machine vision systems Market

The global machine vision systems market accounted for US$ 9.11 Bn in 2018 and is expected to grow at a CAGR of 7.5% during the forecast period 2019 - 2027, to account for US$ 17.57 Bn by 2027.

For sustainable economic development, various countries worldwide are focusing on increasing industrialization, especially in manufacturing and process industry sectors. The fast evolving technology landscape in the manufacturing and process industries worldwide has also been encouraging the manufacturing companies to invest in advanced systems and processes, which can help achieve high operational efficiencies and also enable companies to meet challenging demands of today’s customers. The present century is characterized by tough competition in all major industry verticals. The manufacturers of various systems are facing tough competition on parameters such as costs, technology, quality, time-to-market, and  service. Hence, to maintain market position and to achieve sustainable development, manufacturers are increasingly investing in advanced systems. Hence, with positive global economic outlook and increasing investments in manufacturing and process industries, the demand for various types of machine vision systems is expected to grow over the forecast period of 2019 to 2027. Few of the top contributors to the global machine vision systems market include countries such as the US, Germany, the UK, China, and Japan. However, the future growth of the machine vision systems market is anticipated to come from developing regions such as APAC, the Middle East, Africa, and SAM.

The machine vision systems market has been segmented on the basis of type, component, interface, end-user, and geography. Based on type, the market is segmented into smart machine vision systems, PC-based machine vision systems, and 3D machine vision systems. Based on component, the machine vision systems market has been segmented into cameras, frame grabbers, processors, illuminations and optics, vision software, vison sensors, and others. Based on camera interface, the machine vision systems market is segmented into USB 2.0/USB 3.0, camera Links, GigE, CoaXPress, and others. The machine vision systems market is further segmented into different end-users such as automotive, electronics & semiconductor, food and beverage, pharmaceuticals, logistics, and others. The players in the global machine vision systems market are anticipated to witness impressive growth rate during the forecast period. Increasing government initiatives worldwide to support the growth of manufacturing sector, growing demand for high-quality product inspection, and increasing demand for cost-effective vision inspection technology are some of the major factors that are driving the growth of machine vision systems market worldwide. However, high labor costs, complicated end-user requirements, and lack of standardization could act as restraining factors for the growth of the market. Despite these restraining factors, the growing number of technologies for machine vision applications, emergence of Industrial Internet of Things (IIoT), and rising trend of factory automation are few of the factors that are anticipated to offer ample growth opportunities for the players operating in the machine vision systems market during 2019-2027.

The key companies operating in the machine vision systems market include Teledyne Technologies Incorporated, OmniVision Technologies, Inc., ISRA VISION AG, FLIR Systems, Inc., Cognex Corporation, Omron Microscan Systems, Inc., Keyence Corporation, IDS Imaging Development Systems GmbH, Datalogic S.p.A, and Basler AG.