According to a new market report published by Acute Market Reports Inc “Machine Vision and Inspection System Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 - 2023,” the machine vision and inspection market is expected to reach US$ 14.85 Bn by 2023, with the rising need to reduce production cost and increasing demand for high quality products. In addition, continuous developments to offer simple and efficient machine vision and inspection solutions is also expected to fuel this market growth throughout the forecast period. Global manufacturers are focusing on reducing labor costs and production errors particularly related to quality which is also influencing the demand for machine vision and inspection systems. This industry is expected to face challenges due lack of standardization in manufacturing solutions and availability of skilled labors to operate advanced systems.
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Based on system type, machine vision and inspection solutions are classified into two categories i.e. PC based systems and camera based systems. Computer based solutions accounted for the largest revenue share in 2014 due to their higher processing power and effectiveness in complex operations. Camera based solutions are compact and comparatively cheaper than PC based solutions. In addition, cameras based solutions are easy to operate and required low maintenance cost. Small and medium size organizations are rapidly integrating camera based solutions with their production line for inspection application. This is expected to fuel the demand for camera based machine vision and inspection solutions.
Camera, optics, lighting, software, frame grabber are some major components of machine vision and inspection system. Cameras are used in almost all machine vision and inspection systems and accounted for the largest revenue share compare to other components. Software solutions are expected see the fastest growth through the forecast period with rising demand for simple and user friendly solutions.
Machine vision and inspection systems are be used in broad range of industries including automotive, pharmaceutical, semiconductors, printing, food, healthcare, and several others.
Rising market competition is forcing global manufacturers to reduce production errors and their operating expenses. Thus, global manufacturers are rapidly integrating advanced solutions with their production line in order to produce quality produce while minimizing production errors. Semiconductor segment represents the largest end use segment for machine vision and inspection solutions. This segment is expected to see the significant demand for machine vision and inspection solutions with rising demand for compact electronic devices which would further reduce the size of semiconductor components. Machine vision and inspection solutions are expected to see the substantial growth from Pharmaceutical and food industries due introduction of stringent packaging and product quality regulations.
Growing industrialization in Asia Pacific region represents a huge opportunity for machine vision and inspection solutions providers. Manufacturers in this region are increasingly investing in advanced solutions in order to produce international quality products. North America and Europe are expected to grow at a steady pace with majority of demand from replacement market as manufacturers are replacing their outdated machineries with advanced solutions.
The global machine vision and inspection system market is highly competitive and comprise of large number of multinational players. Some recognize players in this industry are focusing on geographical expansion and development of advanced solutions that match their clients’ requirements. Some major players in this industry include ISRA VISION AG, Cognex Corporation, Edmund Optics Incorporation, and Microscan Systems Incorporation.
