Albany, NY -- (SBWIRE) -- 06/07/2017 -- Machine vision technology enables the computer to visualize the work environment. It inspects captured images automatically, aids in guiding robots, process control, and automatic inspection of the industry. Machine vision technology is swiftly supplanting manual inspection and measurements by leveraging processing and smart cameras. The smart cameras function independently without depending upon computers.

The different types of machine vision technology available in the market are PC based machine vision technology, smart cameras based machine vision technology, and embedded machine vision technology. Some of the prominent players in the global machine vision market are Allied Vision technologies Inc., Basler AG, Cognex Corporation, Keyence Corporation, and Omron Corporation, among others. A report by Transparency Market Research forecasts the global machine vision technology market to clock at a healthy CAGR of 8.40% from 2015 to 2021. Expanding at this rate, it expects the market to attain a value of US$28.5 bn by 2021 from US$15.7 bn in 2014.

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Powered by Semiconductors, Industrial Segment Leads the Market

Based on applications, the global machine vision technology market can be broadly segmented into industrial and non-industrial. The industrial applications can be further sub-divided into semiconductors, packaging, electronics, automobiles, textiles, etc. Similarly, non-industrial applications can be segmented into security and surveillance, traffic controlling, banking, lab automation and medical imaging, etc. Currently, industrial applications, powered by semiconductors, account for a greater share of the market. In 2014, semiconductors accounted for 22.1% share in the global machine vision technology market. Going forward, however, the non-industrial application segment will clock greater growth.

Geographically, the key segments of the global machine vision technology market are North America, Asia Pacific, Europe, and the Rest of the World. Asia Pacific, among them, accounts for maximum marker share and is expected to expand at a healthy 7.3% CAGR from 2015 to 2021. Stoking growth in the Asia Pacific market is primarily is the growth in the manufacturing sectors. Depending upon the product type, the PC based machine vision technology accounted for maximum share and depending upon applications, the industrial application segment dominates the market in the region. A major stumbling block to the market in the region is the dearth of properly trained system operators. Europe trails Asia Pacific in terms of market share, as per the report.

Manufacturing Emerges as Prime Growth Driver

Majorly fuelling growth in the global machine vision technology market is the ever-flourishing manufacturing sector that amply leverages machine vision technology to study resistors, lead frames, microchips, capacitors, and other such components. Machine vision technology also finds application in the automotive industry, where it is used to study control systems related to welding QC, engine irregularities, painted surfaces, and industrial robot functionality.

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"The manufacturing processes are swiftly becoming automated these days. Since global machine vision technology forms an integral part of automation, its market is seeing an upswing. With the degree of automation increasing, the accuracy and complexity of measurements will also rise in tandem. This already driving up demand for highly accurate instruments in the global machine vision technology market. For example, the PC-based machine vision technology is the dominant product type because of the rising demand for highly advanced inspection methods in multiple industries. It is trailed by embedded and smart camera-based machines," explains the lead analyst of the TMR report.

This review is based on the findings of a TMR report, titled, "Machine Vision Technology Market (Type - PC-based Machine Vision Technology, Embedded Machine Vision Technology, and Smart Cameras-based Machine Vision Technology; Application - Industrial (Semiconductors, Packaging, Automobiles, Electronics, and Textiles) and Non-industrial (Security and Surveillance, Traffic Controlling, Banking, and Lab Automation and Medical Imaging)) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021."