Published: Jan, 2018
With the presence of numerous regional and global players, the global machine vision technology features intense competition, says Transparency Market Research in a new report. Savvy players in the market are investing in research and development so as to come up with novel technology. The expansion of product portfolio is another key strategy adopted by players to stay competitive in this market. Nevertheless, efforts to introduce advanced products for improved return on investments remains the key growth ideology of top-notch players in this market.
Some of the leading players in the machine vision technology market are OMRON Corporation, Seeing Machines Ltd., Keyence Corporation, Electro Scientific Industries Inc., Microscan Systems Inc., Cognex Corporation, ISRA Vision AG, Adept Technology Inc., Basler AG, and Allied Vision Technologies Inc.
According to estimates of a TMR report, the global machine vision technology market will be valued at US$28.5 bn by the end of 2021, rising at a CAGR of 8.40% for the forecast period between 2015 and 2021. The market was valued at US$15.7 bn in 2014. In terms of application, the industrial segment holds prominence in the market. The semiconductor sub-segment within the industrial segment led in the past. Geography-wise, Asia Pacific holds dominance in the machine vision technology market. This is mainly because of the thriving manufacturing sector in the region. By product, PC-based machine vision technology is leading; going forward, the segment is likely to display a significant growth rate.
Need for Automation of Industrial Processes Benefits Market
The primary growth drivers of the machine vision technology market include rising need of inspection of quality and automation of processes across industry verticals, surging demand for advanced robotic systems in food and packaging, automotive, pharmaceutical, and industrial sectors, and rising demand for application-centric machine vision systems.
The machine vision technology market is witnessing tremendous growth due to widespread use of machine vision technology in defect recognition, quality inspection, lenience monitoring, and component monitoring. Factors such as rising demand for quality products, shortage of skilled labor, and expanding manufacturing capacity are leading to the adoption of machine vision technology for inspection application and quality assurance.
Thriving Automotive Sector a Boon for Market
Furthermore, the machine vision technology market is gaining from the expansion of the manufacturing sector. For example, the automotive sector exhibits widespread demand for lead frames, examine resistors, microchips, capacitors, and various other automobile components that rely on machine vision technology, thereby reflecting positively on the market.
The demand for machine vision technology for robot guidance, process control, and for image based automatic inspection are also some key factors driving the machine vision technology market. Moreover, the rising demand for smart cameras is anticipated to drive the machine vision technology market for cameras. This is because machine vision systems that smart camera based help accomplish tasks such as decoding of algorithms, text verification, quality assessment, label inspection, and traceability applications more economically. Further, flexibility of smart-camera based machine vision systems makes it easy to implement changes in their standards and mechanisms as per changing requirements in the future. Consequently, the demand for machine vision systems that are smart camera based is anticipated to be at the leading pace during the report’s forecast period.
Across industry verticals, the increasing demand for highly advanced inspection methods is anticipated to lead to a robust demand for PC-based machine vision systems.
The review presented is based on the findings of a TMR report, titled “Machine Vision Technology Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021.”
The global machine vision technology market is segmented as follows:
Machine Vision Technology Market: By Product Type
- PC based machine vision technology
- Embedded machine vision technology
- Smart cameras based machine vision technology
Machine Vision Technology Market: By Application
- Industrial applications
- Non-industrial applications
- Security and surveillance
- Traffic controlling
- Lab automation and medical imaging
Machine Vision Technology Market: By Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Rest of the World
- Latin America
- Middle East
- Rest of Rest of the World
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