Global markets for Machine Vision (MV) technologies to grow to $23.5 billion in 2019
Machine Vision (MV) technology integrates imaging components and electronics into computerized analysis and control systems to identify, measure, sort and inspect components as they proceed through an automated process.
The advances in MV technology including smart cameras and vision-guided robotics have increased the scope of the MV market through wider applications in manufacturing and nonmanufacturing sectors. MV is now used to ensure the quality of products from tiny computer chips to massive space vehicles as well as in major security applications and traffic and crowd-control applications. Today, MV has become a vital and effective automation tool that enables computers to replace human vision in many high-speed and high-precision manufacturing and nonmanufacturing applications.
The MV industry is peculiar in nature as many of the components are manufactured in one location, assembled at another which may be in a different country, and finally assembled at another location in yet another country. For example, most of the cameras and optics needed for the MV industry are manufactured in Germany and Japan but are then exported to North America for conversion into an MV system. Finally, they may be sent to China or India for ultimate production.
According to BCC’s published report, Global Markets for Machine Vision Technologies, the global market for machine vision (MV) system components was nearly $13.5 billion in 2012, and is expected to grow to $15.2 billion in 2014. The market is expected to further increase at a compound annual growth rate (CAGR) of 9% the following five years starting from 2014 reaching nearly $23.5 billion in 2019.
This report looks at the application market for MV systems and the competition involved in this ever-expanding field. The report also studies the global market for the various components and different systems that constitute an MV system. The market for these components and systems has become very competitive, and this report will look into the nature of the competition and the regional breakdown of these markets.This study provides important information on the current size and anticipated growth of the overall market and its market segments, characteristics of the market, leading suppliers, trends in customer preference, and geographic market opportunities.
This report will be useful for manufacturers of MV systems and components, systems integrators, design and application engineers, various industries and agencies needing MV systems, traffic and transport planners and security system planners.
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