This market is estimated to reach $9.50 Billion by 2020, at a CAGR of 12.51% from 2014 to 2020.
Pune, India -- (SBWIRE) -- 12/08/2015 -- The concept 'Machine Vision' refers to the technology of artificial vision that combines lighting, optics, electronics, information technology, and software & automation technology. Machine vision is a combination of mechanical, optical, electronics and software systems used to examine natural objects and materials, and manufacturing processes to detect defects; and at the same time improve quality and operating efficiency. It describes the understanding and interpretation of technically obtained images for controlling production processes. It has evolved into one of the key technologies in industrial automation, which is used in virtually all manufacturing industries. Apart from industrial applications, machine vision is also involved in non-industrial applications including medical imaging in healthcare, security and surveillance among other.
The global market for machine vision is expected to grow to $9.5 billion in 2020 at a CAGR of 12.51% from 2014 to 2020. Huge requirement of automated systems in industrial and non-industrial applications in both developed and developing nations, regulatory mandates to assure quality at every stage of production, and technological advancements such as integration with robotic controllers are the key drivers for the growth of the global machine vision market. However, changing customer requirements for application specific solutions and educating users on rapidly changing vision technology are the major factors restraining the growth of the machine vision market.
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The growing GigE Vision interface standard for machine vision cameras will primarily retain the major share among all other camera interfaces. USB 3.0 with lower camera and system costs, however, is supposed to experience further growth and expected to continue replacing FireWire and analog cameras. Both Ethernet and USB interface are being further advanced to 10GigE and USB 3.1, respectively with increased bandwidth of 10 Gbit/s.
The Americas commands the lion's share of the total machine vision market, followed by APAC and Europe. The Asia-Pacific machine vision market is in the growth phase and is considered as the fastest-growing region of the global machine vision market. This is mainly due to the increasing automation in China and Japan. On the other hand, the RoW region is still in the introductory phase in terms of adoption of machine vision products due to lack of domestic manufacturers and high economic and political barriers.
The Machine Vision market is characterized by the players such as Cognex Corporation (U.S.), Keyence Corporation (Japan), National Instruments (U.S.) and Basler AG (Germany), Allied Vision Technologies, GmbH (Germany), Omron Corporation (Japan), Vitronic GmbH (Germany), and Microscan Systems, Inc. (U.S.), which have been profiled in the report.
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