The machine vision market is poised to grow to a $14.43 billion industry by 2022, an 8.15 percent compound annual growth rate, by 2022, according to MarketsandMarkets, a market research firm.
“The major factors driving the growth of the machine vision market are the increasing need for quality inspection and automation across industry verticals, surge in demand for vision-guided robotic systems in automotive, pharmaceutical, food and packaging, and industrial sectors, and growing demand for application-specific machine vision systems,” said MarketsandMarkets’ report.
“Unlike PC-based systems, smart camera-based machine vision systems can accomplish the task of decoding algorithms, and traceability applications such as ID code reading, quality assessment, text verification, and label inspection more economically. Smart camera-based machine vision systems are flexible as it is easier to implement changes in their regulations and standards in [the] future.”
Factors pushing this increase include a demand for quality products, high manufacturing capacity, and a shortage of skilled labor.
Major players in this industry include Cognex Corp., Basler AG, Omron Corp., National Instruments Corp., Keyence Corp., Sony Corp., Teledyne Technologies Inc., Texas Instruments Inc., Allied Vision Technology GmbH, Intel Corp., Baumer Optronic GmbH, and JAI A/S, among others.
Filed Under: Industrial automation
