Machine Vision Market Analysis Report By Offering, By Application (Quality Assurance, Measurement, Identification), By Product (PC-based, Smart Camera-based), By End Use, And Segment Forecasts, 2018 - 2025
The global machine vision market size is expected to reach USD 18.24 billion by 2025 at a 7.7% CAGR during the forecast period, according to a new report by Grand View Research, Inc. The ability of machine vision systems to process massive amounts of information in a just a few seconds is a major factor driving the market. The quick processing ability of machine vision systems is paving the way for manufacturers to achieve new milestones in manufacturing products with negligible defects. Moreover, increasing adoption of robots across industrial sectors is leading to application of vision-guided robotic systems. Industrial verticals, such as automotive, pharmaceutical, packaging, and food and beverage are prominent sectors where robotic systems are used, eventually fueling demand for machine vision systems.
Machine vision technology encompasses various components in order to capture images of products to analyze them, depending on different parameters of quality and safety. The technology is a combination of software and hardware, which provides operational control to devices to execute functions such as capturing and processing of images and measuring various characteristics required for decision making. Major components of the system include lighting, lens, image sensors, vision processing, and communication devices. Machine vision systems assist in resolving complicated industrial tasks with reliability.
Industrial machine vision systems are usually more robust and demand high reliability, stability, and accuracy as compared to those used in institutional or educational applications. They cost lesser than systems used in military, aerospace, defense, and government applications. These factors are expected to lead to greater adaptability of the technology in industrial sectors. In addition, robotic vision systems used across these industries are leading to increasing adoption of the technology, thereby strengthening the overall market.
The technology has proven to be of key importance in the area of manufacturing and quality control, owing to rising need for quality inspection and production. In addition, growing automation in industrial segments is facilitating the growth of the market at a considerable rate.
The technology has been witnessing extensive developments and innovative upgrades since its emergence. Several factors, such as inception of the technology and increasing need for quality products, are influencing market growth. Furthermore, machine vision systems are gaining traction in medical and healthcare applications in recent times. Analysis of medical images and robotic applications for carrying various medical activities are key roles of the technology in these sectors.
The automotive industry held the largest share in the machine vision market in 2017. The inspection process, which includes error proofing and presence/absence checking, is responsible for adoption of machine vision in the automotive sector. The food and beverages industry is expected to exhibit the highest growth rate over the forecast years, owing to use of machine vision systems in packaging and bottling operations.
Asia Pacific accounted for the largest market share in 2017, which can be attributed to ample opportunities offered on account of large manufacturing practices carried out in the region. Countries such as China, Japan, South Korea, and India are considered to be potential markets for upcoming technologies, including machine vision. The region’s rapid industrial expansion has been significantly contributing to the prosperity and development of various innovations and adoption of different technologies.
In addition, factors such as growing focus on developments, increased expenditure on vision-related research activities, and expanding manufacturing base in the region are expected to spur the market in Asia Pacific. The market is also anticipated to exhibit the fastest growth rate over the forecast period.
The global industry is facing challenges due to lack of awareness among users about rapidly advancing machine vision technology. Moreover, the complexity of integrating machine vision systems are posing major difficulties for manufacturers. This is also restraining the growth of the market.
Further key findings from the report suggest:
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