The industrial application segment is growing at a CAGR of 8.2% and the non-industrial segment is growing at a CAGR of 9.0% during the forecast period.
Albany, NY -- (SBWIRE) -- 12/29/2015 -- Machine vision is a technology that helps the computer to visualize the work environment. This technology is used to automatically inspect the images it captures and analyze them. It helps in robot guidance, process control, and automatic inspection in the industry. This technology is rapidly replacing manual inspection and measurements with image processing and smart cameras. These smart cameras independently run and function without depending upon the computers. Furthermore, adoption of machine vision system in industrial and non-industrial sectors is expected to escalate the demand and growth of this market.
New technology and its upgrades are important factors that drive the global machine vision technology market. All machines are now automated, thus reducing the amount of manual work. Presently, technological advancement is used in both industrial and non-industrial sectors. Smart cameras, PC-based and embedded machine vision systems are primarily used in electronics, semiconductors, pharmaceuticals, automotive, and packaging.
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The global machine vision technology market is likely to grow at a rapid pace due to increasing need for machine vision technology in manufacturing, and non-manufacturing sectors. This technology assists in detecting damaged products, guiding robotic actuators, and inspecting engine parts among others. These tasks are carried out by the machine vision system accurately and efficiently, thus avoiding the risk of error while processing.
Inefficiency of system operators due to lack of training is acting as a restraining factor in machine vision technology market. Another major restraint of this market is lack of standardization. All technology systems have to maintain the same standard, thus making all the devices compatible with each other. It means that a particular product must follow certain standards and specified properties which helps it to function with another complementary product easily.
Introduction of new 3D vision technology is acting as one of the major opportunity in machine vision technology market. Currently, the machine vision is used display 2D images instead of 3D data. This technology is required to work in a 3D space, with data present in a solid model. This improved 3D vision technology provides the ability to rotate and zoom in. These are not present in today's 3D vision systems. The new 3D vision technology has 3D edge tools along with blob, pattern matching and other vision tools for 3D environments.
This research study analyzes the machine vision technology market at a global level. Moreover, in terms of revenue it provides estimates from 2015 to 2021. It identifies the restraints and drivers affecting the industry and analyzes their impact during the forecast period. It also identifies the major opportunities for market growth in the upcoming years.
The report geographically segments the machine vision technology market into North America, Europe, Asia-Pacific, and Rest of the World. These segments have been estimated in terms of revenue (USD billion). Based on product types of machine vision technology, the report segments the market into embedded, PC based and smart cameras. Further, it segments the market based on industrial and non-industrial segments. Industrial segment includes semiconductors, electronics, packaging, textiles, automobiles and others. Further, non-industrial application includes security and surveillance, banking, traffic controlling, lab automation and imaging and others. These segments have also been estimated based on geography in terms of revenue (USD billion).
The study includes market attractiveness analysis, in which the benchmark of the applications is done based on market scope, growth rate and general attractiveness.
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The report provides market share analysis of different industry participants. The key players are also profiled based on company overview, business strategies, financial overview, and recent developments. Major market players in this report include Allied Vision technologies Inc. (Germany), Basler AG (Germany), Cognex Corporation (Massachusetts), Keyence Corporation (Japan), Omron Corporation (Japan) among others.
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