Machine Vision Market – Insight
Machine Vision (MV) refers to the electronic imaging used for process control, inspection getting the automatic guidance. The term MV encompasses several technologies, software and hardware solutions, integrated systems, methods, expertise and actions. Alike conventional Industrial Applications, MV capabilities are extended to Augmented Reality & Virtual Reality as well. Similarly, MV enables ADAS (Advanced Driver Assist Systems), & Smart Security Systems to perceive extensive digital-imaging capabilities to efficiently deliver in low or no light conditions, consuming low battery power without interfering human activity all at once.
Diversified applications are allowing Machine Vision to garner huge traction enabling its Market to grow rapidly. Also, the latest trend of miniaturization of optical and electronic devices is augmenting demand for image processing eventually fostering the MV market growth. Space Robots dictating need for Machine Vision Cameras to see like humans are increasingly becoming reality. Evidently, leading players mentioned above account for the driving force behind the innovations MV witnesses today.
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Acknowledging the seminal work of these players, Market Research Future has recently published a Study report signifying market insights till 2022. In its analysis MRFR asserts that the ever flourishing global market of Machine Vision will garner accruals of USD 15.46 Billion registering a CAGR of 8.18% during 2017-2022.
Machine Vision experiences applications in diversified areas like Hyper spectral cameras allowing combination of spectroscopy and digital imaging explains the market growth. Hyper spectral imaging is extensively used by the military surveillance sector. Similarly adoption of Hyper spectral in various sectors like Mining & Mineralogy, healthcare and Environment Testing fosters the market growth.
Conversely, expensive hyperspectral cameras along with the associated complexities of processing and analyzing imaging data might pose challenges to the market growth. Nevertheless, Smart City Projects where Machine Vision systems are increasingly deployed in the solutions ensuring security and safety including advanced vision technologies will provide immense impetus to the MV market growth.
MRFR selected four segments for a detailed analysis of the global Machine Vision Market. These four segments are type, application, component, and end-user. Such an analysis based on segmentations is needed for a proper understanding of the market in the coming years. This would also help in unraveling various factors that can trigger the market growth.
- Based on types, the global machine vision market can be segmented by 1D machine, 2D machine, and 3D machine. 3D machine vision segment is expected to gain substantial ground in the coming years owing to the benefits in modelling and correction it provides.
- Based on the application, the machine vision market can be segmented into inspection, gauging, guidance, identification, and other. Machine complexities can be understood in a better way with thorough analysis of the end-product from its nascent stage.
- Based on components, the machine vision market can be segmented into hardware and software. The hardware segment can be segmented into ASMV, cameras, sensors, illuminations, processors and other. The hardware segment is important in analyzing the entire machine to its minute detail.
- Based on the end-user, the machine vision market includes automotive, electronics and semiconductor, healthcare, food and packaging, and other. The electronics and semiconductor segment has a lot of potential owing to its miniature size which needs efficiency in handling.
The prominent players in the market of Machine Vision Market are – Cognex Corporation (U.S.), Vitronic GmbH (Germany), Perceptron, Inc. (U.S.), Microscan Systems (U.S.), Basler AG (Germany.), National Instruments (U.S.), Optotune AG (Switzerland), USS Vision (U.S.), ViDi Systems SA (Switzerland), Keyence (Japan), Omron Corporation (Japan) among others.
North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW) are the four major regions included in the global machine vision market report made by MRFR. The report aims at locating growth pockets and understanding different market dynamics for a better predictive study.
Technological superiority and easy integration of latest modes into the mainstream industries have kept North America in the forefront and would continue to do so in the coming years. The regional market is also witnessing significant market investment owing to which the research and development sector is experiencing multifold surge.
Europe is also known for its technological advanced state. Several market titans are based out of this region. At the same time, booming automotive industry and engaging electronics sector are providing much traction for the easy integration of machine vision and its growth.
The APAC region is full of emerging economies where the industrial revamping is creating ample scope for industries to proliferate. For major market players, the region is evolving as a lucrative option. The electronics industry is quite strong because of the presence of China, Japan, Thailand, and others.
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