The machine vision systems market is expected to have reached a total global value of $3.13 billion in 2012, and is expected to grow at a CAGR of around 8% between 2012 and 2018. This would value the machine vision systems market at around $5.12 billion by the end of 2018. In terms of individual sectors in the machine vision systems market, the smart camera market is expected to reach a unit shipment CAGR of 23.5% between 2013 and 2018. This is compared to the software and hardware market which is expected to grow at a CAGR of 10.2% between 2013 and 2018.
Of the four geographic regions, Asia Pacific contributes the most towards the machine vision system and component market. This is mainly due to increase in production activities in APAC due to cheap labor, huge population base, and lucrative government policies. The European region is the second largest market and has generated $946.49 million of revenue in 2012.
Machine vision is a technology used to replace or complement manual inspections and measurements with digital cameras and image processing. The technology is used in a variety of different industries to automate the production, increase production speed and yield, and to improve product quality. This industry is a knowledge driven industry which experiences an ever increasing complexity of components and modules of machine vision systems. In the last few years, the market pertaining to machine vision components and systems has grown significantly.
In the recent times, healthcare applications have been the industry's most favorable non industrial applications. The healthcare industry has now discovered the need for automation and machine vision systems. The efficiency and reliability features have offset the complexity hurdle of machine vision in this novel area of application. This is in addition to the notable adoption of machine vision components and systems in traffic and security control. The applications such as automatic number plate recognition, traffic flow monitoring, traffic surveillance and other related applications are witnessing more integration and utilization of machine vision systems.
The industrial application has been hit by recession and slow recovery across major geographies. Application areas such as automotive and semiconductors are witnessing less demand, while medical and infrastructure industries are witnessing steady growth. The report also analyzes the impact of infrastructure slow down on the machine vision market.For more information on the machine vision systems market please click here: Machine Vision Systems Market
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