According to a new market report published by Transparency Market Research "Machine Vision Technology Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021" the market was valued at USD 15.70 billion in 2014, which is expected to reach USD 28.50 billion by 2021, growing at a CAGR of 8.4% from 2015 to 2021.
Increasing manufacturing sectors is one of the important factors driving the rise in demand of machine vision technology market globally. Machine vision technology is largely used in manufacturing sectors for inspection of microchips, resistors, and components such as lead frames and capacitors. In the automotive industry, these technologies are used in control systems for inspection of painted surfaces, industrial robots, welding quality control, checking engine block. Moreover, shift in demand towards automation is also driving the demand of this market. The measuring and analyzing is done more accurately, precisely, and efficiently by computers as compared to manual systems, thus demand for machine vision technology is expected to increase. Furthermore, the accuracy, of the machine vision helps in boosting quality automation which includes defect detection, quality inspection, component measurement, and tolerance monitoring.
Machine vision technology market is segmented on the basis of product types which includes embedded, PC based and smart cameras based machine vision technology. Among these three types of product, PC based machine vision held the largest market share followed by embedded and smart camera based machine vision technologies in 2014 globally. Growing demand for technologically advanced methods for testing and inspection in various industries has stimulated the demand for PC based machine vision globally.
The machine vision technology market is further segmented on the basis of application which includes industrial and non-industrial application. Among these, industrial application held the largest market share followed by non-industrial applications. The industrial segment is sub divided into semiconductors, electronics, packaging, textiles, automobiles and others. Semiconductors segment held largest market share of 22.1% in 2014. Moreover, non-industrial application covers security and surveillance, banking, traffic controlling, lab automation and medical imaging and the others segment include barcode scanners, biometric systems and others. The others segment held largest market share of 24.4% in 2014 under non-industrial application.
Geographically the market is segmented into North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific held the largest market share of machine vision technology in 2014 due to the increasing manufacturing sectors in this region. Moreover, APAC is followed by Europe, North America and Rest of the World in 2014.
Some of the leading players in the market are Cognex Corporation (Massachusetts), Basler AG (Germany), Allied Vision Technologies Inc. (Germany), Adept Technology Inc. (California), Keyence Corporation (Japan), ISRA Vision AG (Germany)., Microscan Systems Inc.(Washington), Electro Scientific Industries Inc. (Oregon), OMRON Corporation (Japan) and Seeing Machines Ltd. (Australia) among others. The report provides estimates in terms of revenue (USD Billion) from 2015 to 2021 by studying the global machine vision technology market.