Machine Vision Market: Global Size, Share, Companies, Industry Trends & Forecast by 2023
Over the past few years, the global machine vision market has witnessed a healthy growth. The trend of product miniaturization has increased the demand for machine vision systems as they play an important role in inspecting defects in both industrial and non-industrial applications.
According to the latest report by IMARC Group, titled “Machine Vision Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global machine vision market value reached of US$ 8.4 Billion in 2017. Machine vision (MV) refers to the technology which performs image-based automatic inspections by employing video cameras, digital signal processing (DSP) and analog to digital conversion (ADC). The data captured is then transferred to a computer for further analysis and to provide the desired output. The two main aspects of machine vision systems are sensitivity and resolution. Sensitivity refers to the machine’s capability of inspecting objects in dim light or detecting weak impulses at invisible wavelengths, whereas resolution assists in differentiating objects. Nowadays, machine vision systems are gaining traction as they help in lowering production cost, increasing productivity, improving quality and reducing equipment cost.
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Global Machine Vision Market Trends:
The ongoing trend of product miniaturization has made machine vision systems vital for inspecting measurements and defects in miniaturized products. These systems can inspect minute details which may otherwise be too small for the human vision to detect. Machine vision systems prevent defective components from reaching the later stages of production by identifying them at earlier stages which subsequently helps in minimizing unnecessary costs. Owing to this, machine vision systems are increasingly being incorporated in several manufacturing industries. In line with increasing automation, the adoption of robots is also rising across various industry verticals. As these robots rely on machine vision to perform tasks, this is projected to proliferate the demand for machine vision systems across the globe. On account of these factors, the market value is forecasted to reach US$ 13.5 Billion by 2023, expanding at a CAGR of around 8% during 2018-2023.
Global Machine Vision Market Summary:
• Based on type, the market has been segregated as vision systems, cameras and others. At present, vision systems dominate the market, holding the largest share, as these devices are able to detect errors and timely deliver information.
• On the basis of components, the machine vision market has been bifurcated into the hardware and software categories. Amongst these, hardware components account for the majority of the total market share as they play a vital role in integrating smart components in order to improve the efficiency of machine vision systems.
• The market has also been segmented on the basis of applications into positioning, identification, verification, measurement and flaw detection. Positioning currently represents the largest segment, holding the dominant share.
• The market has also been divided on the basis of industry into automotive; medical and pharmaceutical; electronics and semiconductor; food, packaging and printing; security and surveillance; intelligent traffic system; and identification.
• Region-wise, Asia Pacific is the leading market, accounting for the majority of the global share. Rapid industrial expansion in countries like China, Japan, India and South Korea is contributing to the development of several innovative products and adoption of advanced technologies in the region. Other major markets include Europe, North America, Middle East and Africa, and Latin America.
• The competitive landscape of the market has also been examined with some of the key players being Cognex Corporation, Basler AG, Omron Corporation, National Instruments Corporation, Keyence Corporation, Sony Corporation, Teledyne Technologies, Inc., Texas Instruments, Inc., Allied Vision Technologies GmbH, Intel Corporation, Baumer Optronic GmbH and Jai A/S.
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