The global machine vision technology market is characterized by intense competition with many regional and global players, each vying to gain a greater share of the market. The market is extremely fragmented with most players investing on research and development so as to come up with new products, innovation, and novel technology. The expansion of product portfolio is a key strategy for players so as to beat one another. As per a recent research report by Transparency Market Research (TMR), providing customers with advanced products with improved return on investments will be the core ideology by which companies within the machine vision technology market will play. Some of the leading market players mentioned in the report are: OMRON Corporation, Cognex Corporation, Seeing Machines Ltd., ISRA Vision AG, Keyence Corporation, Adept Technology Inc., Electro Scientific Industries Inc., Basler AG, Microscan Systems Inc., and Allied Vision Technologies Inc.
According to the TMR report the global market for machine vision technology will be worth US$28.5 bn by the end of 2021, expanding at a CAGR of 8.40% between 2015 and 2021. By application, the market was led by the industrial segment. The industrial application segment comprises electronics, packaging, textiles, semiconductors, and automobile. Of these, the semiconductor sub-segment led in the past.
Asia Pacific to Emerge as Most Promising Regional Segment, Driven by Growth in Manufacturing Sector
On the basis of geography, the machine vision technology market in Asia Pacific has been leading and will expand at a 7.3% CAGR over the period from 2015 to 2021. The thriving manufacturing sector in Asia Pacific is the key factor responsible for the growth of the machine vision technology market in this region. On the basis of product, the PC-based machine vision technology is leading and is anticipated to expand at a significant CAGR in the period from 2015 to 2021.
Thriving Manufacturing and Automotive Sectors Leading to High Demand for Machine Vision Technology
The market for machine vision technology is witnessing a high growth on account of its use in auto defect recognition, lenience monitoring, quality inspection, and component monitoring. Machine vision technology is adopted for robot guidance, process control, and for providing image based automatic inspection, driving their demand. The adoption of this technology in industries will further their demand. The flourishing manufacturing sector will bolster the demand for machine vision technology. Machine vision technology is used for examining resistors, microchips, and components. The thriving automotive industry is also creating growth opportunities for the market as this technology is used for welding quality form, examining engine blocks, and detecting flaws. On the other hand, the lack of system operators will act as a challenge for the market and restrict its growth to a certain extent.
The study presented here is based on a report by Transparency Market Research (TMR), titled, “Machine Vision Technology Market (Type – PC based machine vision technology, embedded machine vision technology, and smart cameras based machine vision technology; Application – Industrial Applications and Non-industrial Applications) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021.”