NEW YORK, June 12, 2018 (GLOBE NEWSWIRE) -- The global machine vision market is anticipated to reach from USD 10.4 billion in 2017 to USD 17.8 billion in 2024, at a CAGR of 7.4%. Key factors driving the growth of the market includes growing demand for vision-guided robotic systems, rapid industrialization, high manufacturing capacity, and rising need for quality inspection. Moreover, the growing demand for application oriented machine vision systems and quick processing ability of such systems is also fueling the growth of the market. However, lack of user awareness and high cost of the machine vision technology may hamper the market growth.
The machine vision technology is a combination of hardware and software that offers operational control to devices to perform functions such as capturing and processing of pictures and measuring different parameters needed for making a decision. The technology has proven to be of key role in industries like manufacturing and quality control. Also growing automation in various industries is facilitating the growth of the market. Furthermore, adoption of the technology is expected to boom in retail sector and possibly can create automated grocery store.
Demand from Manufacturing Industry Fueling the Market Growth
Quality control plays a vital role in today’s competitive world. To enhance the growth of the company, it has to be updated with the quality perspective of the device. As quality has become key priority for manufacturers, adoption of machine vision systems is on the peak to achieve proper defect detection. Vision systems are one of the main tools in manufacturing industry to automate and enhance their production process. It is mainly used for inspection; these systems can also do complex and repetitive tasks at a very high speed with accuracy and consistency. Machine vision system helps to detect product defects, monitor the production, guide robots and track, sort and identify parts to help improve quality, and eliminate errors.
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Machine Vision Market - Regional insight
Geographically, Asia-Pacific region is anticipated to dominate the machine vision market. As this region is becoming a manufacturing hub, the technology is expected to show a considerable growth during the forecast period. Moreover, the increasing investment in R&D is further propelling the industry growth in Asia-Pacific region. North America is expected to be the fastest growing market, owing to the increasing need for quality inspection.
Key findings from the report:
- On the basis of type, 3D machine vision segment dominates the industry in 2017. This growth is majorly driven by growing adoption of automation and robotics in manufacturing as well as healthcare industry.
- Based on component, Hardware segment (smart camera) held the major share of the industry in 2017, as it is capable enough to reading levels and directing the products automatically with low cost and ease of use.
- The inspection segment is anticipated to hold the largest market share in the global machine vision market in 2017
- The industry is expected to grow substantially in Asia Pacific, this is due to the upcoming large manufacturing hubs in prominent countries such as China and India across various industries such as food & beverages, automotive, pharmaceutical and industrial.
- Key players in the machine vision market include Basler AG, Allied Vision Technologies GmbH, Cognex Corporation, Keyence Corporation, National Instruments, Machine Vision Technology, Omron Corporation, FLIRSystem, Vitronic GmbH, and Microscan Systems,Inc.
The report segments the global machine vision market on the basis of component, type, application, end-user, and region.
By Component
- Hardware
○ Smart Cameras
○ Smart Sensors
○ Frame Grabber
○ Others (Optics, Processors) - Software
○ Application Specific
○ Deep Learning Software
By Type
- 1D Measurement
- 2D Measurement
- 3D Measurement
By Application
- Quality and Inspection
- Robot Guidance
- Measurement
- Identification
- Others
By End-User
- Electronics and Semiconductor
- Automotive (Transportation and Logistics)
- Paper
- Robotics
- Food and Beverages
- Healthcare
- Others (Industrial)
By Region
- North America
○ US
○ Canada
○ Mexico - Europe
○ UK
○ France
○ Germany
○ Italy
○ Rest of Europe - Asia-Pacific (APAC)
○ Japan
○ China
○ India
○ South Korea
○ Rest of APAC - Rest of the World (ROW)
○ Middle East and Africa (MEA)
○ South America
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