine vision portfolio in order to offer customers a more complete solution. This trend, which is common across all facets of industrial automation, seems to be especially prevalent in the machine vision market right now.
Strongest growth in machine vision revenues is forecast in the Americas and EMEA regions
The graph above shows growth by major region and we anticipate that by 2028 the Americas and EMEA will have the largest growth, at 12.6% and 12.3% respectively. We see this growth potential as a result of the continued partnering and acquisition culture among large machine vision vendors. Companies are looking at ways to expand their portfolio to develop a full offering and a solution-based service to customers. While there are many new vendors entering the machine vision market, global corporations investing in acquiring technology and expertise in each of the machine vision component sectors.
There was little or no change last year in ranking for the world’s leading machine vision companies
The above table shows the percentage share the top 15 machine vision vendors had globally in both 2022 and 2023. While it demonstrates very little movement in terms of positioning, it does show some companies, such as market leader Keyence, increasing market share with a strong performance in 2023.
Cognex Corporation, headquartered in the US, made the decision in August 2023 to acquire Japanese optics components specialist Schott-Moritex for a fee of around $275m. Scott-Moritex has a strong presence in Japan and the acquisition will give Cognex a greater footing in the Japanese market, while also increasing its lens capabilities. The additional income from Scott-Moritex will help Cognex grow its market share in 2024 and beyond.
Teledyne Imaging, headquartered in Canada, is already a large multi-company corporation that has made many substantial acquisitions in recent years to grow and supplement its machine vision portfolio. In February 2024, Teledyne Imaging announced it would be acquiring Netherlands-based camera manufacturer Adimec Holding B.V for an undisclosed fee. Adimec specializes in customized high-performance industrial and scientific cameras that solve applications where image quality is of greatest importance. This acquisition will further supplement Teledyne Imaging’s large portfolio and allows it to further grow its market share going forwards, strengthening its presence in the EMEA market.
TKH Vision, headquartered in the Netherlands, is also a very large corporation that has acquired many supplementary vision companies in recent years. TKH’s individual companies include: Allied Vision (Germany), which specializes in area scan cameras; LMI Technologies (Canada), which specializes in 3D laser-triangulation cameras; Chromasens (Germany) which specializes in Line-Scan cameras; SVS-Mikrotron (Germany) which specializes in high-end and high-speed cameras; NET (Germany) which specializes in machine vision components; Nerian (Germany) which specializes in 3D stereo cameras; and Tattille (Italy), which focuses on area-scan, line-scan and smart cameras. TKH has a strong presence already in the EMEA region and, with further acquisitions, it will continue to strengthen its position as a leading machine vision vendor.
Despite a recent flurry of activity, with a relatively fragmented vendor base, Interact Analysis expects further consolidation and acquisitions for the machine vision industry in the future, enabling vendors to provide a complete solution to customers, rather than having to combine their products with other suppliers’ technology. When speaking to vendors, they have said customers are increasingly looking for a complete solution to be provided, or a one stop shop where all future maintenance and services can be met by one company instead of several. The growth in automation in general is allowing new companies to enter the market with strong new products or designs and grow significantly. Meanwhile, long-standing and large vendors look to these new and exciting products to supplement and grow their portfolios.
Data on the machine vision market is available in our new Machine Vision 2024 report, published in January 2024. This report and data set provide the most granular data on the machine vision market ever produced. We look at the market for 11 primary products, in 20 different industries, for 9 different applications and for 38 different countries. We supply this data in terms of revenues, units shipped and ASP’s.
Jonathan Sparkes Research Analyst, Interact Analysis
For more information on this report and the global machine vision market please contact Jonathan Sparkes or Tim Dawson directly.
