New York, USA, July 06, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global industrial machine vision lenses market is projected to garner a revenue of $19,939.40 million and rise at a stunning CAGR of 11.4% over the estimated timeframe from 2023 to 2032.
As per our analysts, with the growing demand for automation across various industries to increase productivity, enhance efficiency, and eliminate errors, the industrial machine vision lenses market is expected to observe remarkable growth over the analysis period. Besides, the increasing development of industrial machine vision lenses by leading manufacturers to capture detailed and high-quality images is expected to fortify the growth of the market during the forecast period. Moreover, the increasing application areas of machine vision lenses across various industries owing to the increasing technological advancements and the growing demand for automation and quality control are expected to create expansive growth opportunities for the industrial machine vision lenses market over the estimated timeframe. However, the lack of skilled professionals across industries may hinder the growth of the market during the analysis period.
Segments of the Industrial Machine Vision Lenses Market
The report has divided the market into segments based on type, camera, application, end-user, and region.
Type: C-mount Sub-Segment to be Most Productive
The C-mount sub-segment held the largest market share in 2022. This is mainly due to the increased global usage of industrial automation and robotics. Moreover, the growing preference for high-precision optics over plastic optics and the rising demand for C-mount lenses for improving production efficiency, precision ad quality is expected to augment the growth of the industrial machine vision lenses market’s sub-segment over the forecast period.
Camera: Area Scan Camera Sub-Segment to be Most Profitable
The area scan camera sub-segment generated the highest revenue in 2022. This is mainly due to the increasing need for area-scan cameras for machine vision applications. In addition, area-scan cameras can capture high-resolution images for extensive inspection and analysis which is expected to foster the growth of the market sub-segment further.
Application: Identification Sub-Segment to be Most Beneficial
The identification sub-segment held the biggest market share in 2022. The rising use of machine vision lenses in identification applications to ensure product quality and decrease faults is predicted to boost the growth of the industrial machine vision lenses market sub-segment over the analysis timeframe.
End-User: Electronics and Semiconductor Sub-Segment to be Most Lucrative
The electronics and semiconductor sub-segment registered the highest revenue in 2022. The growing use of machine vision lenses in the electronics and semiconductor industries for various applications such as for inspecting circuit boards, electronic components, and semiconductor devices for faults, mistakes, or anomalies is expected to fuel the growth of the market sub-segment over the estimated period.
Region: Asia-Pacific Market Held the Maximum Market Share in 2022
The Asia-Pacific region of the industrial machine vision lenses market generated the dominant revenue in 2022. This is mainly due to the lucrative opportunities for industrial machine vision lenses in the automotive sector across the region. Additionally, the increasing demand for machine vision lenses across various manufacturing industries such as packaging, pharmaceutical, and many more are predicted to drive the regional growth of the market throughout the estimated timeframe.
Covid-19 Impact on the Industrial Machine Vision Lenses Market
The outbreak of the Covid-19 pandemic has had a positive impact on the industrial machine vision lenses market. This is mainly due to the growing adoption of remote work methods and collaboration solutions across various businesses which has increased the demand for machine vision lenses. Moreover, the increasing need for machine vision lenses in the healthcare sector for medical imaging, telemedicine applications, and diagnostics has increased the growth of the market throughout the crisis.
Key Players of the Industrial Machine Vision Lenses Market
The major players of the global market include
- Fujifilm
- Schneider
- Ricoh
- Moritex
- Nikon
- Kenko Tokina Co
- Myutron Inc
- VST
- Kowa Lenses
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
For instance, in May 2022, Tamron Co., Ltd., a renowned manufacturer of optics for diverse applications announced the launch of three new models of compact φ29mm machine-vision lenses that are compatible with 2/3” imagers and 8-mega pixel high resolution. These lenses could offer six different focal lengths which could be ideal for a wide range of applications.
Further, the report also presents other vital aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Industrial Machine Vision Lenses Market:
- Top 6 Trends to Watch in Industrial Machine Vision Lens Industry
- Analyst Overview: Global Industrial Machine Vision Lens Market Insights
