The global machine vision technology market features an intensely competitive landscape with the presence of several global as well as regional players, finds Transparency Market Research (TMR). Technology developers are focused on research and development of cutting-edge machine learning technologies to bring innovations in the market. Numerous top players are engaged in constantly expanding their product portfolio to reap competitive edge over others and consolidate their shares in the global market. A growing number of players are capitalizing on emerging demand for advanced machine vision technologies to garner better returns on their investment, notes TMR.
TMR observes that several players are focused on introducing
new product varieties to meet new and emerging demands for machine vision
applications in several end-use industries. Top players operating in the
machine vision technology market include Allied Vision Technologies Inc.,
Basler AG, Adept Technology Inc., ISRA Vision AG, Cognex Corporation, Microscan
Systems Inc., Electro Scientific Industries Inc., Keyence Corporation, Seeing
Machines Ltd., and Omron Corporation.
The global machine vision technology market is projected to
expand at a promising CAGR of 8.40% during the forecast period of 2015–2021.
The global market stood at US$15.7 billion in 2014 and is anticipated to
display opportunities worth of US$28.5 billion by the end of the assessment period.
The broad applications of machine vision technology comprise
industrial and non-industrial, with the former segment holding the sway in the
global market. This can be attributed to the extensive application of the
technology in semiconductors for the past few years and the rising applications
in the areas of packaging, automobiles, textiles, and electronics.
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Geographically, Asia Pacific has emerged as the dominant
regional market and is expected to hold its sway in the coming years as well.
The rapid growth is driven primarily by the substantial strides being made by
the automation manufacturing sector. The regional market is expected to garner
a CAGR of 7.30% during 2015–2021.
Burgeoning Application of Technology in Automated
Industrial Inspection and Quality Controls underpins Rapid Expansion
The global machine vision technology market is driven
primarily by the rising adoption of automation in industrial processes world
over and the burgeoning need for advanced quality controls in various industry
verticals. The rising deployment of robotic systems in areas such as food and
packaging, automotive, and pharmaceutical, and in numerous industrial
applications is a key factor boosting the market.
The growing adoption of machine vision technology in
lenience monitoring, component monitoring, and defect recognition is propelling
the growth of the market. The attractive demand hinges on the marked
effectiveness of the technology in inspecting test objects of complex patterns
in end-use industries. The application of the technology is also catalyzed by
the rising paucity of manual labor in inspection of industrial processes.
Rising Application in Automotive Sector holds Massive
Potential
The market is expected to garner lucrative gains from the
potential of machine learning and deep learning technologies to bring advanced
automations in the manufacturing sector. The substantially rising application
of the technologies in automobile manufacturing of a variety of components such
as lead frames, microchips, and capacitors, is accentuating the market. The
demand is majorly propelled by usage of the machine vision technology by
automotive players in automatic image-based detection and inspection of test
objects.
However, presently, the paucity of system integrators is a
crucial factor that is hindering the market to attain its full potential.
System integrators play a critical role for the implementation of machine
vision technologies in industrial applications. On the other hand, the rising
potential of smart-camera in machine vision systems, attributed to their
flexibility to standards and mechanisms, has opened many a promising
opportunities for market players.
The study presented here is based on a report by
Transparency Market Research (TMR) titled “Machine Vision Technology Market
(Product Type – PC-based Machine, Embedded Machine, and Smart Cameras-Based
Machine; Application – Industrial (Semiconductors, Electronics, Packaging,
Textiles, and Automobiles) and Non-Industrial (Security and Surveillance,
Banking, Traffic Controlling, Lab Automation, and Medical Imaging)) - Global
Industry Analysis, Size, Share, Growth, Trends and Forecast 2015–2021.”
The global machine vision technology market is segmented
based on:
Product Type
- PC
based machine vision technology
- Embedded
machine vision technology
- Smart
cameras based machine vision technology
Application
- Industrial
applications
- Semiconductors
- Electronics
- Packaging
- Textiles
- Automobiles
- Others
- Non-industrial
applications
- Security
and surveillance
- Banking
- Traffic
controlling
- Lab
automation and medical imaging
- Others
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