Report : South & Central America Machine Vision Lighting Market Forecast to 2030 - Regional Analysis - by Lighting Type [LEDs, Fiber Optic Lights (Halogen), Fluorescent Lighting, Xenon, and Others], Spectrum of Light (Visible Spectrum, IR Spectrum, and UV Spectrum), and Application (Automotive, Food & Beverage, Pharmaceuticals, Consumer Electronics, Logistics, and Others)
At 5.9% CAGR, South & Central America Machine Vision Lighting Market is Speculated to be Worth US$ 127.47 Million by 2030, says Business Market Insights
According to Business Market Insights’ research, the South & Central America machine vision lighting market was valued at US$ 80.62 million in 2022 and is expected to reach US$ 127.47 million by 2030, registering a CAGR of 5.9% from 2022 to 2030. Multispectral and hyperspectral lighting and customized lighting solutions for specific industries are among the critical factors attributed to the South & Central America machine vision lighting market expansion.
Multispectral and hyperspectral imaging enables the capture of spectral information across different wavelengths, facilitating detailed material analysis. It contributes to improved quality control by revealing subtle defects or variations that may not be visible in traditional imaging. It also helps in capturing and analyzing information beyond the visible spectrum, providing valuable insights for various applications. Lighting solutions designed for multispectral and hyperspectral systems are essential to provide uniform illumination and enhance contrast, ensuring the accurate detection of defects in diverse materials. Multispectral and hyperspectral imaging find applications in precision agriculture for crop monitoring, disease detection, and nutrient analysis. Lighting solutions designed for agricultural machine vision systems are developed to support the specific spectral requirements of these applications, optimizing imaging conditions for accurate analysis. Thus, multispectral and hyperspectral imaging in the machine vision industry influences the development of specialized lighting solutions. These lighting advancements contribute to improved imaging accuracy, enhanced material analysis, and expanded applications across various industries owing to which a significant trend in the machine vision industry can be observed.
On the contrary, complicated end user requirement hurdles the growth of South & Central America machine vision lighting market.
Based on lighting type, the South & Central America machine vision lighting market is categorized into LEDs, fiber optic lights (halogen), fluorescent lighting, xenon, and others. The LEDs segment held 67.5% share of South & Central America machine vision lighting market in 2022, amassing US$ 54.42 million. It is projected to garner US$ 88.08 million by 2030 to expand at 6.2% CAGR during 2022–2030.
In terms of spectrum of light, the South & Central America machine vision lighting market is categorized into visible spectrum, IR spectrum, and UV spectrum. The visible spectrum segment held 81.3% share of South & Central America machine vision lighting market in 2022, amassing US$ 65.57 million. It is projected to garner US$ 104.74 million by 2030 to expand at 6.0% CAGR during 2022–2030.
Based on application, the South & Central America machine vision lighting market is categorized into automotive, food & beverage, pharmaceuticals, consumer electronics, logistics, and others. The automotive segment held 28.5% share of South & Central America machine vision lighting market in 2022, amassing US$ 23.01 million. It is projected to garner US$ 40.16 million by 2030 to expand at 7.2% CAGR during 2022-2030.
By country, the South & Central America machine vision lighting market has been categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 56.0% share of South & Central America machine vision lighting market in 2022. It was assessed at US$ 45.11 million in 2022 and is likely to hit US$ 75.68 million by 2030, exhibiting a CAGR of 6.7% during 2022-2030.
Key players operating in the South & Central America machine vision lighting market are Schott AG, Exactera LLC, Spectrum Illumination, Smart Vision Lights, Omron Microscan Systems Inc, wenglor sensoric GmbH, Keyence Corp, and Cognex Corp, among others.
- In October 2023, Cognex Corporation announced the acquisition of Moritex Corporation, a manufacturer and seller of machine vision optical components such as high-spec lenses and lighting for industrial use.
- In September 2023, the wenglor sensoric Group, headquartered in Tettnang, Germany, has recently completed the acquisition of deevio, a Berlin-based start-up specializing in AI and image processing. This strategic move allows wenglor to enhance its expertise in artificial intelligence and data science, unlocking new possibilities for innovative advancements in the realm of machine vision. The acquisition strengthens wenglor's position in the market and provides a platform for future growth and development in this rapidly evolving field.
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