According to the latest report by IMARC Group, titled “Machine Vision Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global machine vision market size reached US$ 9.1 Billion in 2018. Machine vision (MV) is the technology which assists in performing image-based automatic inspections by utilizing video cameras, digital signal processing (DSP) and analog to digital conversion (ADC). There are two main aspects of MV systems, namely, sensitivity and resolution. Sensitivity refers to the machine’s ability of inspecting objects in dim light or detecting weak impulses at invisible wavelengths, while resolution helps in differentiating objects. MV systems are gaining popularity worldwide as they aid in enhancing quality, increasing productivity, reducing equipment cost and lowering production cost.
Market Trends:
The ongoing trend of product miniaturization has made MV systems indispensable for inspecting measurements and defects in miniature products. These systems can examine details that may be too small for the human vision to detect. These systems avert defective components from reaching the later stages of production by identifying them at earlier stages and subsequently minimizing unnecessary costs. On account of these attributes, MV systems are increasingly being incorporated in manufacturing industries. In line with increasing automation, the adoption of robots is also rising in various industry verticals. As these robots primarily depend on MV to perform tasks, this trend is anticipated to catalyze the demand for these systems around the world. Looking forward, the market is projected to exceed US$ 14.6 Billion by 2024, expanding at a CAGR of 8.2% during 2019-2024.
Market Summary:
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