The machine vision market will grow by 8 per cent from 2013 to 2018, reaching $5 billion in 2018, according to a new report published by US market research firm Markets and Markets.
The report suggests more powerful processing capabilities coupled with the development of embedded machine vision and new interfaces are contributing to the growth of the market. These advancements have also increased processing power, reduced cost and operational complexities, thereby increasing the scope of machine vision technology for a wider application, the report says.
The global machine vision system and components market is estimated to reach $3,125.78 million in 2012 according to the report, growing at an estimated CAGR of 8.2 per cent from 2013 to 2018.
Among all the product market segments, the PC-based machine vision segment held a majority of the product market in 2012, while smart camera-based machine vision is the fastest growing among three product markets. By the end of 2018, smart camera-based machine vision systems are expected to hold more than 35 per cent of the product market. The compact and application specific features of this setup are expected to drive the market in the coming five years. Embedded machine vision is also expected to establish itself in various industrial and non industrial verticals.
Among all the component market segments, the camera component of the set up commanded the largest share in terms of revenues in 2012.
As of 2012, the identification application market segment dominates the application market of machine vision. The inspection market segment is the second largest segment which held a market share of around 32 per cent in 2012. Locating applications are expected to grow with a relatively high CAGR of 15 per cent during the projection period.
As of 2012, the industrial segment accounted for 75 per cent of the turnover of machine vision systems and components globally. This segment generated revenue of $2,394.35 million in 2012 and is expected to grow with a CAGR of 7.2 per cent from 2013 to 2018. Non-industrial markets are emerging and have generated revenues of $731.43 million in 2012. Non-industrial is expected to grow a CAGR of 11.2 per cent from 2013 to 2018.
At present, the Asia-Pacific region dominates the global machine vision system and component market, which is also the fastest growing region, at a CAGR of 11.1 per cent expected from 2013 to 2018. The European region is the second largest market, which occupied market share of 30 per cent in 2012. The Americas is expected to grow at around 7 per cent during 2013 to 2018.