openPR Logo
Press release

Machine Vision Market to thrust on new opportunities despite challenges

10-09-2019 06:23 AM CET | Logistics & Transport

Press release from: MarketsandMarkets

Machine Vision Market to thrust on new opportunities despite

The machine vision market size is expected to reach USD 14.0 billion by 2024 from an estimated USD 9.9 billion in 2019, at a CAGR of 7.1% from 2019 to 2024 as per a report by MarketsandMarkets.

How government initiatives supporting industrial automation could results in new opportunities in this market?

Governments worldwide are supporting the adoption of various automation technologies for the structural development of manufacturing industries. As process industries are a vital segment of manufacturing industries, governments worldwide are focusing on this segment. The process automation market is especially benefiting from government initiatives.

For instance, the Government of Singapore has entered into partnerships with associations such as the Singapore Food Manufacturing Association (SFMA) and the Food Innovation & Resource Centre (FIRC) to adopt the latest automation technologies in the food & beverages industry.

In 2014, the Government of Malaysia announced 200% capital allowance to encourage the adoption of industrial automation by labor-intensive companies, including textile, rubber, and plastic companies; this enabled these companies to adopt machine vision systems.

India is one of the growing nations in this field, with the country’s manufacturing sector having contributed 17% to its GDP in 2015. The Indian government has taken several initiatives to enable the manufacturing sector to double its contribution (to about 25%) toward its GDP by 2020. In 2017, the Ministry of Heavy Industries and Public Enterprises (Government of India) approved the establishment of 4 Centers of Excellence (CoE) in the textile machinery, machine tools, welding technology, and smart pumps sectors. This is expected to enhance the level of technology used in the capital goods industry in India.

Download PDF Brochure:

In 2015, the Chinese government started the Made in China 2025 strategy together with the Internet Plus plan to boost the country’s manufacturing and industrialization.

Industrial automation helps in mass production with minimum defects and superior quality, which can result in higher output and better productivity in manufacturing industries. Machine vision is an important system required for industrial automation. The growing government initiatives for factory automation worldwide are expected to propel the growth of the global machine vision market.

Why complexity in integrating machine vision systems remain a key challenge?

There is a need to simplify the integration process of multiple tasks using multipurpose components, not only in machine vision but also in production lines at application sites. With increasing efforts being made for the convenience of installing and handling systems in industries, machine vision industry players should focus on addressing this need for convenience by coming up with plug-and-play solutions.

Leading companies in the market are introducing open computing standards, such as Peripheral Component Interconnect (PCI) bus and emerging digital camera interfaces, including GigE and USB. The USB interfacing standard offers a transfer rate of about 480 Mbps. With the help of a driver, this USB interface can be used for plug-and-play applications.

Increasing need for quality inspection and automation

The need for quality assurance has increased as industries have come to realize the importance of quality assurance in manufacturing processes. This has resulted in the widespread acceptance of machine vision as an integral part of long-term automation development process.

Please Explore Relevant Reports:

Vision Sensor Market by Sensor Type (Less than 3D, 3D), Application (Inspection, Gauging, Code Reading & Localization), End-User Industry (Automotive, Electronics & Semiconductor, Pharmaceuticals, Food & Packaging), and Geography – Global Forecast to 2023

3D Machine Vision Market by Offering (Hardware, and Software), Product (PC Based, and Smart Camera Based), Application, Vertical (Industrial and Non – Industrial), and Geography – Global Forecast to 2022

Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

This release was published on openPR.

Permanent link to this press release:

Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Machine Vision Market to thrust on new opportunities despite challenges here

