Machine vision system market to reach $15bn by 2025, new report finds
According to the new research report published by The Insight Partners, titled “Machine Vision Systems Market - Global Analysis and Forecast to 2025”, the global Machine Vision Systems market is expected to reach US$ 15.01 billion in 2025, registering a CAGR of 7.2% during the forecast period 2017-2025.
In 2016, Europe accounted for the largest revenue share of more than one-third of the total market share, followed by North America.
The growth in the Europe region is highly attributed to the increasing adoption of the machine vision system in industries such as automotive and consumer electronics in European countries.
The North America (NA) and Europe (EU) in total holds more than half of the total market, while the regions such as Asia Pacific (APAC), Middle East and Africa (MEA) and South America (SAM) are exhibiting a high growth due to various factors such as increase advancements in technology and rise in the lifestyles of individuals in developed as well as developing countries of the world. Implementations of machine vision systems are expected to accelerate at a high growth rate in the coming few years due to technology, increasing the progress of the capabilities of cameras and microprocessors, automotive and other industry verticals’ inclination towards implementing such solutions which can provide better efficiency, easy capacity expansion and optimized CAPEX. Many small and large organizations and enterprises in the above verticals have implemented machine vision systems solutions owing to the various advantages it offers, thus influencing the market revenues and growth rates globally.
On the basis of types, the machine vision systems market is bifurcated into smart machine vision systems, PC-based vision systems, and 3D machine vision systems. Smart machine vision systems hold the prominent market share due to the factor such as smart machine vision systems are comparatively cheap and easy to integrate than PC-based machine vision systems and hence, companies looking for cost-effective solutions deploy smart machine visions systems.
Key findings of the study:
Europe is anticipated to account the largest market share of the machine vision systems market and is expected to register a CAGR of 7.9%.
Based on the type, the smart machine vision systems segment is expected to witness high year on year growth during the forecast period.
Countries such as China and India are expected to be the most attractive market by the end of the forecast period.
North America holds the second largest market share. The major driving factors for the North America machine vision systems market are the growing new applications. Some of the key applications that have arisen in recent past are in the industrial robot guidance, healthcare sector, etc., and also there has been a visible shift of applications other than in the factories, these applications comprise of an intelligent traffic management system. The major impetus to this market will be the drive for digitalization.
The key companies profiled in this report include Basler AG, IDS Imaging Development Systems GmbH, Microscan Systems, Inc., Teledyne DALSA Inc., Datalogic S.p.A, ISRA VISION AG, OmniVision Technologies, Inc., KEYENCE CORPORATION, COGNEX CORPORATION, and FLIR Systems.