Machine vision technology expected to grow by $28.5 bn by 2021Tuesday 26th July, 2016
If the Compound Annual Growth Rate (CAGR) continues at the same rate of 8.40%, we can expect that the Machine Vision Technology industry to grow to $28.5 billion by 2021.
Machine vision technology has grown at this rate because of the ever expanding manufacturing sector. The manufacturing sector is moving more towards automated inspection, relying less and less on human interaction.
Machine vision applications can be used to examine:
- Contact lenses
- Automotive components
- Leather seating
- Aerospace fibre placement
- Nonwoven surfaces
The largest use of machine vision technology is within the manufacturing sector.
As the machine vision market expands, so do the expectations of the manufacturers. Manufacturers expect extremely accurate instruments that measure at high speeds and ultimately reduce waste and save costs.
PC based machine vision technology ticks all of the boxes, which is why this type of inspection is the global leader in terms of product type. This segment leads the market due to the growing demand for highly advanced inspection methods in multiple industries.
Machine vision distribution by industry
A report by transparency market research separated the application of machine vision technology into industrial and non-industrial sectors. Industrial applications dominated the market, with the automotive, textiles and electronic industries leading the way. The non-industrial markets featured industries from the medical, banking, and security sectors, amongst others.
Machine vision application by region
Looking at the geographical application of machine vision technologies, the report found that Asia Pacific had the largest market share, closely followed by Europe and thirdly North America.
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