The global machine vision market size is expected to reach
USD 18.24 billion by 2025 at a 7.7% CAGR during the forecast period, according
to a new report by Grand View Research, Inc. The ability of machine vision
systems to process massive amounts of information in a just a few seconds is a
major factor driving the market. The quick processing ability of machine vision
systems is paving the way for manufacturers to achieve new milestones in
manufacturing products with negligible defects. Moreover, increasing adoption
of robots across industrial sectors is leading to application of vision-guided
robotic systems. Industrial verticals, such as automotive, pharmaceutical,
packaging, and food and beverage are prominent sectors where robotic systems
are used, eventually fueling demand for machine vision systems.
Machine vision technology encompasses various
components in order to capture images of products to analyze them, depending on
different parameters of quality and safety. The technology is a combination of
software and hardware, which provides operational control to devices to execute
functions such as capturing and processing of images and measuring various
characteristics required for decision making. Major components of the system
include lighting, lens, image sensors, vision processing, and communication
devices. Machine vision systems assist in resolving complicated industrial
tasks with reliability.
Industrial machine vision systems are usually
more robust and demand high reliability, stability, and accuracy as compared to
those used in institutional or educational applications. They cost lesser than
systems used in military, aerospace, defense, and government applications.
These factors are expected to lead to greater adaptability of the technology in
industrial sectors. In addition, robotic vision systems used across these
industries are leading to increasing adoption of the technology, thereby strengthening
the overall market.
The technology has proven to be of key
importance in the area of manufacturing and quality control, owing to rising
need for quality inspection and production. In addition, growing automation in
industrial segments is facilitating the growth of the market at a considerable
rate.
The technology has been witnessing extensive
developments and innovative upgrades since its emergence. Several factors, such
as inception of the technology and increasing need for quality products, are influencing
market growth. Furthermore, machine vision systems are gaining traction in
medical and healthcare applications in recent times. Analysis of medical images
and robotic applications for carrying various medical activities are key roles
of the technology in these sectors.
The automotive industry held the largest share
in the machine vision market in 2017. The inspection process, which includes
error proofing and presence/absence checking, is responsible for adoption of
machine vision in the automotive sector. The food and beverages industry is
expected to exhibit the highest growth rate over the forecast years, owing to
use of machine vision systems in packaging and bottling operations.
Asia Pacific accounted for the largest market
share in 2017, which can be attributed to ample opportunities offered on
account of large manufacturing practices carried out in the region. Countries
such as China, Japan, South Korea, and India are considered to be potential
markets for upcoming technologies, including machine vision. The region’s rapid
industrial expansion has been significantly contributing to the prosperity and
development of various innovations and adoption of different technologies.
In addition, factors such as growing focus on
developments, increased expenditure on vision-related research activities, and
expanding manufacturing base in the region are expected to spur the market in
Asia Pacific. The market is also anticipated to exhibit the fastest growth rate
over the forecast period.
The global industry is facing challenges due
to lack of awareness among users about rapidly advancing machine vision
technology. Moreover, the complexity of integrating machine vision systems are
posing major difficulties for manufacturers. This is also restraining the growth
of the market.
For full research report on Machine
Vision Market visit here:
https://www.grandviewresearch.com/industry-analysis/machine-vision-market
- By way of product, the PC-based segment
accounted for the largest market share in 2017 and is estimated to
continue its dominance over the forecast period
- On the basis of application, the
identification segment is anticipated to exhibit the fastest growth rate
over the forecast period, followed by the positioning and guidance segment
- By end use, the food and beverages industry is
expected to witness the highest CAGR over the forecast period
- The Asia Pacific market is expected to witness
substantial growth over the next decade. This growth is witnessed in the
wake of ample opportunities offered due to presence of large manufacturing
hubs across the food and packaging, automotive, pharmaceutical,
industrial, and consumer electronic sectors
- Prominent companies in the industry include
Allied Vision Technologies GmbH (Germany), Basler AG (Germany), Cognex
Corporation (U.S.), Keyence Corporation (Japan), National Instruments
(U.S.), Omron Corporation (Japan), Machine Vision Technology (U.K.), and
Microscan Systems (U.S.).
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Grand
View Research has segmented the global machine vision market based on offering,
product, application, end-use industry, and region:
Machine
Vision Offering Outlook (Revenue, USD Million, 2014 - 2025)
- Hardware
- Software
Machine
Vision Product Outlook (Revenue, USD Million, 2014 - 2025)
- PC-based
- Smart Camera-based
Machine
Vision Application Outlook (Revenue, USD Million, 2014 - 2025)
- Quality Assurance
and Inspection
- Positioning and
Guidance
- Measurement
- Identification
Machine
Vision End-Use Industry Outlook (Revenue, USD Million, 2014 - 2025)
- Automotive
- Pharmaceuticals
& Chemicals
- Electronics &
Semiconductor
- Pulp & Paper
- Printing &
Labeling
- Food & Beverage
(Packaging and Bottling)
- Glass & Metal
- Postal &
Logistics
- Others (Agriculture,
Security & Surveillance, Rubber, Plastics, Solar Paneling, Machinery,
and Others)
Machine
Vision Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- South America
- Brazil
- Middle East &
Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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