According to the latest report by IMARC Group, titled “Machine Vision Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global machine vision market reached a value of US$ 8.4 Billion in 2017. Machine vision (MV) refers to the technology which performs image-based automatic inspections by employing video cameras, digital signal processing (DSP) and analog to digital conversion (ADC). The data captured is then transferred to a computer for further analysis and to provide the desired output. The two main aspects of machine vision systems are sensitivity and resolution. Sensitivity refers to the machine’s capability of inspecting objects in dim light or detecting weak impulses at invisible wavelengths, whereas resolution assists in differentiating objects. Nowadays, machine vision systems are gaining traction as they help in lowering production cost, increasing productivity, improving quality and reducing equipment cost.
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Global Machine Vision Market Trends:
The ongoing trend of product miniaturization has made machine vision systems vital for inspecting measurements and defects in miniaturized products. These systems can inspect minute details which may otherwise be too small for the human vision to detect. Machine vision systems prevent defective components from reaching the later stages of production by identifying them at earlier stages which subsequently helps in minimizing unnecessary costs. Owing to this, machine vision systems are increasingly being incorporated in several manufacturing industries. In line with increasing automation, the adoption of robots is also rising across various industry verticals. As these robots rely on machine vision to perform tasks, this is projected to proliferate the demand for machine vision systems across the globe. On account of these factors, the market value is forecasted to reach US$ 13.5 Billion by 2023, expanding at a CAGR of around 8% during 2018-2023.
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Global Machine Vision Market Summary:
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