The global machine vision (MV) technologies market has been forecast to increase at a compound annual growth rate (CAGR) of 9% over the next five years, increasing from a valuation of $13.5 billion at the end of 2012, to hit a market value of $23.5 billion by 2018.
Machine vision is the technology and methods used to provide imaging-based automatic inspection and analysis for such applications as automatic inspection, process control, and robot guidance in industry.
MV systems can have a variety of physical forms, depending on the needs of the users, who can purchase vision software to use with their own cameras and processors, or can purchase a stand-alone unit that combines the camera, processor and software into a single package. Such systems have increasingly become more powerful while at the same time easy to use.
MV is now used to ensure the quality of products from tiny computer chips to massive space vehicles as well as in major security applications and traffic and crowd-control applications. MV has become a vital and effective automation tool that enables computers to replace human vision in many high-speed and high-precision manufacturing and nonmanufacturing applications.
MV markets have been changing rapidly over the last few years. The market is driven by both long-term and short-term changes.
Long-term changes include technological factors, which can increase the value provided by MV products, stimulating and increasing the demand for these products. The increasing requirements for quality control, productivity, and cost-effectiveness in manufacturing in all sectors of the economy have increased long-term demand for MV products.
As customer preferences for various product features shift, markets tend to change. Finally, emerging MV applications can expand the size of the MV components and systems markets.
The economic turmoil of 2009-2009 badly hit application areas such as automotive, semiconductors, and many other industries, all of which witnessed lesser demands. These industries have bounced back in the last three years.
MV systems recently have increased their use in all manufacturing applications, including semiconductor, electronics, pharmaceuticals, packaging, medical devices, automotive, and consumer goods. They also have become major tools for traffic management, toll collection, and many other nonmanufacturing uses.
For more information on the machine vision market, see the latest research: Machine Vision Market
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