Industrial Machine Vision Market Global Review From 2017 to 2023 of 168 pages added by reports and reports explores Global Industrial Machine Vision Market size, trends, demand, share, growth, industry, and companies’ analysis to 2023. According to study global Industrial Machine Vision Market reaching $12.29 billion at a CAGR of 7.61% by 2023. The increasing demand for vision-guided robotic systems and rising adoption of 3D machine vision systems play a significant role in the growth of the industrial machine vision market.
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Augmented and Virtual Reality in Healthcare Company analysed in report are Cognex (US), Basler (Germany), OMRON (Japan), KEYENCE Corporation (Japan), National Instruments (US), Sony (Japan), Teledyne Technologies (US), Texas Instruments (US), Intel (US), Baumer Optronic (Germany), Tordivel (Norway), ISRA VISION (Germany), MVTec Software (Germany) SICK (Germany) and JAI A/S (Denmark), among others.
“The industrial machine vision market estimated to grow at a CAGR of 7.61% between 2017 and 2023”
The overall industrial machine vision market was valued at USD 7.91 billion in 2017 and is expected to reach USD 12.29 billion by 2023, at a CAGR of 7.61% between 2017 and 2023. The increasing demand for vision-guided robotic systems and rising adoption of 3D machine vision systems play a significant role in the growth of the industrial machine vision market.
However, factors that are restraining the growth of the industrial machine vision market include the changing requirements of end users with respect to industrial machine vision applications and lack of flexible machine vision solutions.
The growing adoption of Industrial 4.0 and AI is likely to create huge growth opportunities for the industrial machine vision market. Factors that are restraining the growth of the industrial machine vision market include the changing requirements of end users with respect to industrial machine vision applications and lack of flexible machine vision solutions.
“Quality assurance and inspection application is expected to hold the largest market size during the forecast period”
Industries have realized the importance of quality assurance in manufacturing processes, which has resulted in the widespread acceptance of machine vision as an integral part of long-term automation development process. The use of machine vision throughout an automated production process helps identify problems in the manufacturing process in a short span of time.
This, in turn, would help in reducing costs and improving response time. The increasing demand for quality products, growing manufacturing capacity, and shortage of skilled labor.
Thus, market for quality assurance and inspection application is expected to hold the leading position in industrial machine vision market between 2017 and 2023.
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“Industrial machine vision market in Asia-Pacific (APAC) is expected to grow at the highest rate during the forecast period”
Asia-Pacific is expected to be the fastest-growing market. The APAC market is divided into India, China, Japan, South Korea, and Rest of APAC.
Asia Pacific is expected to provide ample growth opportunities for the industrial machine vision market since it is considered as the manufacturing hub for most industries. China has been a potential market for all emerging technologies, including industrial machine vision systems.
Moreover, electronics and semiconductor is also one of the major industries contributing towards the growth of magnetic sensors in APAC region.
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In terms of market by hardware components, segments such as Camera, frame grabber, optics, LED lighting, processor and others are covered. Camera under hardware component comprehensively covers standards, frame rates, format and sensor type.
For software component, deep learning and application specific is considered.
Major applications for machine vision systems are quality assurance and inspection, positioning and guidance, measurement, and identification.
The scope of end-user industry covers automotive, electronics and semiconductor, consumer electronics, glass, metals, wood and paper, pharmaceuticals, food and packaging, rubber and plastics, printing, machinery and solar panel manufacturing
The geographic analysis is done with regards to major four regions namely North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW) (South America and Middle East & Africa)