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Machine Vision Market to grow at a lucrative CAGR 7.4% during 2018-2024, Internationally

Press release   •   May 08, 2019 04:08 EDT

The Exhaustive Study for Global Machine Vision Market is added on Ameco Research. The report covers the market aspect and its growth forecasts across the coming years. It also includes a review of the key merchants moving in this market.

Global Machine Vision Market is anticipated to reach from USD 10.4 billion in 2017 to USD 17.8 billion in 2024, at lucrative CAGR of 7.4%.

Key factors driving the growth of the market includesgrowing demand for vision-guided robotic systems, rapid industrialization, high manufacturing capacity, and rising need for quality inspection.Moreover, the growing demand for application oriented machine vision systems and quick processing ability of such systems is also fueling the growth of the market. However, lack of user awareness and high cost of the machine vision technology may hamper the market growth.

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The machine vision technology is a combination of hardware and software that offers operational control to devices to perform functions such as capturing and processing of pictures and measuring different parameters needed for making a decision. The technology has proven to be of key role in industries like manufacturing and quality control. Also growing automation in various industries is facilitating the growth of the market. Furthermore, adoption of the technology is expected to boom in retail sector and possibly can create automated grocery store.

Demand from Manufacturing Industry Fueling the Market Growth

Quality control plays a vital role in today’s competitive world. To enhance the growth of the company, it has to be updated with the quality perspective of the device. As quality has become key priority for manufacturers, adoption of machine vision systems is on the peak to achieve proper defect detection.Vision systems are one of the main tools in manufacturing industry to automate and enhance their production process.It is mainly used for inspection; these systems can also do complex and repetitive tasks at a very high speed with accuracy and consistency. Machine vision system helps to detect product defects, monitor the production, guide robots and track, sort and identify parts to help improve quality, and eliminate errors.

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Machine Vision Market – Regional insight

Geographically, Asia-Pacific region is anticipated to dominate the machine vision market. As this region is becoming a manufacturing hub, the technology is expected to show a considerable growth during the forecast period. Moreover, the increasing investment in R&D is further propelling the industry growth in Asia-Pacific region. North America is expected to be the fastest growing market, owing to the increasing need for quality inspection.

Key findings from the report:

On the basis of type,3D machine vision segment dominates the industry in 2017. This growth is majorly driven by growing adoption of automation and robotics in manufacturing as well as healthcare industry.

Based on component, Hardware segment (smart camera) held the major share of the industry in 2017, as it is capable enough to reading levels and directing the products automatically with low cost and ease of use.

The inspection segment is anticipated to hold the largest market share in the global machine vision market in 2017

The industry is expected to grow substantially in Asia Pacific, this is due to the upcoming large manufacturing hubs in prominent countries such as China and India across various industries such as food & beverages, automotive, pharmaceutical and industrial.

Key players in the machine vision market includeBasler AG, Allied Vision Technologies GmbH, Cognex Corporation, Keyence Corporation, National Instruments, Machine Vision Technology,Omron Corporation, FLIRSystem, Vitronic GmbH, and Microscan Systems,Inc.

The report segments the global machine vision market on the basis of component, type, application, end-user, and region.

By Component

Hardware

Smart Cameras

Smart Sensors

Frame Grabber

Others (Optics, Processors)

Software

Application Specific

Deep Learning Software

By Type

1D Measurement

2DMeasurement

3DMeasurement

By Application

Quality and Inspection

Robot Guidance

Measurement

Identification

Others

By End-User

Electronics and Semiconductor

Automotive (Transportation and Logistics)

Paper

Robotics

Food and Beverages

Healthcare

Others(Industrial)

By Region

North America

US

Canada

Mexico

Europe

UK

France

Germany

Italy

Rest of Europe

Asia-Pacific (APAC)

Japan

China

India

South Korea

Rest of APAC

Rest of the World (ROW)

Middle East and Africa (MEA)

South America

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