Machine Vision Systems Market to Grow at a CAGR of 7.53% to reach US$ 9.11 Bn from 2022 to 2027 | Top Countries Data

According to the new research report published by The Insight Partners, titled "Machine Vision Systems Market was valued at US$ 9.11 Bn in 2018 and is projected to reach US$ 17.57 Bn by 2027; it is expected to grow at a CAGR of 7.53% from 2019 to 2027. Machine Vision Systems are the next generation intelligent systems mainly used in industrial applications for detection, identification, measurement, inspection and so on. These systems play major roles in robotics; these are used to guide the autonomous robots also known as 'self-navigating robots'

Machine Vision Systems Market: Competitive Landscape and Key Developments
The key companies operating in the market include Basler AG, Cognex Corporation, Datalogic S.p.A, FLIR Systems, Inc., IDS Imaging Development Systems GmbH, ISRA VISION AG, Keyence Corporation, OmniVision Technologies, Inc., Omron Microscan Systems, Inc., and Teledyne Technologies Incorporated, among others. Various industries such as automotive, food & beverage, pharmaceuticals are much concerned about reducing labor intensive processes, increasing accuracy and speed; machine vision systems are in demand to overcome these concerns.

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Machine vision systems can perform complex repetitive tasks with higher accuracy and consistency. Machine vision systems include components such as image sensors, processors, PLC, frame grabbers and more, which are driven by a software package to execute user defined applications. Machine vision systems are also employed in non-inspection applications such as guiding robots, pick and place the parts, dispensing liquids and many more. Machine vision and components market is expected to experience significant growth in the coming years due to the increasing demand in industries such as automation, robotics and non-manufacturing which include intelligent transport system, logistics and medical, exhibiting substantial market growth.

Machine vision systems are classified into three types, namely: Smart Vision Systems, PC-Based Vision Systems and 3D Vision Systems. Machine vision systems has set the highest growth record in North America in 2018. Whereas, Europe is the major manufacturer and exporter of these systems worldwide. Manufacturing industry is the largest end-user of these systems however, the growth of machine vision systems in non- industrial niche applications such as logistics, intelligent traffic systems, IP video surveillance, and others is also rising owing to ongoing improvements in the technology resulting in decreasing the costs of these systems.

Machine Vision Systems Market: Key Insights - Future Trend
The growing industrialization, fast population growth and positive economic outlook of developing regions are some of the major factor that are anticipate to drive the growth of machine vision systems market in these regions. Developing countries such as China and India are expected to offer ample growth opportunities for the machine vision systems market players during the forecast period. Due to positive initiatives of policymakers and regulators in various developing countries to support manufacturing and promote industrial growth

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The recent strategic initiatives such as "Made in China 2025 Initiative," by China and "Make in India" by India are examples of such initiatives that are focused on boosting manufacturing sector and industrialization in these countries. The machine vision systems market has experienced high growth and implementations in the last few years and is also expected to experience a significant growth in years to come.

Machine Vision Systems Market: Segmental Overview
One of the major reason for higher implementations of machine vision systems by various industry verticals is, the advancements in several related technologies taking place around the machine vision systems. Computer interfaces, the microprocessors and cameras, all these tools have evolved into highly capable and flexible tools/ components. The advances in technology have thus facilitated mass production and custom manufacturing of suppliers. Machine vision systems also provides end users with improved productivity and quality in the manufacturing process which also helps in achieving higher productivity along with increased profit margins.

Governments of various countries, especially India and China, are taking initiatives through regulations, innovation promotion, and knowledge brokerage to achieve inclusive and sustainable industrialization. The rapidly changing technology landscape in the manufacturing and process industries worldwide has also been encouraging the manufacturing companies to invest in advanced systems and processes, which can help achieve high operational efficiencies and also enable companies to meet challenging demands of today's customers.

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The present century is characterized by tough competition in all major industry verticals. The manufacturers of various systems are facing tough competition on parameters such as costs, quality, technology, service, and time-to-market. Thus, to maintain market position and to achieve sustainable development, manufacturers are increasingly investing in advanced systems.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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