The machine vision systems market has been forecast to increase at a compound annual growth rate (CAGR) of 8% over the next five years, increasing from a valuation of $3.13 billion in 2012, to hit a market value of approximately $5.12 billion by the end of 2018.
Machine vision (MV) 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 within the industry.
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.
The machine vision systems market can be split into three product segments: PC-based machine vision, which was largest segment in 2012; smart-camera-based machine vision, which is the fastest-growing segment and is forecast to account for 35% of sales by the end of 2018; and embedded machine vision, which is expected to establish itself in various industrial and non-industrial sectors.
In 2012, identification dominated machine vision applications, followed by inspection, which accounted for about 32% of the market. Applications where vision systems are used to locate objects are forecast to expand with a CAGR of 15% in the period to 2018.
Of the four geographic regions, Asia-Pacific contributes the most towards the machine vision systems market. This is mainly due to an increase in production activities in APAC due to cheap labour, 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.
For more information on the machine vision systems market, see the latest research: Machine Vision Systems Market
Follow us on Twitter @CandMResearch
Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.