The global machine vision market was valued at USD 6.80 Billion in 2017 and is expected to become USD 13.71 Billion market by 2026 registering moderately high compound annual growth rate (CAGR) of 8.10% from 2018 to 2026. With the increase in the price competition among the industry verticals, every firms are approaching towards reducing the cost of production and reducing the time leakage in the value chain. Machine vision helps in reducing the cost and time of manufacturing through automatic processing abilities coupled with the ability to process massive data and information within short time. These are expected to be key factor driving the growth of the machine vision market during the forecast period. In addition, application of robotics and IoT in manufacturing processes across food & beverages, manufacturing, automotive and pharmaceutical industries is further expected to create ample demand for machine vision industry.
The machine vision market has been segmented based on component which is further divided into hardware and software. Moreover, the market is further segmented on the basis of product which is sub segmented into PC-based and smart camera-based. And based on application, the market has been segmented as positioning, identification, verification, measurement and flaw detection. Furthermore, based on end-use industry, the market is fragmented into automotive, electronics, food & beverages, printing & packaging and others. The increasing population coupled with the rise in disposable income, changes in tastes and preferences and increasing penetration of ecommerce in the food and beverages industry are expected to create massive demand for food & beverages market in the years to come. In addition, increasing implementation of government regulations and standards for maintaining the quality of packaged foods and beverages are further expected to add more demand for machine vision system components and machine vision system applications in the food and beverage industry. These are the factor owing to which food & beverage sector is expected to witness highest growth rate during the forecast period.
The global market has been geographically segmented into Asia-Pacific, Europe, North America, Latin America, the Middle East and Africa region. In addition to this, North America region holds the largest market share. The reason may be attributed to the stringent FDA regulations and massive public spending of USA government towards implementing advanced monitoring and development processes in their defense and military sector. In addition, presence of advanced and established pharmaceutical manufacturers have further propelled the demand for PC-based and smart camera-based machine vision in the recent years. However, Asia-Pacific region is expected to witness fastest growth rate owing to the increasing investment of industries towards reducing labor-dependency and to bring pace in the value chain. Rapid growth in the electronics industry across several developing nations such China, South Korea, Vietnam and India and their increasing exports of consumer electronics is further anticipated to boost the demand for machine vision hardware and software across Asia-Pacific region during the forecast period.
Some of the key players in the global machine vision market include Allied Vision Technologies GmbH, Basler AG, Baumer Optronic GmbH, Cognex Corporation, JAI A/S, Keyence Corporation, Microscan Systems, Omron Corporation, Sony Corporation and Texas Instruments, Inc.
· Smart Camera-Based
· Flaw Detection
· Food & Beverages
· Printing & Packaging
· North America
o Rest of Europe
· Asia Pacific
o Rest of Asia Pacific
· Middle East and Africa
o South Africa
o Rest of Middle East and Africa
· Latin America
o Rest of Latin America
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