(PRWEB) April 09, 2013
According to a new market research report of "Machine Vision Systems & Components Market- By Technology (PC & Smart Camera), Application [Industrial (Automotive, Electronics, Packaging, Medical), Non Industrial (Security, Traffic And Road Safety, Healthcare)]-Global Analysis & Forecast (2013-2018)", published by MarketsandMarkets is expected to grow at a CAGR of 8% from 2013 to 2018 and reach $5 billion in 2018.
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The machine vision system and component market is matching up with the growing demand for traditional and non-traditional applications areas. Innovation in processing capabilities has made the machine vision systems more powerful; coupled with the development of embedded machine vision and new interfaces. These advancements have also increased processing power, reduced cost and operational complexities, thereby increasing the scope of machine vision technology for a wider application. The global machine vision system and components market is estimated to reach $ 3,125.78 million in 2012; growing at an estimated CAGR of 8.2% from 2013 to 2018.
Amongst all the product market segments, PC based machine vision segment held a majority of the product market in 2012, while smart camera based machine vision market segment is fastest growing among three product markets. Third being embedded machine vision market segment. By the end of 2018, smart camera based machine vision system market segment is expected to hold more 35% of product market.
The compact and application specific features of this setup are expected to drive the market in coming five years. Embedded machine vision is also expected to establish itself in various industrial and non industrial verticals.
Among all the component market segments, the camera component of the set up commanded the largest share in terms of revenues in 2012, while Optics, frame grabber and lightning segment, which are clubbed together for the calculation purposes; and software & hardware component share similar share in overall cost of the system. It is also expected to be the fastest growing market, growing at a CAGR of 10.1% from 2013 to 2018. The higher demand for centralized processing and lower cost of the system clubbed with ease to install and use are some of the drivers for this segment.
Machine vision applications market has been segmented in four types namely -
As of 2012, identification application market segment dominates the application market of machine vision. Inspection market segment is second largest segment which held a market share of around 32% in 2012. Locating application is expected to grow with a relatively high CAGR of 15% during the projection period. Machine vision components and systems complements and to some extend replaces the manual inspections and measurements with power full digital cameras and image processing. This has increased the scope of its applications.
As of 2012, industrial vertical accounted for the major part i.e.75% of the turnover of machine vision systems and components globally. This segment generated revenue of $2,394.35 million in 2012 and is expected to grow with a CAGR of 7.2% from 2013 to 2018. Non industrial vertical is emerging market and had generated revenues of $731.43 million in 2012 and is expected to grow a CAGR of 11.2% from 2013 to 2018
At present, Asia Pacific region dominates the global machine vision systems market, which is also the fastest growing region, at a double digit CAGR of 11.1% from 2013 to 2018 and this trend is expected to continue in the forecast-ed period as well; followed by European region, the second largest market for machine vision, which occupied market share of 30% of the overall market in 2012. However, Americas region is expected to grow with least CAGR among geographies i.e around 7% during 2013 and 2018
In addition to market sizes and forecasts, the report also provides a detailed analysis of the market trends and factors influencing market growth, offering in-depth geographic analysis of the machine vision systems and component markets in the U.S., Europe, Asia Pacific, and Rest of the World (ROW). The report draws the competitive landscape of the global machine vision market, providing an in-depth comparative analysis of the technological and marketing strategies adopted by key players in order to gain an edge over their competitors.
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MarketsandMarkets is a global market research and consulting company based in the U.S. We publish strategically analyzed market research reports and serve as a business intelligence partner to Fortune 500 companies across the world.
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