Machine Vision Technology Market is Anticipated to Reach Nearly US$28.5 bn by the end of 2021
The global machine vision technology market features an intensely competitive landscape with the presence of several global as well as regional players, finds Transparency Market Research (TMR). Technology developers are focused on research and development of cutting-edge machine learning technologies to bring innovations in the market. Numerous top players are engaged in constantly expanding their product portfolio to reap competitive edge over others and consolidate their shares in the global market. A growing number of players are capitalizing on emerging demand for advanced machine vision technologies to garner better returns on their investment, notes TMR.
TMR observes that several players are focused on introducing new product varieties to meet new and emerging demands for machine vision applications in several end-use industries. Top players operating in the machine vision technology market include Allied Vision Technologies Inc., Basler AG, Adept Technology Inc., ISRA Vision AG, Cognex Corporation, Microscan Systems Inc., Electro Scientific Industries Inc., Keyence Corporation, Seeing Machines Ltd., and Omron Corporation.
The global machine vision technology market is projected to expand at a promising CAGR of 8.40% during the forecast period of 2015–2021. The global market stood at US$15.7 billion in 2014 and is anticipated to display opportunities worth of US$28.5 billion by the end of the assessment period.
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The broad applications of machine vision technology comprise industrial and non-industrial, with the former segment holding the sway in the global market. This can be attributed to the extensive application of the technology in semiconductors for the past few years and the rising applications in the areas of packaging, automobiles, textiles, and electronics.
Geographically, Asia Pacific has emerged as the dominant regional market and is expected to hold its sway in the coming years as well. The rapid growth is driven primarily by the substantial strides being made by the automation manufacturing sector. The regional market is expected to garner a CAGR of 7.30% during 2015–2021.
Burgeoning Application of Technology in Automated Industrial Inspection and Quality Controls underpins Rapid Expansion
The global machine vision technology market is driven primarily by the rising adoption of automation in industrial processes world over and the burgeoning need for advanced quality controls in various industry verticals. The rising deployment of robotic systems in areas such as food and packaging, automotive, and pharmaceutical, and in numerous industrial applications is a key factor boosting the market.
The growing adoption of machine vision technology in lenience monitoring, component monitoring, and defect recognition is propelling the growth of the market. The attractive demand hinges on the marked effectiveness of the technology in inspecting test objects of complex patterns in end-use industries. The application of the technology is also catalyzed by the rising paucity of manual labor in inspection of industrial processes.
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Rising Application in Automotive Sector holds Massive Potential
The market is expected to garner lucrative gains from the potential of machine learning and deep learning technologies to bring advanced automations in the manufacturing sector. The substantially rising application of the technologies in automobile manufacturing of a variety of components such as lead frames, microchips, and capacitors, is accentuating the market. The demand is majorly propelled by usage of the machine vision technology by automotive players in automatic image-based detection and inspection of test objects.
However, presently, the paucity of system integrators is a crucial factor that is hindering the market to attain its full potential. System integrators play a critical role for the implementation of machine vision technologies in industrial applications. On the other hand, the rising potential of smart-camera in machine vision systems, attributed to their flexibility to standards and mechanisms, has opened many a promising opportunities for market players.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Machine Vision Technology Market (Product Type – PC-based Machine, Embedded Machine, and Smart Cameras-Based Machine; Application – Industrial (Semiconductors, Electronics, Packaging, Textiles, and Automobiles) and Non-Industrial (Security and Surveillance, Banking, Traffic Controlling, Lab Automation, and Medical Imaging)) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015–2021.”
The global machine vision technology market is segmented based on:
- PC based machine vision technology
- Embedded machine vision technology
- Smart cameras based machine vision technology
- Industrial applicationsSemiconductorsElectronicsPackagingTextilesAutomobilesOthers
- Non-industrial applicationsSecurity and surveillanceBankingTraffic controllingLab automation and medical imagingOthers
- North AmericaU.S.CanadaRest of North America
- EuropeU.K.ItalySpainFranceGermanyRest of Europe
- Asia PacificIndiaChinaJapanRest of Asia Pacific
- Rest of the WorldLatin AmericaMiddle EastRest of Rest of the World
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