Machine Vision Systems Market: Rapid Expansion in the Manufacturing Industry
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The key companies profiled in this report include Basler AG, IDS Imaging Development Systems GmbH, Microscan Systems, Inc., Teledyne DALSA Inc., Datalogic S.p.A, ISRA VISION AG, OmniVision Technologies, Inc., KEYENCE CORPORATION, COGNEX CORPORATION, and FLIR Systems.
The North America (NA) and Europe (EU) in total holds more than half of the total market, while the regions such as Asia Pacific (APAC), Middle East and Africa (MEA) and South America (SAM) are exhibiting a high growth due to various factors such as increase advancements in technology and rise in the lifestyles of individuals in developed as well as developing countries of the world. Implementations of machine vision systems are expected to accelerate at a high growth rate in the coming few years due to technology, increasing the progress of the capabilities of cameras and microprocessors, automotive and other industry verticals’ inclination towards implementing such solutions which can provide better efficiency, easy capacity expansion and optimized CAPEX. Many small and large organizations and enterprises in the above verticals have implemented machine vision systems solutions owing to the various advantages it offers, thus influencing the market revenues and growth rates globally.
The expansion in the manufacturing industry is further highly driven by economic growth worldwide. Also, the industry is presently found to be in the middle of a technological renaissance, which is changing the outlook, systems, and processes of the modern factory. This technological revolution in the factories has been encouraging the manufacturing industries to further invest in these emerging technologies in order to enhance their productivity and production cycle. Thus, the rapid expansion in the manufacturing industry is expected to drive the demand for advanced and smart machine vision system market globally. According to the United Nations Industrial Development Organization (UNIDO), global manufacturing value added (MVA) reached an all-time high of $9,228 billion in 2014. By 2014, the MVA of developing and emerging industrial economies (DEIEs) increased 2.4 times from 2000, while their GDP doubled. Also, world export growth rates averaged 7.7% over 2005–2013, and in 2013 world trade reached a peak of more than $18 trillion, with 84.0% comprising manufacturing products.
With an increasing number of industrial verticals embracing production automation, the demand for machine vision technology is likely to be on the rise and are significantly contributing to global machine vision systems market. In order to achieve high precision advanced technology, such as machine vision is adopted by the Industrial companies. The machine vision system helps in the detection of defects which are difficult to visualize and inspect by human eyes. The inspection of machine vision includes surface defects, assembly errors, missing features, and damaged parts. It also aligns the parts for highly accurate assembly operations and all the other manufacturing process. Industrial automation companies use machine vision systems to check critical dimensions, measure product components for the classification process and sorting process. Machine vision system has become an integral part of Industrial automation manufacturing to achieve higher precision and quality assurance.
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