Report : Machine Vision Lighting Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Lighting Type (LEDs, Fiber Optic Lights (Halogen), Florescent Lighting, and Xenon), Spectrum of Light (Visible spectrum, UV Spectrum, and IR spectrum), and Application (Automotive, Consumer Electronics, Food & Beverage, Pharmaceuticals, and Logistics)
According to the new research report titled “Machine Vision Lighting Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 2,038.8 million by 2028, registering a CAGR of 8.0% from 2021 to 2028.
Machine vision systems are the next generation intelligent systems mainly used in industrial applications for detection, identification, measurement, inspection, and so on. The industry came into existence three decade ago; however, the global acceptance and rapid boom started quite lately. There has been a constant technology advances that changed the industry. These systems play major roles in robotics; these are used to guide the autonomous robots also known as ‘self-navigating robots.’ Various industries such as automotive, food & beverages, and pharmaceuticals are much concerned about reducing labor-intensive processes and increasing accuracy and speed; machine vision systems are in demand because these help in such shortcomings.
The increasing market competition has its impetus on global manufacturers to decrease production errors and operating expenditure. Therefore, global manufacturers are increasingly embedding advanced solutions to their production line to manufacture quality products along with minimized production errors. The manufacturing industries these days are more focused on cost-effective manufacturing and packaging technologies, which can protect the brand and quality of products. Irrespective of a few sectors, the manufacturing industries demand for a specialized knowledge for control and automation of processes.
The machine vision lighting market is segmented into lighting type, spectrum of light, application, and geography. Based on lighting type, the market is categorized into LEDs, fiber optic lights (halogen), florescent lighting, and xenon. By spectrum of light, the market is segmented into visible spectrum, UV spectrum, and IR spectrum. Based on application, the market is further segmented into automotive, consumer electronics, food & beverage, pharmaceuticals, and logistics.
Key Findings of Study:
The presence of strong manufacturing sector in the developed and developing economies of APAC is influencing the market growth for machine vision lighting. Also, the increasing adoption of machine vision systems by different end-user industries is bolstering the market growth. Rising living standard of people across the globe, coupled with stringent government standards for different products, is impacting the market positively. Moreover, backed by government support for reinforcing manufacturing sector, MEA and SAM are witnessing growth in their industrial sector. With government planning to make the UAE and Saudi Arabia as a manufacturing hub in coming years, it is expected to create opportunities for machine vision system including lights, laser, and many more. In the Middle East, Jaguar Land Rover and Mars (the food manufacturer) have already taken high interest for manufacturing.