Machine Vision Systems Market to Reach $8.6 Billion by 2021 With a CAGR of 12.6%
Machine Vision Systems are widely used in different industrial and non-industrial verticals in various applications such as Identification, Verification, Measurement, Inspections, and others. Machine Vision Systems and Components Market is expected to grow at a CAGR of 12.6% with total revenue of $8.6 billion by 2021.
Hamilton, NY, December 4, 2015 (Newswire.com) - 2021 is estimated to be a healthy year for the Machine Vision Systems Market owing to the high number of quality developments in automation and production sophistications in prominent end user and application industries such as food processing, consumer goods, pharmaceuticals, semiconductors and automotive.
Application Brief:
Machine Vision Systems are widely used in different industrial and non-industrial verticals in various applications such as Identification, Verification, Measurement, Inspections, and others. Machine Vision Systems and Components Market is expected to grow at a CAGR of 12.6% with total revenue of $8.6 billion by 2021.
Sanjay Matthews, BDM
Machine Vision Systems Market is all about the technology which deals with images or sequences of images with the objective of manipulating and analyzing them in order to improve quality, to restore images, to understand and interpret the images. It is a method used to provide imaging based automatic inspection and analysis for wide range of applications such as; identification, verification, measurement, automatic inspections, process control, robot guidance and other industries. Vision technology is a broad technology that combines lighting, optics, electronics, information technology, software and automation technology.
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MARKET TRENDS & GROWTH:
According to IndustryARC, Machine Vision Systems and Components Market is expected to grow at a CAGR of 12.6% with total revenue of $8.6 Billion by 2021, owing to the increasing demand for autonomous robots and other robotic platforms which has set demand for machine vision systems across the globe. This is further interlinked with Smart Camera Systems, one of the turnkey solutions for robotics, which are majorly used in robot guidance.
Market Driving Factors: In past one decade, there have been enormous improvements in image processing field such as advancements in face recognition, image recognition, object recognition, text extraction from image, hand written text recognition, motion recognition and many more. These advancements will drive the machine vision systems market in coming years by creating new opportunities for applications across different industrial and also non industrial verticals.
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Region: Research conclude that geographical regions like North Americas and APAC have been very evident in influencing increased adoption rates of machine vision systems and shall continue the trend going ahead. While Americas is accounted to be the major market for machine vision systems market, Asia-Pacific is expected to rise at the highest CAGR during the forecast period.
REPORT SCOPE: Market Segmentation:
Machine Vision Systems and Components Market is broadly segmented into 5 types based on few factors. They are further sub segmented into some more channels.
1. By Type: Smart Camera Vision System, Embedded Vision System, PC-Based Vision System and 3D Machine Vision Systems.
2. By Functions: Positioning, Identification, Verification, Inspection, Measurement, Guidance and Others.
3. By Components: Smart Cameras, Analog Cameras, Digital Cameras, Frame Grabbers and Others.
4. By Application: Food Processing, Consumer Goods, Automotive, Chemical and Others.
5. By Geography: Americas, Europe, APAC and ROW.
Key Players:
The competitive landscape of the market presents a very interesting picture. The market is witnessing new product launches and large scale collaborations, and agreements and partnerships across the value chain, with a number of tier-one players around the globe. Few notable competitors of this market analyzed and mentioned in this updated research report are:
· Matrix Vision GmbH
· Fusion Systems Group
· Pepperl+Fuchs GB Ltd.
· Baumer Holding AG
· SONY Corporation
· Pepperl+Fuchs GB Ltd.
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