Machine vision market to hit US$12.49B by 2020: RnR Market Research
July 4, 2016 by Manufacturing AUTOMATION
Jul. 4, 2016 – According to a recent RnR Market Research report, the machine vision market size to 2020 is boosted by the PC-based machine vision systems due to rise of its demand in the non-industrial verticals (such as healthcare, security and surveillance), while the Asia-Pacific is considered as the manufacturing hub of global machine vision market.
The 187-page report predicted the machine vision market size will grow from US$8.08 billion in 2015 to $12.49 billion by 2020, at an estimated CAGR of 9.1 per cent from 2015 to 2020, driven by factors such as “increasing need for quality inspection and automation, growing demand for vision-guided robotics systems, rise in labour costs and growing number of regulatory mandates for food, pharma and automotive industry.”
The PC-based machine vision systems are estimated to contribute the largest market share during the forecast period, with smart camera-based systems market expected to grow at the highest CAGR in the next five years. “Being configurable rather than programmable, the smart camera-based machine vision systems make it easier for the manufacturers to implement changes in regulations and standards in future,” noted the report.
“The Americas accounted for the majority market share of the overall machine vision market in 2014. The APAC market is expected to grow at the highest CAGR between 2015 and 2020. Due to strong industrial base, machine vision systems are in high demand in Americas. Also, several small- and medium-sized companies are entering the market to avail the monetary benefits from this market. Asia-Pacific is considered as the manufacturing hub of world and is expected to provide ample amount of opportunities for machine vision systems,” according to the report.