Global Machine Vision Technology Market: Snapshot
The global market for machine vision technology is gaining significantly from the expansion in the manufacturing industry. The increasing need for lead frames, microchips, examine resistors, capacitors, and various other automobile components has escalated the demand for machine vision technology, reflecting positively on this market. In 2014, the market stood at US$15.7 bn. Progressing at a CAGR of 8.40% during the period from 2015 to 2024, the opportunity in this market is expected to rise to US$28.5 bn by the end of the forecast period. The increasing shift towards automation is projected to fuel the demand of this technology in the years to come.
Demand for PC-based Machine Vision Systems to Remain Strong
Embedded machine vision systems, PC-based machine vision systems, and smart camera-based machine vision systems are the main products available in the global market for machine vision technology. Of these, the demand for PC-based machine vision systems is much higher than others. In 2015, this segment occupied a total share of 60% in the overall market. With the significant increase in the need for highly advanced inspection methods in a number of industries, the demand for PC-based machine vision systems is anticipated to remain strong in the years to come. Other products are also expected to witness increasing demand over the next few years.
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Machine vision technology finds significant application in industrial and non-industrial application. The overall market is led by industrial applications, which is further classified into packaging, automobiles, textiles, semiconductors, and electronics. In 2014, the semiconductors sub-segment emerged as the key industrial application of machine vision technology with a share of 22.1%. Lab automation, medical imaging, banking, traffic controlling, and security and surveillance are the main non-industrial applications, which utilize machine vision technology.
Asia Pacific to Retain Leadership in Global Machine Vision Technology Market
Based on the geography, the global market for machine vision technology has been classified into Asia Pacific (APAC), Europe, North America, and the Rest of the World (RoW). Among these, APAC acquired the leading position in the global market, thanks to the remarkable rise in the manufacturing sector. Proliferating at a CAGR of 7.30% between 2015 and 2024, this regional market is anticipated to continue on the dominant position over the next few years. However, the lack of system operators may limit the growth of this regional market to some extent.
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The machine vision technology finds a widespread application in the industrial sector in Asia Pacific. PC-based machine vision technology enjoys the most prominent demand in this regional market. Among other regional markets, Europe has occupied the second position in the worldwide market for machine vision technology and is projected to maintain its place over the forthcoming years.
Cognex Corp., Basler AG, Allied Vision Technologies Inc., Adept Technology Inc., Keyence Corp., ISRA Vision AG, Microscan Systems Inc., Electro Scientific Industries Inc., OMRON Corp., and Seeing Machines Ltd. are some of the prominent participants in the global machine vision technology market.
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