"The global market for machine vision technology is projected to grow at a stable CAGR of 8.4 % from 2015 to 2021. Based on this growth rate, the market is expected to grow from $15.7 billion in 2014 to $28.5 billion by the end of 2021."
A research report from Transparency Market Research (TMR) states that the global machine vision technology market is highly competitive, with numerous regional and global players vying for dominance. The market is also highly fragmented, with a mix of long-term and short-term entrants. Competition is expected to intensify further as many market leaders continue to invest in R&D and develop innovative products. They also plan to gain a competitive edge through mergers and acquisitions, technological innovation, and expanding their product portfolios.
Providing customers with advanced products and better returns on investment is expected to be a core idea for market participants. The major leaders in this market include: Seeing Machines, Omron, Electronic Science Industries, Myscan Systems, Isla Vision, Keyence, Adept Technologies, Allied Vision Technologies (AVT), Basler, and Cognex.
According to TMR analysts, "The global market for machine vision technology is projected to grow at a stable CAGR of 8.4 % from 2015 to 2021. Based on this growth rate, the market is expected to grow from $15.7 billion in 2014 to $28.5 billion by the end of 2021."
Industrial applications will dominate in the coming years.
The global market for machine vision technology has been segmented into non-industrial and industrial markets based on application. In 2014, the market was primarily driven by industrial applications. Industrial applications are further subdivided into semiconductors, electronics, textiles, packaging, and automotive. Semiconductors were the leading segment in 2014, accounting for 22.1 % of the market that year. Non-industrial applications include surveillance, security, banking, traffic control, laboratory automation, and medical imaging.
Regionally, the market is segmented into North America, Asia Pacific, Europe, and the remainder of the world. Asia Pacific holds the largest share of the global machine vision technology market. Furthermore, the Asia Pacific market is projected to grow at a stable CAGR of 7.3 % during the forecast period. One of the drivers of this market is the growing manufacturing sector in the Asia Pacific region. In the Asia Pacific region, PC-based machine vision technology held the largest market share in 2014 and is expected to achieve a high CAGR during the forecast period.
The key factor in advancing deployment is advancement.
Machine vision technology is used to provide image-based automated inspection, process control, and robot guidance. It uses single or multiple cameras to convert analog data into digital data and digital processing devices. This technology is increasingly replacing manual measurement and inspection with intelligent cameras and image processing. Furthermore, the adoption of this technology in industry is another driving factor. Changing technological needs in the direction of automation are one of the important factors driving market growth. Machine vision technology is helpful in automotive defect identification, quality inspection, and component measurement. The growth of global manufacturing is another growth driver for this market. Machine vision is mainly used for the inspection of components, resistors, and microchips in the manufacturing industry. In the automotive industry, this specific technology is used for weld quality morphology, defect detection, and engine block inspection. Therefore, the implementation of this specific technology in manufacturing has expanded.
