The global machine vision system market size is expected to reach $18.7 billion by 2022 from $10.6 billion in 2015, growing at a CAGR of 8.7% from 2016 to 2022. Machine vision system enables automatic analysis and inspection of the production line, based on imaging, used in process control, verification, measurements, robot guidance, and other functions. Machine vision includes a complete solution starting from acquiring an image to interacting to management information system. Machine vision system replace incapability of human inspector to maintain a high level of error recognition for a long period of time.
WORKING OF A MACHINE VISION SYSTEM
Major disadvantages of human inspection, such as long-term inconsistency, need of rest period, slower speed than machine, and variation among different inspectors, drive the machine vision system market growth. Machine vision facilitates cost-effective, speedy, accurate and high functionality of an inspection procedure. It is incorporated for improving the quality and productivity in the manufacturing process.
The machine vision system industry is expected to grow during the forecast period due to continued evolution of CMOS image sensors and rise in demand for automation in industrial applications. However, intensive training and education, an essential requirement to enable entry of machine vision in newer markets, restrain the machine vision system market growth. Moreover, demand for miniaturization of machine vision system provides lucrative opportunities for the players operating in machine vision system industry.
FACTORS IMPACTING MACHINE VISION SYSTEM MARKET
The demand for machine vision system is expected to rise due to heavy investments in R&D of smart camera and software by key players, such as Cognex Corporation, Teledyne Technologies, Inc., Keyence Corporation, and others.
Based on component, the market comprises smart camera, embedded system, frame grabber, lighting, and lenses. Smart camera is the dominant segment, and consumes high machine vision system market share in 2015, owing to its applications in 3D imaging, which are essential components of the market.
By application, the market is divided into positioning, identification, verification, measurement, and flaw detection. Market by type comprises 1D, 2D, and 3D measurements, of which 3D measurement is estimated to grow at the highest CAGR, owing to trend of 3D imaging in the production line.
Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2015, Asia-pacific and Europe, together accounted for about 76.8% of the total machine vision system market revenue, owing to significant growth of electronics and automotive industries in the regions.
ASIA-PACIFIC MACHINE VISION SYSTEM MARKET REVENUE & CAGR, 2014-2022
Key market players adopt novel strategies to improve their manufacturing techniques and widen their product portfolio to gain a competitive edge over other players. The major players profiled in this report are Cognex Corporation, Teledyne Technologies, Inc., Keyence Corporation, National Instruments Corporation, Texas Instruments, Inc., Basler AG, Baumer Optronic GmbH, Sick AG, Omron Corporation, and Allied Vision Technologies GmbH. Other players in the value chain include Intel Corporation, Jai A/S, Canon Inc., Datalogic S.p.A., Sony Corporation, Adept Technology, IDS Imaging Development Systems GmbH, Machine Vision Technology, and Microscan Systems, Inc.
Machine Vision System Market Key Benefits
- Comprehensive analysis of the current trends and future estimations in the global machine vision system market is provided
- The report offers a competitive scenario of the market and elucidates the growth trends, drivers, scope, opportunities, and challenges
- It also includes a comprehensive analysis of the key segments to provide insights on the market dynamics
- Porters Five Forces analysis highlights the potential of buyers and suppliers to devise effective growth strategies and facilitate better decision-making
- Market player positioning provides positions of key companies operating in the market
MACHINE VISION SYSTEM MARKET KEY SEGMENTATION
The global machine vision system market is segmented based on component, type, application, industry vertical, and geography.
- Smart Camera
- Embedded System
- Frame Grabber
- 1D Measurement
- 2D Measurement
- 3D Measurement
- Flaw Detection
BY INDUSTRY VERTICAL
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
MARKET PLAYERS IN VALUE CHAIN
- Cognex Corporation
- Teledyne Technologies, Inc.
- Keyence Corporation
- National Instruments Corporation
- Texas Instruments, Inc.
- Basler AG
- Baumer Optronic GmbH
- Sick AG
- Omron Corporation
- Allied Vision Technologies GmbH
- Intel Corporation,
- Jai A/S,
- Canon Inc.
- Datalogic S.p.A.
- Microscan Systems, Inc.
- Adept Technology
- IDS Imaging Development Systems GmbH
- Machine Vision Technology