Global Machine Vision Market Research Analysis 2018 to 2025
The global machine vision market is estimated to grow from USD 7.56 Billion in 2017 to USD 14.89 Billion by 2025, growing at a CAGR of 8.84% during the forecast period from 2018-2025.
Chief market drivers that power the growth of the machine vision market include extending the requirement of quality inspection and automation, evolution of vision-guided robotic systems, increasing demand for application-specific machine vision systems, and increasing adoption of 3D machine vision systems.
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The machine vision is used to assess and scrutinize images through various software and hardware devices. The machines vision identifies, manages, measures, and investigates the image. The process are the same as surveillance cameras, but this system provides an automatic image capturing, examination and processing functionalities. High-speed production and hazardous environments inspection are two of the applications of the machine vision.
The growing need for quality inspection and automation and growing demand for vision-guided robotic systems is estimated to operate and handle the machine vision market. Increasing need for quality inspection and automation, improvement of vision-guided robotic systems, and rising demand for application-specific machine vision systems are the machine vision market‚??s leading key driving factors. However, growing adoption of 3D machine vision systems will guide to the growth of the machine vision market in a couple of years.
Growth restrainers of the market include the lack of flexible machine vision solution and changing end-user requirements, while, rising demand for artificial intelligence (AI) in machine vision, developments in vision technology, and industrial expansion are expected to boost the machine vision market in 2018 to 2025 period.
The global machine vision market is segmented by components, product, application, industry, and regions. Product segment contains PC based and smart camera based. Smart camera based segment registered around USD 4.10 Billion value in 2017, and now it would register the highest CAGR growth over the forecast period. The cost-effective, compact, and flexible smart camera is easier to develop in any system. The camera also helps in decoding algorithms considering the images, marking key factors to drive the demand of smart camera based segment.
Industry segment structure includes automotive, consumer electronics, electronics & semiconductor, food & packaging, rubber & plastics, machinery, solar panel manufacturing, printing, metals, wood & paper, pharmaceuticals, and glass segments. Food and packaging extend business growth and expected to grow with the highest CAGR over the forecast period as it held a largest market share of 22.57% in 2017. The rising necessity to identify and combat counterfeit and the implementation of government rules pertaining to safety in manufacturing plants using machine vision are involved in growth leading factors of the food & packaging segment.
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The market is analyzed on the basis of five regions including North America, Europe, Asia Pacific, South America, and the Middle East and Africa. A major manufacturing hub, Asia Pacific reached the largest market share of approximately 28.57% in 2017. The presence of a huge number of contract manufacturers and high adoption of automation processes are some of the factors that led to the growth of the machine vision market in this region.
Key Market Players in the machine vision market include Cognex, Basler, OMRON, KEYENCE Corporation, National Instruments, Sony, Teledyne Technologies, Texas Instrument, Intel, Baumer Optronic, ISRA VISION, MVTec Software, SICK, JAI A/S, Baumer Optronic GmbH, Allied Vision Technologies GmbH, and others.
Furthermore, this market has been segmented into hardware (camera, processor, optics, frame grabber, LED lighting) and software (deep learning, application specific) components. Global machine vision market covers application such as quality assurance and inspection, positioning and guidance, measurement, and identification. At the end, on th basis of vertical, the market sub-segments include automotive, consumer electronics, electronics & semiconductor, printing, metals, wood & paper, food & packaging, rubber & plastics, pharmaceuticals, glass, machinery, and solar panel manufacturing.
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