Machine Vision System Market was valued at $10.6 billion in 2015 and is projected to reach $18.7 billion by 2022, growing at a CAGR of 8.7% during the forecast period 2016-2022. The industrial segment held the highest share of the total market in 2015.
The machine vision system is estimated to foster high growth during the forecast period owing to its heavy utilization in applications such as positioning, identification, verification, measurement, and flaw detection. Furthermore, there is a trend of incorporating artificial intelligence (AI) technology in commercial machine vision systems. AI-based analysis in machine vision offers exceptional flexibility of automation in industries.
Machine vision systems have penetration in a wide range of industries, such as industrial, healthcare, electronics, automotive, aerospace & defense, and many more. In 2015, industrial and electronics segments had more than 50% market share in the overall machine vision system market.
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The manufacturers of automated guided robots and vehicles incorporate advanced machine vision systems for applications such as positioning and identification to maintain a competitive advantage. From a growth perspective, Healthcare sector is expected to witness the highest growth, with a CAGR of around 12%, due to the increased investments by the market players for developing machine vision systems for applications, such as clinical diagnostics, in-vitro diagnostics, and surgical lab automation, thus, enabling complex workflows.
The machine vision system has evolved rapidly to accelerate high performance for production line monitoring system and automated guidance of industrial robots. The continued evolution of CMOS image sensors and rise in demand for automation in industrial applications are the factors that drive the growth of the market. However, intensive training and education, an essential requirement to enable entry of machine vision in newer markets to restrain the market growth.
In the system type segment, 1D measurement consumed the largest share followed by 2D measurement, while a 3D measurement is expected to exhibit significant growth, with a CAGR of 13.2% during the forecast period. The growth of 3D measurement would be driven by the increase in demand for precision in production line monitoring and guidance.
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