Machine Vision Market – Insight
Machine Vision (MV) refers to the electronic imaging used for process control, inspection getting the automatic guidance. The term MV encompasses several technologies, software and hardware solutions, integrated systems, methods, expertise and actions. Alike conventional Industrial Applications, MV capabilities are extended to Augmented Reality & Virtual Reality as well. Similarly, MV enables ADAS (Advanced Driver Assist Systems), & Smart Security Systems to perceive extensive digital-imaging capabilities to efficiently deliver in low or no light conditions, consuming low battery power without interfering human activity all at once.
Diversified applications are allowing Machine Vision to garner huge traction enabling its Market to grow rapidly. Also, the latest trend of miniaturization of optical and electronic devices is augmenting demand for image processing eventually fostering the MV market growth. Space Robots dictating need for Machine Vision Cameras to see like humans are increasingly becoming reality. Evidently, leading players mentioned above account for the driving force behind the innovations MV witnesses today.
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Acknowledging the seminal work of these players, Market Research Future has recently published a Study report signifying market insights till 2022. In its analysis MRFR asserts that the ever flourishing global market of Machine Vision will garner accruals of USD 15.46 Billion registering a CAGR of 8.18% during 2017-2022.
Machine Vision experiences applications in diversified areas like Hyper spectral cameras allowing combination of spectroscopy and digital imaging explains the market growth. Hyper spectral imaging is extensively used by the military surveillance sector. Similarly adoption of Hyper spectral in various sectors like Mining & Mineralogy, healthcare and Environment Testing fosters the market growth.
Conversely, expensive hyperspectral cameras along with the associated complexities of processing and analyzing imaging data might pose challenges to the market growth. Nevertheless, Smart City Projects where Machine Vision systems are increasingly deployed in the solutions ensuring security and safety including advanced vision technologies will provide immense impetus to the MV market growth.
The prominent players in the market of Machine Vision Market are – Cognex Corporation (U.S.), Vitronic GmbH (Germany), Perceptron, Inc. (U.S.), Microscan Systems (U.S.), Basler AG (Germany.), National Instruments (U.S.), Optotune AG (Switzerland), USS Vision (U.S.), ViDi Systems SA (Switzerland), Keyence (Japan), Omron Corporation (Japan) among others.
Worldwide Machine Vision Market – Segmentations
for the convenience of the report and enhanced understanding; The Machine Vision Market is divided in to 5 key dynamics
- By Type: Comprises 1D, 2D & 3D Machine Vision.
- By Application: Identification, Inspection, Gauging, Guidance, among other.
- By Component: Hardware (ASMV, Cameras, Sensors, Illuminations, Processors and other) and Software.
- By End Users: Electronics and Semiconductor, Automotive, Food and Packaging, Healthcare, and other.
- By Regions: APAC, Europe, North America and Rest of the World.
Industry/ Innovation/ Related News
January 23, 2018 – Industrial Sensor Vision International Corporation (ISVI – US) designer and manufacturer of high-resolution, high-speed camera technology announced Framos (a well positioned machine vision industry leader) as its global distributor of its products. Together with Framos’ knowledge to enable machines to see and think, ISVI is looking forward to provide broad scale imaging innovation.
January 29, 2018 – Himax Technologies, Inc. (US) a leading supplier and manufacturer of display drivers and other semiconductor products, also offering digital camera solutions, including 3D sensing and machine vision, used in variety of applications such as IoT & etc. announced the acquisition of a technology company – Nano 3D (US) mastering assets, related to intellectual property & business
Worldwide Machine Vision Market – Regional Analysis
Asia Pacific with the largest (30%) market share followed by Europe and North America respectively. APAC dominates the global market, whereas Europe takes the second position owing to the augmented demand from healthcare and automotive sectors. North America is the third largest market for Machine Vision.
Machine Vision Market perceives a positive growth in all the regions on global scale attributing to the increasing application areas every year along with the technological advancements and integration.
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Worldwide MV Market – Competitive Landscape
The Machine Vision market is fiercely competitive owing to the various dynamic and diversified international players existing in the market forming a competitive landscape. Constantly innovating market leaders seek market expansion by various strategic M&A activities and increasing investments in R&D activities strive to develop portfolio for cost-effective solutions. Vendors are improving their market performance and acquiring promising companies to expand in the rapidly growing markets.
They employ improvement strategy to update and analyze the software, implement improvements and launch advent technologies meeting the changing requirements of consumers. For which they develop a entrenched infrastructure that can allow seamless implementation of technologies. In view of immense revenue generation opportunities of the market new entrants are increasingly getting attracted only to find it further challenging to survive with the new technologies.
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