Machine Vision Market Worth 12.50 Billion USD by 2020
PUNE, India, December 8, 2015 /PRNewswire/ --
According to the new market research report "Machine Vision Market by Component (Hardware and Software), Product (PC-Based Systems and Smart Camera-Based Systems), Application, Vertical (Automotive, Electronics and Semiconductor, Healthcare, ITS) and Geography - Global Forecast to 2020", published by MarketsandMarkets, the Machine Vision Market is expected to grow from USD 8.08 Billion in 2015 to USD 12.50 Billion by 2020, at a CAGR of 9.1% during the forecast period.
Browse 68 market data Tables and 83 Figures spread through 187 Pages and in-depth TOC on "Machine Vision Market".
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The factors driving the machine vision market are increasing need for quality inspection and automation, growing demand for vision guided robotics system in the manufacturing plants, growing number of regulatory mandates in manufacturing industries, and growing demand for application-specific machine vision systems among the consumers.
The machine vision market has a huge potential across several industrial and non-industrial verticals in a large number of applications.
Electronics & Semiconductor industry will register the highest growth rate
Automotive, electronics & semiconductor, and pharmaceutical industries were the early adopters of machine vision and are also driving the market currently. The increasing regulation on healthcare products globally is forcing the pharmaceutical industry to install machine vision systems. The electronics & semiconductor industry is witnessing the highest growth in the market. The factor driving machine vision market in this industry is the increasing need for efficiency on the production line by detecting the faults in printed circuit board (PCB), wafer dicing, wafer probing, frame inspection, and die bonding. The machine vision systems are also gaining popularity in several non-industrial sectors such as intelligent transportation system and healthcare. The healthcare sector is expected to grow at a higher rate.
One of the major factors that are driving the market is the increasing demand for quality assurance & inspection in the manufacturing industry. The identification (bar code identification, number plate recognition and so on) application is witnessing the highest growth rate due to increasing demand for machine vision systems in the non-industrial sector.
Asia-Pacific will be the highest growing market
The Americas accounted for the majority market share of the overall machine vision market in 2014. The APAC market is expected to grow at the highest CAGR between 2015 and 2020. Due to strong industrial base, machine vision systems are in high demand in Americas. Also, several small- and medium-sized companies are entering the market to avail the monetary benefits from this market. Asia-Pacific is considered as the manufacturing hub of world and is expected to provide ample amount of opportunities for machine vision systems.
Major players are Basler AG (Germany), Cognex Corporation (U.S.), Keyence Corporation (Japan), National Instruments (U.S.) and Omron Corporation (Japan).
On the basis of application, the market is segmented into quality assurance & inspection, measurement, positioning & guidance, measurement, and identification. This global report gives a detailed view of the market across the four geographies, namely, the Americas, Europe, the Asia-Pacific, and Rest of the World which includes the Middle East and Africa. The report profiles the 10 most promising players in the machine vision market.
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The competitive landscape of the market presents a very interesting picture, wherein the market players from the OEM, component manufacturers, and system integrators of the machine vision market value chain have come together and are majorly focusing on the development of advanced and improved machine vision products.
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