Albany, NY -- (SBWIRE) -- 07/13/2017 -- The competitive scenario in the global machine vision technology market is intense with many regional and global players trying to get an upper hand over each other, states Transparency Market Research (TMR) in a research report. The market is also highly fragmented with numerous companies boarding the market for the long and shorting run. The competition is further expected to intensify with many market leaders focusing on incessant investments on research and development projects and the development of novel and innovative products. They are also planning to venture into mergers and acquisitions, technological innovation, and product portfolio extensions to gain a competitive advantage over one another. Providing advanced products to consumers along with better return on investments is expected to be the core ideologies of the market players. The top drawer players in the market are Seeing Machines Ltd., OMRON Corporation, Electro Scientific Industries Inc., Microscan Systems Inc., ISRA Vision AG, Keyence Corporation, Adept Technology Inc., Allied Vision Technologies Inc., Basler AG, and Cognex Corporation.

According to a TMR analyst, "The global market for machine vision technology is expected to witness a stable 8.40% CAGR from 2015 to 2021. Considering this growth rate, the market is expected to tough a high of US$28.5 bn by the end of 2021 from a valuation of US$15.7 bn in 2014.

Industrial Applications to be Dominant in Years Ahead

The global market for machine vision technology has been segmented in terms of application into non-industrial and industrial. In 2014, the market was dominated by the industrial applications. The segmented of industrial applications has been further sub-categorized into semiconductors, electronics, textiles, packaging, and automobiles. Amongst these, the sub-segment which led the market in 2014 was semiconductors with a share of 22.1% in the same year. The non-industrial application segment has been categorized into surveillance, security, banking, traffic controlling, lab automation, and medical imaging.

Region-wise, the market has been categorized into North America, Asia Pacific, Europe, and the Rest of World. The Asia-Pacific region accounted for the largest share in the global market for machine vision technology. Furthermore, the market in Asia Pacific is anticipated to extend at a stable 7.3% CAGR over the forecast period. One of the imperative driving influences of this market is growing manufacturing sectors in the region of Asia Pacific. In Asia Pacific region, PC based machine vision technology accounted for the largest market share in 2014 and is expected to witness substantial CAGR over the course of the forecast period.

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Advancements to be Key Factor Propelling Deployment

Machine vision technology is employed for providing image based automatic inspection, process control and robot guidance. It uses ore or multiple cameras, transforming analog to digital and digital processing equipment. The technology is constantly substituting manual measurements and inspection with smart cameras and image processing. Furthermore, the adoption of this technology in industries is another propelling factor. Change in demand of technology in the direction of automation is one of the imperative factors bolstering the growth of the market. Machine vision technology aids in auto defect recognition, quality inspection, lenience monitoring, and component measurement. One more growth triggering aspect of this market includes worldwide rise in the manufacturing sectors. Machine vision is mainly employed in manufacturing sectors for the examination of components, resistors, and microchips. In automotive industries, this particular technology is employed for welding quality form, detecting flaws and examining engine blocks. Consequently, swelling the implementation of the particular technology in the manufacturing sector.