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Machine Vision Systems Market 2019 is growing rapidly over 13.27% of CAGR by 2023 | Global Key Vendors by COGNEX CORPORATION, ISRA VISION AG, BASLER AG, KEYENCE CORPORATION, IDS IMAGING DEVELOPMENT SYSTEMS GMBH

05-21-2019 05:37 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Market Prognosis

The machine vision systems market was valued at USD 6.41 billion in 2017, and it is expected to reach a value of USD 13.53 billion by 2023, at a CAGR of 13.27%, during the forecast period (2018 - 2023).
Ever since their inception, Machine Vision (MV) systems have evolved tremendously from stand-alone proprietary box modules to modular vision components and 3D displacement sensors. They are widely used for performing non-contact optical sensing, to analyze and interpret parts of real world models. Manufacturing firms across the globe are beginning to realize the benefits of MV systems, particularly in areas where redundant tasks, such as inspection, need to be performed with seamless precision. They are playing an increasingly critical role in high-speed production lines and hazardous environments. Some of the major benefits offered by MV systems include increased productivity, higher flexibility in the production process, reduced machine downtime and tighter process control.

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Increasing Rate of Adoption in the Automotive Sector to Spearhead the Growth
The primary goal of MV systems in the automotive industry is to improve productivity and quality of the products. Major applications of MV in this industry are quality inspections and machine guidance. In quality control (QC) inspections, MV systems determine whether the subassemblies or parts are defective or non-defective. Based on the feedback, it directs the motion control equipment to accept or reject that particular component. On the other hand, in machine guidance systems, machine vision improves accuracy and the speed of assembly robots and automated material handling equipment, which play a crucial role in the engine chassis marriage operations. Although the applications vary depending on the type of vehicle or model being produced, the general categories of applications are observed in robotics, dimensional gaging operations, assembly verification, flaw detection, paint job verification and code reading. With the overall automobile production growing at a steady rate, the demand for machine vision is expected to be influenced over the coming years, supporting the market growth.

Major Players:
COGNEX CORPORATION, ISRA VISION AG, BASLER AG, KEYENCE CORPORATION, IDS IMAGING DEVELOPMENT SYSTEMS GMBH [DE], NATIONAL INSTRUMENTS, OMRON CORPORATION, SONY CORPORATION, TOSHIBA, amongst others.

Key Developments in the Market
• December 2017 - Basler presented a new camera concept for embedded vision. This is expected to expand the presence of Basler in the embedded vision field. The company will present a completely innovative product concept at Embedded World in Nuremberg from February 27 to March 1, 2018. Basler claims that the concept offers a mix of cost efficiency and high-end technological standards in a single product.
• April 2017 - Cognex acquired ViDi Systems SA, maker of deep learning software for industrial machine vision. This acquisition is expected to give Cognex advantage of ViDi Systems’ artificial intelligence techniques to improve image analysis in applications, where it is difficult to predict the full range of image variations.

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Europe Holds the Largest Share
In the past few years, the machine vision industry in Europe has grown from infancy to an industry that is now taken up by many new customer segments and fields of applications, making the region achieve a leading position in the world. This growth in this industry came through the assortment of many small and medium-sized innovative companies. The unique network of many research centers spread across the continent, such as IMEC of Belgium, Fraunhofer Institutes of Germany, Wageningen University and TNO universities of Netherlands, CVC and AIDO of Spain, among others, have also contributed to the innovations in this industry.
The health care expenditure in Europe is very high. Most of the countries of Europe spend more than 10% of their GDP on health care. A strong growth in adoption of machine vision systems is observed in Europe due its manufacturing and industrial sector. It is one of the most technically advanced and innovative solution in the global industrial and manufacturing sectors, especially in the automotive, machinery and agricultural engineering. The new funding program implemented by the EU, called Horizon 2020, which puts a special emphasis on strengthening European small and medium enterprises, in both the demand and supply side will aid the market for machine vision systems in the near future.

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About Market Prognosis
We at Market Prognosis believe in giving a crystal clear view of market dynamics for achieving success in today’s complex and competitive marketplace through our quantitative & qualitative research methods.
We help our clients identify the best market insights and analysis required for their business thus enabling them to take strategic and intelligent decision.
We believe in delivering actionable insights for your business growth and success.

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Contact No: +1 973 241 5193
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