2-July-2019: The global machine vision market
size is expected to reach USD 18.24 billion by 2025 at a 7.7% CAGR during the
forecast period, according to a new report by Grand View Research, Inc. The
ability of machine vision systems to process massive amounts of information in
a just a few seconds is a major factor driving the market. The quick processing
ability of machine vision systems is paving the way for manufacturers to
achieve new milestones in manufacturing products with negligible defects.
Moreover, increasing adoption of robots across industrial sectors is leading to
application of vision-guided robotic systems. Industrial verticals, such as
automotive, pharmaceutical, packaging, and food and beverage are prominent
sectors where robotic systems are used, eventually fueling demand for machine
vision systems.
Machine vision
technology encompasses various components in order to capture images of
products to analyze them, depending on different parameters of quality and
safety. The technology is a combination of software and hardware, which
provides operational control to devices to execute functions such as capturing
and processing of images and measuring various characteristics required for
decision making. Major components of the system include lighting, lens, image
sensors, vision processing, and communication devices. Machine vision systems
assist in resolving complicated industrial tasks with reliability.
Industrial machine
vision systems are usually more robust and demand high reliability, stability,
and accuracy as compared to those used in institutional or educational
applications. They cost lesser than systems used in military, aerospace,
defense, and government applications. These factors are expected to lead to
greater adaptability of the technology in industrial sectors. In addition,
robotic vision systems used across these industries are leading to increasing
adoption of the technology, thereby strengthening the overall market.
The technology has
proven to be of key importance in the area of manufacturing and quality
control, owing to rising need for quality inspection and production. In
addition, growing automation in industrial segments is facilitating the growth
of the market at a considerable rate.
The technology has
been witnessing extensive developments and innovative upgrades since its
emergence. Several factors, such as inception of the technology and increasing
need for quality products, are influencing market growth. Furthermore, machine
vision systems are gaining traction in medical and healthcare applications in
recent times. Analysis of medical images and robotic applications for carrying
various medical activities are key roles of the technology in these sectors.
The automotive
industry held the largest share in the machine vision market in 2017. The
inspection process, which includes error proofing and presence/absence
checking, is responsible for adoption of machine vision in the automotive
sector. The food and beverages industry is expected to exhibit the highest
growth rate over the forecast years, owing to use of machine vision systems in
packaging and bottling operations.
Asia Pacific
accounted for the largest market share in 2017, which can be attributed to
ample opportunities offered on account of large manufacturing practices carried
out in the region. Countries such as China, Japan, South Korea, and India are
considered to be potential markets for upcoming technologies, including machine
vision. The region’s rapid industrial expansion has been significantly
contributing to the prosperity and development of various innovations and
adoption of different technologies.
In addition,
factors such as growing focus on developments, increased expenditure on
vision-related research activities, and expanding manufacturing base in the
region are expected to spur the market in Asia Pacific. The market is also
anticipated to exhibit the fastest growth rate over the forecast period.
The global industry
is facing challenges due to lack of awareness among users about rapidly
advancing machine vision technology. Moreover, the complexity of integrating
machine vision systems are posing major difficulties for manufacturers. This is
also restraining the growth of the market.
In
depth research report on Machine Vision Market
Further key findings from the report suggest:
·
By way of product, the PC-based segment accounted for the
largest market share in 2017 and is estimated to continue its dominance over
the forecast period
·
On the basis of application, the identification segment is
anticipated to exhibit the fastest growth rate over the forecast period,
followed by the positioning and guidance segment
·
By end use, the food and beverages industry is expected to
witness the highest CAGR over the forecast period
·
The Asia Pacific market is expected to witness substantial
growth over the next decade. This growth is witnessed in the wake of ample
opportunities offered due to presence of large manufacturing hubs across the
food and packaging, automotive, pharmaceutical, industrial, and consumer
electronic sectors
·
Prominent companies in the industry include Allied Vision
Technologies GmbH (Germany), Basler AG (Germany), Cognex Corporation (U.S.),
Keyence Corporation (Japan), National Instruments (U.S.), Omron Corporation
(Japan), Machine Vision Technology (U.K.), and Microscan Systems (U.S.).
Grand View Research
has segmented the global machine vision market based on offering, product,
application, end-use industry, and region:
Machine Vision Offering Outlook (Revenue, USD Million, 2014 -
2025)
·
Hardware
·
Software
Machine Vision Product Outlook (Revenue, USD
Million, 2014 - 2025)
·
PC-based
·
Smart Camera-based
Machine Vision Application Outlook (Revenue, USD Million,
2014 - 2025)
·
Quality Assurance and Inspection
·
Positioning and Guidance
·
Measurement
·
Identification
Machine Vision End-Use Industry Outlook (Revenue, USD
Million, 2014 - 2025)
·
Automotive
·
Pharmaceuticals & Chemicals
·
Electronics & Semiconductor
·
Pulp & Paper
·
Printing & Labeling
·
Food & Beverage (Packaging and Bottling)
·
Glass & Metal
·
Postal & Logistics
·
Others (Agriculture, Security & Surveillance, Rubber,
Plastics, Solar Paneling, Machinery, and Others)
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more research reports of this category:
About
Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
For more market analysis reports,
please visit: http://www.grandviewresearch.com/
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