Machine Vision System Market and Vision Guided Robot Market are Anticipated to Grow at a CAGR of 7.2% and 13.2% Respectively During the Forecast Period 2018-2025, Says Esticast Research and Consulting
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As per the report “Machine Vision System and Vision Guided Robots Market By Type ( PC-based Machine Vision Systems, Smart Camera Based Machine Vision Systems ), By Application ( Automotive, Electronics and Semiconductor, Healthcare and Pharmaceuticals, Intelligent Transportation System ), Industry Trends, Estimation & Forecast, 2017-2025″
In 2017, the automotive segment generated the highest revenue share in the global machine vision system market. Among major regions, Asia-Pacific was the highest revenue generating market, holding nearly 35% share of the machine vision system market, in 2017.
“Rising trend of automation in various industry verticals such as automobiles, food & beverages, pharmaceuticals, and semiconductors, has surged the adoption of machine vision systems and vision guided robots. The high efficiency and efficacy of machine vision systems has led to the rising use of such systems in several industrial automation processes and robots. Technological advancements are evolving the vision spectrum of these systems and robots, which in turn is paving the way for nouveau market opportunities in the global market.”
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Smart camera based machine vision systems segment is expected to grow at an impressive CAGR of 8.8%, owing to their high efficiency
Smart cameras have emerged as the next generation of PC- based vision systems. They are relatively less expensive and are less complex, as compared to other types of machine vision systems. The demand for smart camera based machine vision systems is increasing in various applications such as healthcare, entertainment and automobiles. Moreover, smart camera based machine vision systems are highly efficient in detecting motion and movement, decoding, measuring objects and even recognizing human facial expressions. Such determinants are expected to fuel the growth of the segment during the upcoming years.
Automotive segment garnered the lions share in the global machine vision system market due to the surging applications of these systems in such a mass production industry
Industrial robots are on the edge of transforming the face of automotive industry. Machine vision plays a crucial role in the automotive sector as it functions like the brain and eyes of the blind robotic bodies working in the manufacturing plants. As per a research, the automotive industry is one of the largest consumers of automation equipment. If calculated, one single automobile unit can have more than 12,000 precision parts that are to be placed at the correct place. Being a high volume industry, automotive industrialists are traditionally focused upon mass-production and thus cater to the need for machine vision systems.
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North America garnered the highest revenue in the global vision guided robot market, owing to the rising adoption of automation in the industrial sector
North America held nearly 35% market share, in terms of revenue, of the global vision guided robots market. It is anticipated to maintain its dominance in the long run and exhibit an impressive CAGR of 13% during the forecast period. Industrialization in North America is rapidly gaining pace after its recovery from the recession that occurred in 2008, leading to a rise in extensive technological advancements in various industrial verticals. Moreover, United States is a prime hub of major industrial automation equipment manufacturers, which is expected to boost the demand for robot supplies in the region. As per IFA, the robot supplies in the America are expected to increase by 16% in the year 2018, which is anticipated to catalyze the growth of both machine vision systems market and vision guided robots market during the forecast period.
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KEY FINDINGS OF GLOBAL MACHINE VISION SYSTEM AND VISION GUIDED ROBOT MARKET, 2017-2025
• The global machine vision system market is a highly fragmented market with the presence of several market players. On the contrary, the global vision guided robot market is a consolidated market with the presence of few prominent market players.
• Vision guided robots are expected to witness a declining price trend during the forecast period 2018-2025.
• PC based machine vision system segment gained the highest revenue share of 56% in the global machine vision system market, in 2017.
• Asia-Pacific led the global machine vision system market and is expected to grow with the highest CAGR of 17.3% in the global vision guided robots market during the forecast period.
Some key market players are Denso, Universal Robots, FANUC, KUKA, Rethink Robotics, ABB, ISRA Vision, Datalogic, Teledyne Dalsa Corp, Xiris Automation, National Instruments, Omron Microscan, and Cognex.