The global
machine vision technology market is characterized by intense
competition with many regional and global players, each vying to gain
a greater share of the market. The market is extremely fragmented
with most players investing on research and development so as to
come up with new products, innovation, and novel technology. The
expansion of product portfolio is a key strategy for players so as to
beat one another. As per a recent research report by Transparency
Market Research (TMR), providing customers with advanced products
with improved return on investments will be the core ideology by
which companies within the machine vision technology market will
play.
Some of the leading market players
mentioned in the report are: OMRON Corporation, Cognex Corporation,
Seeing Machines Ltd., ISRA Vision AG, Keyence Corporation, Adept
Technology Inc., Electro Scientific Industries Inc., Basler AG,
Microscan Systems Inc., and Allied Vision Technologies Inc.
According to the TMR report the global
market for machine vision technology will be worth US$28.5 bn by the
end of 2021, expanding at a CAGR of 8.40% between 2015 and 2021. By
application, the market was led by the industrial segment. The
industrial application segment comprises electronics, packaging,
textiles, semiconductors, and automobile. Of these, the semiconductor
sub-segment led in the past.
On the basis of geography, the machine
vision technology market in Asia Pacific has been leading and will
expand at a 7.3% CAGR over the period from 2015 to 2021. The
thriving manufacturing sector in Asia Pacific is the key factor
responsible for the growth of the machine vision technology market in
this region. On the basis of product, the PC-based machine vision
technology is leading and is anticipated to expand at a significant
CAGR in the period from 2015 to 2021.
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The market for machine vision technology
is witnessing a high growth on account of its use in auto defect
recognition, lenience monitoring, quality inspection, and component
monitoring. Machine vision technology is adopted for robot guidance,
process control, and for providing image based automatic inspection,
driving their demand. The adoption of this technology in industries
will further their demand. The flourishing manufacturing sector will
bolster the demand for machine vision technology.
Machine vision technology is used for
examining resistors, microchips, and components. The thriving
automotive industry is also creating growth opportunities for the
market as this technology is used for welding quality form, examining
engine blocks, and detecting flaws. On the other hand, the lack of
system operators will act as a challenge for the market and restrict
its growth to a certain extent.
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