Researchstore.biz offers a research report on “Global Machine Vision Market by Component (Hardware and Software), Product (PC Based, Smart Camera Based), Application (Quality Assurance and Inspection, Positioning and Guidance, Measurement, Identification), Industry (Automotive, Consumer Electronics, Electronics & Semiconductor, Food & Packaging, Rubber & Plastics, Machinery, Solar Panel Manufacturing, Printing, Metals, Wood & Paper, Pharmaceuticals, and Glass), Region (North America, Europe, Asia Pacific, South America and Middle East and Africa)” and Global Forecast 2018-2025. This study provides global machine vision market size, growth and demands, market outlook, competitive analysis, and market players.
The global machine vision market is estimated to grow from USD 7.56 Billion in 2017 to USD 14.89 Billion by 2025, growing at a CAGR of 8.84% during the forecast period from 2018-2025.
- Chief market drivers that power the growth of the machine vision market are listed below:
- Extending the requirement of quality inspection and automation
- Evolution of vision-guided robotic systems
- Increasing demand for application-specific machine vision systems
- Increasing adoption of 3D machine vision systems
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The machine vision is used to assess and scrutinize images through various software and hardware devices. The machines vision indentifies, manages, measures, and investigates the image. The process are the same as surveillance cameras, but this system provides an automatic image capturing, examination and processing functionalities. High-speed production and hazardous environments inspection are two of the applications of the machine vision.
The growing need for quality inspection and automation and growing demand for vision-guided robotic systems is estimated to operate and handle the machine vision market:
Increasing need of quality inspection and automation, improvement of vision-guided robotic systems, and rising demand for application-specific machine vision systems are the machine vision market’s leading key driving factors. However, growing adoption of 3D machine vision systems will guide to the growth of the machine vision market in a couple of years.
Market Analysis by Major Segmentation:
The global machine vision market is segmented by components, product, application, industry, and regions.
In 2017, smart camera based segment registered around USD 4.10 Billion value
Product segment contains PC based and smart camera based. Smart camera based segment would register the highest CAGR growth over the forecast period. The cost-effective, compact, and flexible smart camera is easier to develop in any system. The camera also helps in decoding algorithms considering the images, marking key factors to drive the demand of smart camera based segment.
Food and packaging segment is held largest market share of 22.57% in 2017
Industry segment structure includes, automotive, consumer electronics, electronics & semiconductor, food & packaging, rubber & plastics, machinery, solar panel manufacturing, printing, metals, wood & paper, pharmaceuticals, and glass segments. Food and packaging extend business growth and expected to grow with the highest CAGR over the forecast period.
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Growth leading aspects of food & packaging segment in future are listed here:
Rising necessity to identify and combat counterfeit
The implementation of government rules pertaining to safety in manufacturing plants using machine vision
Regional Segmentation Assessment:
The market is analyzed on the basis of five regions inlcluding North America, Europe, Asia Pacific, South America, and the Middle East and Africa. A major manufacturing hub, Asia Pacific reached the largest market share of approximately 28.57% in 2017. The presence of a huge number of contract manufacturers and high adoption of automation processes are some of the factors that led to the growth of the machine vision market in this region.
Key Market Players in the machine vision market include Cognex, Basler, OMRON, KEYENCE Corporation, National Instruments, Sony, Teledyne Technologies, Texas Instrument, Intel, Baumer Optronic, ISRA VISION, MVTec Software, SICK, JAI A/S, Baumer Optronic GmbH, Allied Vision Technologies GmbH, and others.
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