The latest market report published by Credence Research, Inc. “Global Machine Vision Lighting Market: Growth, Future Prospects, and Competitive Analysis, 2017 – 2030”. The Global Machine Vision Lighting Market generated revenue of around USD 1.2 billion in 2022 and is anticipated to grow a CAGR of over 8.5% during the forecast period from 2023 to 2030 to reach around USD 2.12 billion in 2030.
Several developing and developed economies in APAC have strong manufacturing sectors, which contribute to the growth of the machine vision lighting market. Also, various end-user industries are increasingly adopting machine vision systems, boosting the market. The rising living standard of people worldwide and strict government regulations for different products positively impact the market. Additionally, MEA and SAM are experiencing growth in their industrial sectors due to government support for enhancing the manufacturing sector. The United Arab Emirates and Saudi Arabia are expected to become manufacturing hubs in the coming years, creating more opportunities for machine vision systems such as lasers, lights, etc.
The global machine vision lighting market is bifurcated into Lighting Type, Spectrum of Light, Application, and Geography. Based on lighting type, the market is categorized into LEDs, fiber optic lights (Halogen), fluorescent lighting, xenon, and others. On the basis of the spectrum of light, the global market is segmented into the visible spectrum, UV spectrum, and IR spectrum. On the basis of application, the global market is segmented into automotive, consumer electronics, food & beverage, pharmaceuticals, logistics, and others. Based on geography, the market is segmented as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
In 2022, North America dominated the global machine vision lighting market and accounted for a major market revenue share in terms of value. Since the last few years, North America’s manufacturing industry trends, specifically the U.S., have been one of the most influential market trends globally. This is largely due to the region’s ability to remain the only bright spot during the prolonged economic recovery. As a result, the manufacturing industry in this region is crucial to the country’s economy and workforce, resulting in the demand for highly efficient manufacturing equipment.
Machine Vision Lighting Market Key Growth Trends are showing promising signs of growth in the coming years. With the ever-increasing demand for high-quality machine vision systems, lighting plays a critical role in ensuring that these systems can function effectively. As such, there has been a significant increase in demand for specialized and customized lighting solutions that cater to specific applications and environments. The market is also witnessing a shift towards LED-based lighting solutions due to their energy-efficient nature and longer lifespan. Additionally, advancements in technology have enabled manufacturers to develop smart lighting solutions that incorporate features like wireless connectivity and advanced control systems. These trends are expected to continue driving growth in the Machine Vision Lighting Market as more industries adopt automated processes powered by machine vision technology.
Why to Buy This Report-
- The report provides a qualitative and quantitative analysis of the global machine vision lighting market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2018-2021, base year- 2022, and forecast period 2023-2030.
- The report contains information related to the competitive landscape, like how the key players in the market are operating at a global, regional, and country level
- In-depth analysis of the global machine vision lighting market segmentation based on lighting type, the spectrum of light, and application.
- The global machine vision lighting market report also includes analyzing the global, regional, and country level, along with key market trends, significant players analysis, market growth strategies, and key application areas.
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