Wellesley, Mass, Jan. 19, 2017 (GLOBE NEWSWIRE) -- Faster hardware, more intelligent tools, and better application software development and deployment environments are enabling a broader and deeper proliferation of machine vision (MV) applications. BCC Research reveals in its new report that changes in MV technologies will continue and even intensify during the next five years, leading to double-digit CAGR rates in the global market.
Machine vision interprets an image captured by a camera. It then uses a computer to analyze this image and makes decisions based on that analysis. The technology integrates imaging components and electronics into computerized analysis and control systems to identify, measure, sort and inspect components as they proceed through an automated process. Two principal types of vision systems are considered, PC-based and smart camera-based.
The global market for machine vision (MV) system components should reach $19.0 billion and $30.8 billion in 2016 and 2021, respectively, reflecting a five-year compound annual growth rate (CAGR) of 10.2%. Optics, lighting and frame grabber as a sector should grow from $5.6 billion in 2016 to almost $9.3 billion by 2021, demonstrating a five-year CAGR of 10.6%. Camera and smart camera as a sector is expected to total $8.2 billion by 2021, up from $5.0 billion in 2016, with a five-year CAGR of 10.3%.
Machine vision (MV) markets have changed rapidly during the past few years. Long-term changes have boosted growth. For example, technological factors have increased the value provided by MV products, thereby stimulating and increasing demand. Also, the increasing requirements for quality control, productivity and cost-effectiveness in manufacturing in all sectors of the economy have increased long-term demand for MV products. Emerging MV applications should expand the size of the MV components and systems markets. As such, applications such as automatic number plate recognition, traffic flow monitoring, traffic surveillance and other related applications are witnessing increased integration and utilization of MV systems.
Other growth factors include the increasing need for quality inspection and automation, accelerated demand for vision-guided robotics systems, rising labor costs that create investment opportunities for vision-guided industrial robots and other automation technologies, and additional governmental regulatory mandates in the food, pharma and automotive industries, among others.
Components have been undergoing constant upgrades that provide improved operation. Falling component prices in tandem with improving performance ratios have made the market for MV components competitive, helping to grow the market.
"Faster CPUs will enable more powerful vision algorithms. In addition, emerging digital standards and faster interfaces will permit higher resolution and higher speed imaging, resulting in a need for smarter software to process the increasing numbers of pixels," says BCC analyst Srinivasa Rajaram. "Neural network techniques are about to become a key paradigm in MV. They will be used to correctly segment an image under a wide variety of operational conditions or to classify the detected object. Stereo and 3-D-vision applications are continuing to grow, as well."
Global Markets for Machine Vision Technologies (IAS010F) analyzes the various components that compose an MV system, as well as the advances in MV technology, such as smart cameras and vision-guided robotics. The report also examines the structure of the industries involved in the research, development, design, and manufacture of MV components and systems. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
About BCC Research
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