According to the Machine Vision Market report, the total value of the market is expected to reach $9.50 Billion by 2020 and is estimated to grow at a CAGR of 12.51% from 2014 to 2020.
The report published by Markets and Markets includes an in-depth analysis of the market by component (optics, software), product (PC based, embedded), technology (imaging, laser, augmented), vertical (pharmaceutical, security, automotive, defence) and by geography.
The global market for machine vision systems (MV) has flourished recently, which made the Americas a crown holder of the present machine vision market. The main reason for the growth of this market is the increase of automation in the industrial sector. Machine vision technology and products help to reduce production costs and ensures high levels of product quality that are necessary in a competitive world market. It is used to analyse and inspect images through the use of various machine vision software solutions, hardware, and accessories.
The major verticals driving the market are pharmaceuticals, healthcare, security and surveillance, food and packaging and intelligent transportation system (ITS). Multiple information sensors are used to enable remote surveillance and notification of security breaches in real time for the security and surveillance application. Machine vision systems can identify troublesome events such as movement in alarm zones and perimeter breaches during off hours without any security staff. In ITS, machine vision improves passenger and operator safety and also enables a smooth flow of traffic. It is also helpful in providing safety and security against threats in high-density transportation settings. For healthcare, pharmaceuticals and food and packaging, MV systems are required for proper inspection and flaw detection procedures.
There has been immense support from private and public sectors for the machine vision market in almost every developed and developing country. The North America market grew in 2013, after a contraction in 2012. Countries such as Mexico, Germany, France, India, China and Japan will see extensive investment in the machine vision market in the coming years as automation is adopted.
After the U.K., Germany is a leading market for machine vision system, and is followed by France. The French market was significantly bigger and more dynamic in nature than expected. The domestic market is much more significant for vision suppliers in France, than it is in Germany or Italy. France has a stronger focus on defence and avionics compared to the rest of Europe.
Japan Industrial Imaging Association (JIIA) is fostering technological innovation of industrial imaging, promoting global community for those organizations related to industrial imaging and so further contributing to development of industrial imaging world-wide.
These factors will improve the market for machine vision and create new avenues for the industry by spreading awareness of the scope of this market across the globe.
The major players in the machine vision industry are Cognex Corporation (U.S), Teledyne Dalsa (U.S), Basler AG (Germany), Soliton Technologies (India), Vitronic GmbH (Germany), Sick IVP (Germany), JAI (U.S), LMI Technologies (U.S), Adept Technologies Inc. (U.S), MVTech Software GmBH (Germany), Omron Corporation (Japan), Absolute Vision (U.K), Stemmer Imaging (U.K), ISRA Vision (Germany), and Edmund Optics (U.S), Pixelink (U.S) among others.