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.
Full Research Report On Machine Vision Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/machine-vision-market
Further key
findings from the report suggest:
- 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.
For more info visit @ https://www.grandviewresearch.com
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