Machine Vision Technology Accelerate with no Human Intervention

  • Posted by Pragati P
  • September 6, 2016 12:10 PM BST
Global machine vision technology market is expected to almost double in value over the 2015-2021 forecast period.

Transparency Market Research (TMR) has released a new report on the global machine vision technologies market. The report presents detailed predictions about the market’s development in the forecast period from 2015 to 2021. The report is titled ‘Machine Vision Technology Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021’ and is available for sale on the official website of TMR.

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Machine vision technology is an advanced suite of technologies that allow robotic systems to inspect a system with no human intervention. It is an imaging-based system of inspection comprising one or multiple smart cameras. These cameras sometime don’t even need a distinct computer to run the scans, which is a key driver for the machine vision technology market. According to the report, the global machine vision technology market is expected to almost double in value over the 2015-2021 forecast period. Exhibiting a strong 8.40% CAGR in the aforementioned forecast period, the market is expected to rise in valuation from US$15.7 bn in 2014 to US$28.5 bn by 2021.

One of the major drivers for the global machine vision technologies market is the rapid expansion of the global manufacturing sector. The increasing demand for various goods due to the growing global population has given the global manufacturing sector strong impetus in recent years. The manufacturing sector in Asia Pacific, in particular, has exhibited growth at a robust rate in the last few years, aided by government efforts in several Southeast Asian countries to boost the regional manufacturing sector. Due in part to the latter, Asia Pacific emerged as the largest market for machine vision technologies in 2014.

On the other hand, the lack of trained technicians to handle machine vision systems is a major restraint on the global machine vision technologies market at present. The lack of standardization in the global market, which has allowed several players to come up with designs based on differing technological platforms, is another restraint on the market.

Inspection of the various products in the growing semiconductor, electrical and electronics, and automotive industries is the major application of machine vision technologies. Of these, the semiconductors segment held the largest share in the industrial application of machine vision technologies – 22% in 2014. Packaging and textiles are the other major industrial applications of machine vision technologies.

Among non-industrial applications, banking, security and surveillance, lab automation and medical imaging, traffic control, and others are the major segments, with the others segment holding 24.4% of the non-industrial application segment.