Press release
Machine Vision Technologies Expected to Account CAGR of 8.40% between 2015 and 2021
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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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.
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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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research require
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