Machine Vision Technology Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021
Albany, NY -- (SBWIRE) -- 09/09/2015 -- According to the Association of Advanced Automation (AIA), companies are spending considerably on technology that helps electronic devices recognize images. Although vision technology is still at a nascent stage, new upgrades and technological advancements in both industrial and non-industrial sectors are constantly coming up and fueling the global machine vision technology market.
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Machine Vision Technology Market – Overview
Today's production technologies extend more and more beyond the limits of human visual capacities. Cameras and their allied computing systems provide to machines or devices the ability to actually see and recognize objects or situations in order to make the right decisions. This is where the machine vision technology comes in.
Machine vision technology has the ability to automatically inspect the images it captures and analyze them accordingly. The technology is also used in process control, robot guidance, and automatic inspection in the industrial sector. The number of applications where machine vision technology plays a crucial role is increasing rapidly.
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According to a leading market research firm, the global machine vision technology market is expected to rise and reach US$28.50 billion by 2021, from a market value of US$15.70 billion in 2014.
Recent Technological Advancements in Machine Vision will Accelerate Manufacturing Application
Machine vision technology, which helps computers visualize and understand their surroundings, is undergoing a remarkable boom across the globe. Over the last decade, machine vision technology has matured significantly, becoming an integral part of many industries and in some cases an indispensable tool for manufacturing automation.
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The expanding manufacturing sector is one of the main factors behind the growth of the machine vision technology market worldwide. Machine vision technology is widely used in the manufacturing sector for inspection of components, microchips, microprocessors, cars, resistors such as capacitors and lead frames, food, and pharmaceuticals.
Machine vision systems are used widely to solve conventional problems of industrial inspection, in turn allowing for complete automation and increasing the accuracy and efficiency of the inspection process.
Moreover, shift in demand towards automation is driving the demand from the machine vision technology market. In the automotive industry, the technology is used in control systems for industrial robots, inspection of painted surfaces, checking engine blocks, and welding quality control.
Machine vision technology helps in boosting the overall quality automation, which includes component measurement, defect detection, tolerance monitoring, and quality inspection.
Role of Industry-leading Players in the Growth of the Market
The efficient and accurate measuring and analysis done by computers is what's majorly driving the demand for machine vision technology across the globe.
Cognex Corporation (Massachusetts) is one of the key players in the global market for machine vision technology that help companies improve their manufacturing quality and performance by verifying assembly, tracking and capturing information at every stage of the production process, and eliminating defects.
Some of the other players in the market are Keyence Corporation (Japan), OMRON Corporation (Japan) and Seeing Machines Ltd. (Australia), Adept Technology Inc. (California), Allied Vision Technologies Inc. (Germany), Microscan Systems Inc.(Washington), Basler AG (Germany), ISRA Vision AG (Germany), and Electro Scientific Industries Inc. (Oregon).
These companies are constantly looking out for new ways to upgrade the systems and introduce new products and technologies to the global market.
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