LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global machine vision market to grow to USD 14.81 billion by 2021, at a CAGR of close to 9% over the forecast period, according to their latest report.
The research study by Technavio on the global machine vision market for 2017-2021 provides a detailed industry analysis based on the product type (camera), end-users (industrial and non-industrial), and geography (APAC, EMEA, the Americas).
|APAC is the leading market segment, expected to generate both the highest revenue and maximum incremental growth over the forecast period. The provision of innovative and low-cost cameras in the market and their increasing adoption in countries such as China, Japan, and Indonesia is the key factor driving the growth of the market segment.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global machine vision market:
- Significant cost savings in operation due to process control
- Rise in demand for machine vision systems from APAC
- Growing use of machine vision systems in different non-industrial sectors
Significant cost savings in operation due to process control
“Machine vision systems are employed in the primary stages of production to remove defective and unfinished components, saving significant material, time, and revenue to the manufacturers,” says Bharath Kanniappan, a lead analyst at Technavio for automation research.
Depending on the extent of damage, parts can either be reintroduced or eliminated from the production stream. The integration of machine vision systems in manufacturing units helps manufacturers in reducing the labor cost as well as avoiding the corrective action cost.
Rise in demand for machine vision systems from APAC
There is an increase in demand for machine vision components from manufacturing industries involved in access automation in APAC. Countries such as China and India are creating increasing demand for high-quality products in automobile, printing, and food and beverages industries, which has resulted in the increased import of machine vision components. The major industrial sectors in APAC such as electronics, automobile, and healthcare markets are also contributing to the increase in demand for machine vision systems.
Growing use of machine vision systems in different non-industrial sectors
“Non-industrial sectors such as security and surveillance, intelligent traffic system, and medical equipment are increasingly using machine vision components and systems, adding significant revenue to the market,” says Bharath.
Niche applications in non-industrial sectors such as driverless cars, intelligent traffic systems, and capturing of wide dynamic ranges for surveillance have increased the traction for this market. Also, the manufacture of plastic, paper, foil, and film require high-speed machine vision systems to enhance the efficiency of processes.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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