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
Albany, NY -- (SBWIRE) -- 02/22/2017 -- Machine vision technology is used to provide imaging based automatic inspection, robot guidance and process control. It utilizes one or more cameras, converting analog to digital and digital processing system. The machine vision technology is rapidly replacing the manual inspection and measurements with image processing and smart cameras. These smart cameras do not require any computer and run and function independently. Moreover, adoption of this system in industrial as well as in non-industrial sector is expected to escalate the demand and growth of this market.
Shift in demand of technology towards automation is one of the important factors driving this market. Machine vision technology helps in auto defect detection, quality inspection, tolerance monitoring and component measurement. Another driving factor of this market includes global increase in manufacturing sectors. Machine vision is largely used in manufacturing sectors for the inspection of microchips, resistors and components. In automotive industries, this technology is used for welding quality check, detecting defects and inspecting engine blocks. Therefore, increasing implementation of this technology in the manufacturing sector is driving the growth of this market.
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The machine vision technology market has been segmented geographically into four region North America, Europe, Asia Pacific and RoW. Moreover the market is segmented by product types which includes embedded, PC based and smart camera based machine vision systems. The PC based machine vision held the largest market size of 60% growing at a CAGR of 8.2% during the forecast period from 2015 to 2021. Furthermore, the market is segmented by application types that include industrial and non-industrial application. 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.
Asia-Pacific region held the largest market size for machine vision technology market. Moreover, the market in Asia Pacific is expected to grow at a CAGR of 7.3% during the forecast period. One of the important driving factors of this market is increasing manufacturing sectors in Asia-Pacific market. In Asia Pacific region, PC based machine vision technology held the largest market share of 39.70% in 2014 and is growing at a CAGR of 6.5% during the forecast period. The industrial application held the largest market share of 59.8% followed by non-industrial segment with 40.2%. However, one of the major restraints in this region is inefficient system operators due to the lack of training. Europe is next to Asia Pacific and had the market share of 35.0% in 2014.
Major industry participants include Cognex Corporation (Massachusetts), Basler AG (Germany), Allied Vision Technologies Inc. (Germany), Adept Technology Inc. (California), Keyence Corporation (Japan), ISRA Vision AG (Germany), Microscan Systems Inc.(Washington), Electro Scientific Industries Inc. (Oregon), OMRON Corporation (Japan) and Seeing Machines Ltd. (Australia) among others.