CHICAGO, Nov. 04, 2019 (GLOBE NEWSWIRE) -- The global machine vision market size is expected to grow from an estimated value of USD 9.9 billion in 2019 to reach USD 14.0 billion by 2024, according to the study on “Machine Vision Market by Component (Hardware (Camera, Frame Grabber, Optics, Processor), Software (Deep Learning and Traditional Software)), Product (PC Based and Smart Camera Based), Application, End-User Industry - Global Forecasts to 2024” launched by MarketsandMarkets. The increasing requirement of product inspection & quality assurance, the rising demand for vision-guided robotic systems growing production of hybrid & electric cars in turn, driving the growth of the global machine vision industry.
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The demand for minimum human intervention in maintaining the quality across various verticals, especially those with advanced manufacturing techniques, has grown significantly over the past few years. Advancements in imaging technology, including a vision processing unit, liquid lens, deep learning software, hybrid image sensor, hyperspectral imaging, and a 360-degree camera, is driving the machine vision market across various verticals.
Cameras, frame grabbers, LED lighting, optics, and processors are the main hardware components used in machine vision technology. Of these, the demand for cameras was the highest in the global machine vision market in 2018, and the same trend is anticipated to continue over the forecast period. Moreover, the segment is expected to exhibit the highest growth (CAGR) during the forecast period on account of the rapid advancements in cameras, which now transcend the human eye while conducting a quantitative measurement of a structure.
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Machine vision is used in numerous applications, including quality assurance & inspection, positioning & guidance, measurement, identification, and predictive maintenance. In 2018, quality assurance & inspection accounted for the largest machine vision market share, and the trend is expected to remain the same over the forecast period. The predictive maintenance segment is anticipated to witness the highest gains between 2019 and 2024 due to its definitive suitability during machine downtime, thus, increasing operational efficiency & productivity. Artificial intelligence is becoming the key enabler of predictive maintenance and performance improvement, owing to its abilities such as learning, reasoning, and problem-solving.
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PC-based and smart camera-based are the two main types of machine vision products available commercially, of which the former is the oldest form. PC-based machine vision systems dominate the market, but this trend is expected to change with the advancements in smart camera technology and IoT, which can be integrated easily with smart cameras. Thus, smart camera-based modules are expected to witness the highest gains during the forecast period.
Automotive, electronics & semiconductors, consumer electronics, glass, metals, wood & paper, pharmaceuticals, food & packaging, rubber & plastics, printing, machinery, textiles, and solar panel manufacturing are the primary end-user industries covered in the global machine vision market study. The adoption of machine vision systems is high in the automotive, pharmaceutical, electronics & semiconductor, and consumer electronics industries due to the presence of a stringent regulatory framework and increasing focus on quality. However, the food & packaging industry is experiencing sharp growth due to the booming e-commerce industry worldwide, especially in China and India. The food & packaging industry is experiencing a sharp increase due to the booming e-commerce industry worldwide, especially in China and India.
North America and Asia Pacific together dominated and led the global machine vision market in 2018 due to factors such as increasing demand for quality inspection & assurance, adoption of Industrial 4.0, and government initiatives to support smart factories. These regions, especially Asia Pacific, are expected to witness above-average growth during the forecast period. Additionally, the presence of a large manufacturing hub in each of these regions, coupled with enormous investments for automation, is expected to drive market growth during the forecast period.
The lucrative growth of the global machine vision market has coaxed companies to undertake several strategies, including product developments & launches, partnerships & agreements, and mergers & acquisitions. For instance, Cognex, one of the leading machine vision manufacturers in the global market, announced the launch of two high-performance 3D vision systems: the 3D-A5000 area scan 3D system and the DSMax32T laser displacement 3D system, and a new method of 3D part location, PatMax 3D in November 2018. Similarly, Keyence launched new inspection tools for greater flexibility and much easier functioning with newly added OCR function Vision Sensor IV series in March 2018.
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