Wellesley, Mass. (PRWEB) November 22, 2014
The global market for machine vision (MV) system components should reach $17.1 billion by 2015 and about $26.9 billion by 2020, registering a compound annual growth (CAGR) of 9.4% over the next five years, according to a new report from BCC Research, Global Markets for Machine Vision Technologies. North America dominates the market for MV system components in terms of growth, with a CAGR of 9.7% over the five-year period from 2015 to 2020.
Advances in MV technology, including smart cameras and vision-guided robotics, have expanded the scope of the market. 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. These systems are used in the manufacturing of semiconductor, electronics, pharmaceuticals, medical devices, packaging, automotive, printing/publishing and consumer goods.
The economic turmoil of 2008 and 2009 heavily hit application areas such as automotive, semiconductors and many other industries. These industries have bounced back in the last four years. Today, MV systems have increased their use in all manufacturing applications. In addition, they have become major tools for traffic management, toll collection and many other nonmanufacturing uses. “The increasing requirements for quality control, productivity and cost-effectiveness in manufacturing for sectors of the economy have increased long-term demand for MV products,” says BCC Research analyst Srinivasa Rajaram.
Global Markets for Machine Vision Technologies analyzes the global market for the various components that comprise an MV system. In addition, there is attention on future global markets for MV systems and the involved technologies. The main objective of this report is to determine the worldwide market for MV systems and its growth potential over the next five years.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven(dot)cumming(at)bccresearch(dot)com.
About BCC Research
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today's major industrial and technology sectors, including emerging markets. For more than 40 years, we have helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key competitors. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Our clients include the top companies in industries around the world as well as universities, business schools, start-ups, consulting firms and investment companies. Visit our website at http://www.bccresearch.com. Contact us: (+1) 781-489-7301 (U.S. Eastern Time), or E-mail information(at)bccresearch(dot)com.
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