- THE MAGAZINE
- WEB EXCLUSIVES
The machine vision system and component market has advanced very fast to meet the growing demand for traditional and non-traditional applications areas. Advancement in processing capabilities has made the machine vision systems more powerful; coupled with the development of smart camera and new interfaces. These advancements have also increased processing power, reduced cost and operational complexities, thereby increasing the scope of machine vision technology for a wider application. The global machine vision system and components market is estimated to reach $9,830.4 million in 2010; growing at an estimated compound annual growth rate (CAGR) of 9.3% from 2010 to 2015.
Among all the market segments, the optics, lighting and frame grabbers commanded the largest share in terms of revenues in 2010, while camera and smart camera came second in terms of revenues. However, camera and smart camera is the fastest growing market, growing at a CAGR of 10.2% from 2010 to 2015, due to the higher demand for smart camera because of its lower cost of the system and easy to install and use. Processor, software, and hardware market is expected to reach $3,641.6 million in 2015 with an estimated CAGR of 8.8% from 2010 to 2015.
At present, Asia Pacific region dominates the global machine vision system and component market, which is also the fastest growing region, at a double digit CAGR of 11.1% from 2010 to 2015 and this trend is expected to continue in the forecasted period as well; followed by North American region, the second largest market for machine vision, which occupied market share of 32.2% of the overall market in 2010. However, ROW was the smallest market for machine vision system and components in 2010.