According to the latest report by IMARC Group, titled “Machine Vision Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global machine vision market size reached US$ 9.1 Billion in 2018. Machine vision (MV) is the technology which assists in performing image-based automatic inspections by utilizing video cameras, digital signal processing (DSP) and analog to digital conversion (ADC). There are two main aspects of MV systems, namely, sensitivity and resolution. Sensitivity refers to the machine’s ability of inspecting objects in dim light or detecting weak impulses at invisible wavelengths, while resolution helps in differentiating objects. MV systems are gaining popularity worldwide as they aid in enhancing quality, increasing productivity, reducing equipment cost and lowering production cost.
The ongoing trend of product miniaturization has made MV systems indispensable for inspecting measurements and defects in miniature products. These systems can examine details that may be too small for the human vision to detect. These systems avert defective components from reaching the later stages of production by identifying them at earlier stages and subsequently minimizing unnecessary costs. On account of these attributes, MV systems are increasingly being incorporated in manufacturing industries. In line with increasing automation, the adoption of robots is also rising in various industry verticals. As these robots primarily depend on MV to perform tasks, this trend is anticipated to catalyze the demand for these systems around the world. Looking forward, the market is projected to exceed US$ 14.6 Billion by 2024, expanding at a CAGR of 8.2% during 2019-2024.
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Market Breakup by Product
1. Vision Systems
Based on the product, the market has been segmented into vision systems, cameras and others. Currently, vision systems dominate the market, holding the largest share as these devices help in detecting errors and the timely delivery of information.
Market Breakup by Component
The market has been analyzed on the basis of the component wherein the hardware component represents the largest segment, followed by the software component.
Market Breakup by Application
5. Flaw Detection
Based on the application, the market has been divided into positioning, identification, verification, measurement, flaw detection and others. The report finds that positioning accounts for the majority of the total market share.
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Market Breakup by Industry
2. Medical and Pharmaceutical
3. Electronics and Semiconductor
4. Food, Packaging and Printing
5. Security and Surveillance
6. Intelligent Traffic System
On the basis of the industry, the market has been segregated into automotive; electronics and semiconductor; medical and pharmaceutical; security and surveillance; food, packaging and printing; identification; intelligent traffic system; and others.
Market Breakup by Region
1. Asia Pacific
3. North America
4. Middle East and Africa
5. Latin America
Region-wise, the market has been classified into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. Amongst these, Asia Pacific is the biggest market, holding the majority of the global share. This can be attributed to the rapid industrial development in Japan, China, India and South Korea.
The competitive landscape of the market has been examined with some of the key players being Cognex Corporation, Basler AG, Omron Corporation, National Instruments Corporation, Keyence Corporation, Sony Corporation, Teledyne Technologies, Inc., Texas Instruments, Inc, Allied Vision Technologies GmbH, Intel Corporation, Baumer Optronic GmbH and Jai A/S.
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