Albany, NY -- (SBWIRE) -- 08/22/2016 -- The global machine vision technology market is exhibiting a CAGR of 8.40% between 2015 and 2021. Should this growth rate be consistent, the market can be expected to reach US$28.5 bn by 2021, after being recorded at US$15.7 bn in 2014. This data is provided by a research report released by Transparency Market Research, titled "Machine Vision Technology Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021".

According to the report, the key driver for the global machine vision technology market is the expanding manufacturing sector. The largest use of machine vision technology is made in the manufacturing sector, where it is required to examine resistors, microchips, capacitors, lead frames, and other such components.Other application areas of machine vision technology include the automotive industry, where it is used to examine control systems related to painted surfaces, engine irregularities, welding QC, and industrial robot functionality.

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Manufacturing is rapidly moving towards process automation, thereby propelling the global machine vision technology market as an integral part of automation. As the level of automation increases, the accuracy and complexity of measurements also increases in accordance to it. Thus, the global machine vision technology market is experiencing heightened demand for extremely accurate instruments.PC-based machine vision technology dominated the global machine vision technology market in terms of product type. This segment leads the market due to the growing demand for highly advanced inspection methods in multiple industries. It was followed by the embedded and smart camera-based machines segment.

The report also categorizes the global machine vision technology market according to application into industrial and non-industrial applications. The market was dominated by industrial applications, which is further divided into automobiles, packaging, textiles, electronics, semiconductors, and others, among which the semiconductors sub-segment led the global machine vision technology market in 2014, when it held 22.1% of the market.The non-industrial application segments of the global machine vision technology market include medical imaging, lab automation, traffic controlling, banking, security and surveillance, and others. The segment of others held the top market share of 24.4% in the global machine vision technology market for 2014.

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The report's geographical analysis of the global machine vision technology market reveals Asia Pacific to hold the largest market share in 2014, owing to a spur in the manufacturing sector in the region. Asia Pacific is closely followed by Europe, which leads ahead of North America and the Rest of the World.The key players in the global machine vision technology 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.

Key segments of the Global Machine Vision Technology Market

Global Machine Vision Technology Market: By Product Type

PC based machine vision technology
Embedded machine vision technology
Smart cameras based machine vision technology

Global Machine Vision Technology Market: By Application

Industrial applications
Semiconductors
Electronics
Packaging
Textiles
Automobiles
Others
Non-industrial applications
Security and surveillance
Banking
Traffic controlling
Lab automation and medical imaging
Others

Global Machine Vision Technology Market: By Geography

North America
U.S.
Canada
Rest of North America

Europe
U.K.
Italy
Spain
France
Germany
Rest of Europe

Asia Pacific
India
China
Japan
Rest of Asia Pacific

Rest of the World
Latin America
Middle East
Rest of Rest of the World