News-ID: 1844861 • Views: 147

More Releases from MarketsandMarkets

Polyurethane Dispersion Market | Key players operating in the market include Dow …
According to recent market research "Polyurethane Dispersion Market by Type (Low Solvent, Solvent-Free), Application (Paints & Coating, Adhesive & Sealants, Leather Finishing, Textile Finishing), And Region (North America, Europe, Asia Pacific, MEA, SA) - Global Forecast to 2024", The polyurethane dispersion (PUDs) market is expected to grow from USD 2.4 billion in 2019 to USD 3.4 billion by 2024, at a CAGR of 7.1 % during the forecast period. The
Automation Testing Market Insights | Key players: CA Technologies, IBM, Capgemin …
According to recent research "Automation Testing Market by Component (Testing Types (Static, Dynamic (Functional, Non-functional)), Services), Endpoint Interface (Mobile, Web, Desktop, Embedded Software), Organization Size, Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets, the global automation testing market size is expected to grow from USD 12.6 billion in 2019 to USD 28.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 18.0% during the forecast
Marketing Automation Market Ongoing Trends and Recent Developments | Key Players …
According to recent research "Marketing Automation Market by Component (Software, Services), Organization Size, Applications (Lead Nurturing & Lead Scoring, Email Marketing, Social Media Marketing, Analytics & Reporting, Campaign Management), Industry & Region - Global Forecast to 2024", published by MarketsandMarkets, the global marketing automation market size is expected to grow from USD 3.3 billion in 2019 to USD 6.4 billion by 2024, at a CAGR of 13.9% during the forecast
Key Develeopments in Automated Guided Vehicle
The overall automated guided vehicle market is expected to grow from USD 2.0 billion in 2019 to USD 2.9 billion by 2024 at a CAGR of 7.8% as per a report by MarketsandMarkets. Will integration of Industry 4.0 with robotics to propel the market further? Traditional industrial facilities are slowly evolving into smart, connected, and highly efficient automated facilities by integrating Industry 4.0 with automation systems. Industry 4.0 is capable of converting

All 5 Releases

More Releases for Machine

Broaching Machine Supplier, Vertical Broaching Machine Manufacturer
TOOL ROOM ENGINEERS is highly experienced in analyzing the machining needs of your part and recommending the proper broaching machine system. Broaching is done on a variety of equipment styles and equipment sizes depending on your part application. Quite often systems are recommended based on a family of similar parts. Broaching machines are sized by tonnage and stroke, in general the more material being removed from the part and greater the size
Global Bread Machine Market This report studies the global Bread Machine market status and forecast, categorizes the global Bread Machine market size value & volume by manufacturers, type, application, and region. This report focuses on the top manufacturers in North America, Europe, Japan, China, and other regions India, Southeast Asia. The major manufacturers covered in this report Panasonic Zojirushi Cuisinart Oster Kuissential Breadman SKG Midea Delonghi PHILIPS Electrolux Galanz Breville petrus Nathome KENWOOD Bear BRAUN Chulux Geographically, this report studies the top producers and consumers, focuses on product capacity, production, value, consumption, market share
Man vs. Machine
Machine translation systems: hard-working little helpers Machine translation systems and CAT tools both have their purposes, applications – and limitations. In the following sections, we will briefly explain the differences in addition to the possible uses of machine and machine-supported translation. The general rule of thumb is: the more creative, emotional, inspiring and fluid a text is, the less a computer can help. Machine translation (MT) So far, no robots have taken their place
Multifunction Massage Machine Market
Global Multifunction Massage Machine market size will increase to Million US$ by 2025, from Million US$ in 2017, at a CAGR of during the forecast period. In this study, 2017 has been considered as the base year and 2018 to 2025 as the forecast period to estimate the market size for Multifunction Massage Machine. This report researches the worldwide Multifunction Massage Machine market size (value, capacity, production and consumption) in
Global Virtual Machine Market
Virtual machine is a software program on the computer which acts as a virtual computers. It runs on the pre-installed operating system or host operating system of the computer and get access of virtual hardware such as virtual CPU, virtual memory, network interface and other devices and work as a guest operating system. This guest or secondary operating system runs in a small window just like any other application do
Pneumatic Punching Machine market
In this report, the Asia-Pacific Pneumatic Punching Machine market is valued at USD XX million in 2016 and is expected to reach USD XX million by the end of 2022, growing at a CAGR of XX% between 2016 and 2022. Geographically, this report split Asia-Pacific into several key Regions, with sales (K Units), revenue (Million USD), market share and growth rate of Pneumatic Punching Machine for these regions, from 2012 to