In 2014, the market stood at US$15.7 bn progressing at a CAGR of 8.40% during the period from 2015 to 2021, the opportunity in this market is expected to rise to US$28.5 bn by the end of the forecast period.
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The global market for machine vision technology is gaining significantly from the expansion in the manufacturing industry. The increasing need for lead frames, microchips, examine resistors, capacitors, and various other automobile components has escalated the demand for machine vision technology, reflecting positively on this market.
The increasing shift towards automation is projected to fuel the demand of this technology in the years to come.
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Embedded machine vision systems, PC-based machine vision systems, and smart camera-based machine vision systems are the main products available in the global market for machine vision technology. Of these, the demand for PC-based machine vision systems is much higher than others.
In 2015, this segment occupied a total share of 60% in the overall market. With the significant increase in the need for highly advanced inspection methods in a number of industries, the demand for PC-based machine vision systems is anticipated to remain strong in the years to come.
Other products are also expected to witness increasing demand over the next few years.
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Machine vision technology finds significant application in industrial and non-industrial application. The overall market is led by industrial applications, which is further classified into packaging, automobiles, textiles, semiconductors, and electronics.
In 2014, the semiconductors sub-segment emerged as the key industrial application of machine vision technology with a share of 22.1%. Lab automation, medical imaging, banking, traffic controlling, and security and surveillance are the main non-industrial applications, which utilize machine vision technology.
Based on the geography, the global market for machine vision technology has been classified into Asia Pacific (APAC), Europe, North America, and the Rest of the World (RoW). Among these, APAC acquired the leading position in the global market, thanks to the remarkable rise in the manufacturing sector.
Proliferating at a CAGR of 7.30% between 2015 and 2021, this regional market is anticipated to continue on the dominant position over the next few years. However, the lack of system operators may limit the growth of this regional market to some extent.
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The machine vision technology finds a widespread application in the industrial sector in Asia Pacific. PC-based machine vision technology enjoys the most prominent demand in this regional market.
Among other regional markets, Europe has occupied the second position in the worldwide market for machine vision technology and is projected to maintain its place over the forthcoming years.
Cognex Corp., Basler AG, Allied Vision Technologies Inc., Adept Technology Inc., Keyence Corp., ISRA Vision AG, Microscan Systems Inc., Electro Scientific Industries Inc., OMRON Corp., and Seeing Machines Ltd. are some of the prominent participants in the global machine vision technology market.
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Inefficiency of system operators due to lack of training is acting as a restraining factor in machine vision technology market. Another major restraint of this market is lack of standardization.
All technology systems have to maintain the same standard, thus making all the devices compatible with each other. It means that a particular product must follow certain standards and specified properties which helps it to function with another complementary product easily.
Introduction of new 3D vision technology is acting as one of the major opportunity in machine vision technology market. Currently, the machine vision is used display 2D images instead of 3D data.
This technology is required to work in a 3D space, with data present in a solid model. This improved 3D vision technology provides the ability to rotate and zoom in.
These are not present in today’s 3D vision systems. The new 3D vision technology has 3D edge tools along with blob, pattern matching and other vision tools for 3D environments.
This research study analyzes the machine vision technology market at a global level. Moreover, in terms of revenue it provides estimates from 2015 to 2021.
It identifies the restraints and drivers affecting the industry and analyzes their impact during the forecast period. It also identifies the major opportunities for market growth in the upcoming years.
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