New York, USA, Feb. 09, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global industrial machine vision market is forecasted to garner a revenue of $9,537.4 million by 2026, growing at a CAGR of 6.1% during 2018-2026. The extensive report puts forth a brief summary of the present market scenario, including other aspects such as growth and restricting factors, industry dynamics, challenges, and opportunities during and post pandemic period. The report also offers industry statistics which makes it easier and more beneficial for the new participants to comprehend the present market.
Increasing need for inspection and analysis of operational flow in within various firms is projected to be the major driving factor for the industrial machine vision lens market. Technology is a significant aspect in industries to monitor the functioning of work and workers for the work they do. Moreover, increase in the adoption of inspection in many industries is anticipated to drive the industrial machine vision lens market during the analysis period.
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Technology has been evolving continuously and is experiencing innovation since its advent. Professionals need to be updated about the need of technology. Lack of knowledge in professionals about technology is anticipated to be the biggest restraint for the industrial machine vision lens market over the estimated timeframe.
The report has segmented the market based on product type, segment type, growth rate and regional analysis.
The Robotic Cell Sub-Segment is Anticipated to Witness the Highest Growth Rate
Robotic cell sub-segment is predicted to have the highest growth rate and is predicted to grow with a CAGR of 7.1% over the analysis period. Robotic cell deployment types are the most cost effective and reduce the workforce for analysis & inspection which helps in increasing the production. This is predicted to boost the industrial machine vision lens market over the projected timeframe.
Smart Camera Product Type is Anticipated to Grow Immensely
Smart camera product type is projected to grow with a CAGR of 8.4% over the estimated period. Smart camera product types are much flexible and are intrinsically capable of self-programming through application functions and distinct algorithms that provide appropriate output. These factors are predicted to boost the smart camera product type in the industrial machine vision lens market over the estimated timeframe.
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Software Component Sub-Segment is Anticipated to Witness Significant Growth
Software component sub-segment is projected to grow with a CAGR of 7.7% over the projected timeframe. Software component segment assists in adjusting the size, rotation, aspect ratio adjustment of images and many other aspects. It is also used to inspect the software and robot program. These factors are anticipated to boost the growth of the software component sub-segment.
Predictive Maintenance Sub-Segment to Witness the Highest Growth Rate
Predictive maintenance sub-segment is predicted to witness the highest growth rate with a CAGR of 6.8% during the analysis period. Predictive maintenance sub-segment enables cost effective processes. Thus it is anticipated to grow as compared with other sub-segments in applications type due to the organization focusing more on their cost-effectiveness for their operational activities.
Asia Pacific Region will be the Most Lucrative
Asia-Pacific market is anticipated to have the highest growth rate with a CAGR of 6.9% during the analysis period. This growth can be attributed to the presence of multiple manufacturing units in the region owing to the availability of labor at a cheaper rate.
Key Players and Business Strategies
The report enlists the most significant players of the global industrial machine vision lens market. The market players include -
- COGNEX CORPORATION
- ISRA VISION AG
- AlphaTechSys Automation LLP
- Intel Corporation
- OMRON Corporation
- Teledyne Technologies Incorporated
- KEYENCE CORPORATION
- Sony Corporation
- National Instruments
These market players are adopting various organic and inorganic growth strategies such as partnerships and acquisitions to increase their market share in the global industrial machine vision lens market.
For instance, in January 2021, Intel, an American multinational corporation and technology firm, in its CES news conference, put forth how it is driving technology leadership with the development of more than 50 processors, which will eventually lead to more than 500 new designs for laptops and desktops. They are anticipated to arrive in the market in 2021.
The report also discusses the other important aspects of the market including SWOT analysis, financial performance of the key players, product portfolio and recent strategic developments.
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