Machine Vision Technology Market: Popular Trends & Technological advancements to Watch Out for Near Future
According to the TMR report the global market for machine vision technology will be worth US$28.5 bn by the end of 2021, expanding at a CAGR of 8.40% between 2015 and 2021. By application, the market was led by the industrial segment. The industrial application segment comprises electronics, packaging, textiles, semiconductors, and automobile. Of these, the semiconductor sub-segment led in the past.
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Asia Pacific to Emerge as Most Promising Regional Segment, Driven by Growth in Manufacturing Sector
On the basis of geography, the machine vision technology market in Asia Pacific has been leading and will expand at a 7.3% CAGR over the period from 2015 to 2021. The thriving manufacturing sector in Asia Pacific is the key factor responsible for the growth of the machine vision technology market in this region. On the basis of product, the PC-based machine vision technology is leading and is anticipated to expand at a significant CAGR in the period from 2015 to 2021.
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Thriving Manufacturing and Automotive Sectors Leading to High Demand for Machine Vision Technology
The market for machine vision technology is witnessing a high growth on account of its use in auto defect recognition, lenience monitoring, quality inspection, and component monitoring. Machine vision technology is adopted for robot guidance, process control, and for providing image based automatic inspection, driving their demand. The adoption of this technology in industries will further their demand. The flourishing manufacturing sector will bolster the demand for machine vision technology. Machine vision technology is used for examining resistors, microchips, and components. The thriving automotive industry is also creating growth opportunities for the market as this technology is used for welding quality form, examining engine blocks, and detecting flaws. On the other hand, the lack of system operators will act as a challenge for the market and restrict its growth to a certain extent.
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Cognex Corp., Basler AG, Allied Vision Technologies Inc., Adept Technology Inc., Keyence Corp., ISRA Vision AG, Microscan Systems Inc., Electro Scientific Industries Inc., OMRON Corp., and Seeing Machines Ltd. are some of the prominent participants in the global machine vision technology market.
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