Industrial Machine Vision Market Expected to Behold a CAGR of 7.61% During 2017 – 2023

“The industrial machine vision market estimated to grow at a CAGR of 7.61% between 2017 and 2023”
The overall industrial machine vision market was valued at USD 7.91 billion in 2017 and is expected to reach USD 12.29 billion by 2023, at a CAGR of 7.61% between 2017 and 2023. The increasing demand for vision-guided robotic systems and rising adoption of 3D machine vision systems play a significant role in the growth of the industrial machine vision market. However, factors that are restraining the growth of the industrial machine vision market include the changing requirements of end users with respect to industrial machine vision applications and lack of flexible machine vision solutions. The growing adoption of Industrial 4.0 and AI is likely to create huge growth opportunities for the industrial machine vision market. Factors that are restraining the growth of the industrial machine vision market include the changing requirements of end users with respect to industrial machine vision applications and lack of flexible machine vision solutions.

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“Quality assurance and inspection application is expected to hold the largest market size during the forecast period”
Industries have realized the importance of quality assurance in manufacturing processes, which has resulted in the widespread acceptance of machine vision as an integral part of long-term automation development process. The use of machine vision throughout an automated production process helps identify problems in the manufacturing process in a short span of time. This, in turn, would help in reducing costs and improving response time. The increasing demand for quality products, growing manufacturing capacity, and shortage of skilled labor. Thus, market for quality assurance and inspection application is expected to hold the leading position in industrial machine vision market between 2017and 2023.

“Industrial machine vision market in Asia-Pacific (APAC) is expected to grow at the highest rate during the forecast period”
Asia-Pacific is expected to be the fastest-growing market. The APAC market is divided into India, China, Japan, South Korea, and Rest of APAC. Asia Pacific is expected to provide ample growth opportunities for the industrial machine vision market since it is considered as the manufacturing hub for most industries. China has been a potential market for all emerging technologies, including industrial machine vision systems. Moreover, electronics and semiconductor is also one of the major industries contributing towards the growth of magnetic sensors in APAC region.

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In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews have been conducted with key industry people. The breakup of the profile of primary participants has been given below:
• By Company Type: Tier 1 – 55%, Tier 2 – 25%, and Tier 3 – 20%
• By Designation: Directors – 50%, Managers – 20%, Vice President –25%, and Others – 5%
• By Region: North Americas – 40%, Europe – 35%, APAC – 15%, and RoW – 10%

Companies that can provide an IOT and AI integrated industrial machine vision system is expected to emerge as the game changers since such system will reduce the human intervention and boost the overall efficiency of the production.

The key market players profiled in the report are Cognex (US), Basler (Germany), OMRON (Japan), KEYENCE Corporation (Japan), National Instruments (US), Sony (Japan), Teledyne Technologies (US), Texas Instruments (US), Intel (US), Baumer Optronic (Germany), Tordivel (Norway), ISRA VISION (Germany), MVTec Software (Germany) SICK (Germany) and JAI A/S (Denmark), among others.

Research Coverage:
• In terms of market by hardware components, segments such as Camera, frame grabber, optics, LED lighting, processor and others are covered. Camera under hardware component comprehensively covers standards, frame rates, format and sensor type. For software component, deep learning and application specific is considered.
• Major applications for machine vision systems are quality assurance and inspection, positioning and guidance, measurement, and identification.
• The scope of end-user industry covers automotive, electronics and semiconductor, consumer electronics, glass, metals, wood and paper, pharmaceuticals, food and packaging, rubber and plastics, printing, machinery and solar panel manufacturing
• The geographic analysis is done with regards to major four regions namely North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW) (South America and Middle East & Africa)
Reasons to Buy This Report:
From an insight perspective, this research report has focused on various levels of analysis—industry analysis (industry trends), market ranking analysis of top players, value chain analysis; company profiles which discuss the basic views on the competitive landscape, emerging and high-growth segments of the industrial machine vision market, and high-growth regions; and market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:
• Market penetration: Comprehensive information on industrial machine vision offered by the top players in the overall industrial machine vision market
• Product development/innovation: Detailed insights regarding R&D activities, emerging technologies, and new product launches in the industrial machine vision market
• Market development: Comprehensive information about lucrative emerging markets—the report analyses the markets for industrial machine vision across regions
• Market diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the overall industrial machine vision market
• Competitive assessment: In-depth assessment of market ranking analysis, strategies, products, and manufacturing capabilities of the leading players in the industrial machine vision market

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