Machine vision system have evolved rapidly to accelerate high performance for production line monitoring system and automated guidance of industrial robots. Continued evolution of CMOS image sensors and rise in demand for automation in industrial applications are the factors that drive the growth of the market. However, intensive training and education, an essential requirement to enable entry of machine vision in newer markets restrain the market growth.
According to a new report published by Allied Market Research, titled, “Machine Vision System Market” the machine vision system market was valued at $10.6 billion in 2015 and is projected to reach $18.7 billion by 2022, growing at a CAGR of 8.7% during the forecast period (2016-2022). Industrial segment held the highest share of the total market in 2015.
According to Komal Sharma, Research Analyst at Allied Market Research “Machine vision system is estimated to foster high growth during the forecast period owing to its heavy utilization in applications such as positioning, identification, verification, measurement, and flaw detection. Furthermore, there is a trend of incorporating artificial intelligence (AI) technology in commercial machine vision systems. AI-based analysis in machine vision offers exceptional flexibility of automation in industries.“
Machine vision systems have penetration in a wide range of industries, such as industrial, healthcare, electronics, automotive, aerospace & defense, and many more. In 2015, industrial and electronics segments had more than 50% market share in the overall machine vision system market. The manufacturers of automated guided robots and vehicles incorporate advanced machine vision systems for applications such as positioning and identification to maintain a competitive advantage.
Embedded system accounted for the highest share, i.e., 33.4%, of the overall machine vision system market size in 2015, owing to the constantly evolving machine vision software for image processing. Smart camera is expected to be the fastest growing component segment of the machine vision system industry, growing with a CAGR of 10.3%, owing to its incorporation in most of the upcoming machine vision systems.
In the system type segment, 1D measurement consumed the largest share followed by 2D measurement, while 3D measurement is expected to exhibit significant growth, with a CAGR of 13.2% during the forecast period. The growth of 3D measurement would be driven by the increase in demand of precision in production line monitoring and guidance.
Asia-Pacific held the highest machine vision system market share in 2015, generating more than half of the global market revenue. The region is anticipated to be the most potential investment area of machine vision system, with a high growth rate, exhibiting an increased demand due to rapid rise in sales of industrial robots and monitoring systems.
Key Findings of the Machine Vision System Market
- Smart camera is expected to be the fastest growing component segment of the machine vision system industry, growing with a CAGR of 10.3% from 2016 – 2022
- 3D measurement is expected to exhibit the highest CAGR of 13.2% during the forecast period
- Flaw detection and verification applications are two of the fastest growing application segments in machine vision system market, together constituting more than half of the overall market revenue in 2015
- Industrial segment contributed over 29.0% of the overall market in 2015, and is expected to grow with a CAGR of 6.9% during the forecast period
- Europe is expected to be the fastest growing machine vision system market, and projected to grow at a CAGR of 11.8% during the forecast period
Several prominent players operating in the machine vision system market adopted partnership as one of their key growth strategies. Companies such as Cognex Corporation, Teledyne Technologies, Inc., Keyence Corporation, and National Instruments Corporation have introduced innovative and technologically advanced products to capture greater market share.
Fore more information: www.alliedmarketresearch.com/machine-vision-system-market