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Machine vision market has sales worth $5bn in its sights
The global market for machine vision systems and components was worth more than $3.1bn in 2012, and is likely to grow at a CAGR of 8.2% from 2013 to 2018, to hit $5bn by 2018. A new report from the analyst MarketsandMarkets says that industrial applications accounted for 75% of sales last year (worth some $2.4bn) and will expand with a CAGR of 7.2% from 2013 to 2018.
Non-industrial applications for machine vision technologies generated revenues of $731m in 2012, and are expected to grow with a CAGR of 11.2% from 2013 to 2018.
The scope for machine vision applications is widening as a result of advances in processing capabilities, coupled with the development of embedded vision systems and new interfaces, which have cut costs and operational complexities.
The report splits the market into three product segments: PC-based machine vision, which was largest segment in 2012; smart-camera-based machine vision, which is the fastest-growing segment and is forecast to account for 35% of sales by the end of 2018; and embedded machine vision, which is expected to establish itself in various industrial and non-industrial sectors.
In 2012, identification applications dominated machine vision applications, followed by inspection, which accounted for about 32% of the market. Applications where vision systems are used to locate objects are forecast to expand with a CAGR of 15% in the period to 2018.
At present, the Asia-Pacific region dominates global sales of machine vision systems and components, and is also the fastest-growing region with a forecast CAGR of 11.1% from 2013 to 2018.
Europe is the second-largest market, accounting for 30% of sales in 2012. The Americas region is predicted to exhibit a CAGR of around 7% in the period to 2018.
