PORTLAND, Ore., Nov. 4, 2020
Implementation of automation in industrial applications and rise in demand for vision-guided systems drive the growth of the global machine vision system market
PORTLAND, Ore., Nov. 4, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Machine Vision System Market By Type (1D Vision, 2D Vision, and 3D Vision), Product (PC-Based Machine Vision System, Vision Controllers, Standalone Vision System, Vision Sensors & Image-Based Bar Code Readers, and Others), and Application (Identification, Inspection, Gauging, Positioning, and Others), and End Use (Automotive, Healthcare, Manufacturing, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the global machine vision system market size was valued at $29.7 billion in 2019, and is projected to reach $74.9 billion by 2027, registering a CAGR of 11.3% from 2020 to 2027.
Drivers, Restraints and Opportunities
Implementation of automation in industrial applications and rise in demand for vision-guided systems drive the growth of the global machine vision system market. However, scarcity of skilled professionals in manufacturing facilities hinders the market growth. On the other hand, trends of the internet of things (IoT) and artificial intelligence (AI) along with the emergence of the industry 4.0 create new opportunities in the coming years.
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The 2D Vision Segment to Maintain Its Leadership Status throughout the Forecast Period
Based on type, the 2D vision segment contributed to the largest market share in 2019, accounting for more than half of the global machine vision system market, and is expected to maintain its leadership status throughout the forecast period. This is due to cost-effectiveness of this technology. However, the 3D vision segment is expected to witness the largest CAGR of 13.1% from 2020 to 2027. This is attributed to surge in preference for 3D technology.
The Gauging Segment to Maintain Its Dominant Share in terms of Revenue By 2027
Based on application, the gauging segment held around one-fourth of the global machine vision system market in 2019, and is projected to maintain its dominant share in terms of revenue by 2027. This is due to its efficiency in measurement of physical dimensions of the product. However, the identification segment is estimated to witness at the fastest CAGR of 14.2% from 2020 to 2027, owing to its effectiveness in error-proofing in the manufacturing sector.
Asia-Pacific, Followed By North America, to Maintain Its Lead Position throughout the Forecast Period
Based on region, Asia-Pacific, followed by North America, contributed to the highest market share in 2019, accounting for nearly half of the total share of the global machine vision system market, and will maintain its lead position throughout the forecast period. Moreover, this region is estimated to manifest the fastest growth rate with a CAGR of 12.4% during the forecast period. This is attributed to rise in adoption of AI and other technologies in the region and huge manufacturing sector.
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