Global Machine Vision Market 2017-2021
About Machine Vision
The machine vision technology analyzes and inspects images through various machine vision software, hardware, and accessories. This technology includes four processes - identification, guidance, measurement, and inspection. The machine vision technology captures an image; transfers it to the processor; reports it to the processor system for inspection; and then provides the processed results to take action accordingly. The global machine vision market encompasses cameras; vision systems; and others which consists of accessories such as optics, sensors, lighting, frame-grabbers, and cables, which work as supports for the machine vision technology.
Technavio’s analysts forecast the global machine vision market to grow at a CAGR of 8.92% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global machine vision market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Machine Vision Market 2017-2021
Technavio recognizes the following companies as the key players in the global machine vision market: Cognex Corporation, Basler, Teledyne DALSA, OMRON, and Keyence.
Other Prominent Vendors in the market are: Datalogic, Edmund Optics, and Allied Vision Technologies.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is incorporation of thermal inspection in machine vision systems. After the improvement in the 2-D and 3-D imaging for machine visions there is a vast improvement seen in thermal inspection. Thermal inspection or thermographic imaging are infrared imaging sciences. The broadened product portfolio of manufacturers bears more risk as this brings in innovation and cost. The machine vision vendors are also introducing thermal imaging.”
According to the report, one driver in market is significant cost savings in operation due to process control. Machine vision systems are employed in the initial stage of production. Defective components are immediately removed from the process and are not finished. At times the removed part can be re-introduced into the production process. This saves materials. Defective parts never continue to the subsequent manufacturing phase and therefore incur no further costs. The integration of machine vision systems in manufacturing units helps manufacturers in reducing the labor cost as well as avoiding the corrective action cost. With the rise in the labor cost in the US and China it is becoming difficult for manufacturers to control the cost that may later affect the competitive strategy of a company. The use of machine vision systems helps in automatic capturing of data as well as reducing defects in products and processes.
Further, the report states that one challenges in market is intense competition. There is intense competition in the global machine vision market, which has led to price wars and reduced profit margins for vendors. Although vendors have patented their equipment and systems, there is a significant number of competitors entering the business with a similar type of systems. This creates a high competition. The high competition in the market is because of increased expectation from end-users. This is because there is a fast-technological improvement from normal cameras to smart cameras. In addition, at present, the availability of equipment at low prices has resulted in an increase in competition in the market.
Cognex Corporation, Basler, Teledyne DALSA, OMRON, Keyence, Datalogic, Edmund Optics, and Allied Vision Technologies.
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