There is an upsurge in the industrial automation sector and the industries worldwide are leveraging the most advanced technologies to enhance efficiency and performance, which is leading to a demand influx in machine vision camera market that is poised to reach $1,996 million by the end of 2023 as the demand is projected to increase with a healthy compound annual growth rate of 8.3% during the forecast period of 2018 to 2023, according to the machine vision camera market analysis done by IndustryARC’s analyst.
The machine vision camera market research report followed an in-depth research methodology and is well-documented with insights on the growth prospects in the market along with the challenges, the way forward to growth, and opportunities that are foreseeable in the future. The report is titled, “Machine Vision Camera Market: By Process (1D, others); By sensor (CDD, others); By Detection (Line scan, Area scan); By Pixel (1 to 3MP, others); By Spectrum (Infrared, others); By platform (Smart camera, others); By End-Use (Semiconductor, Others); By Geography - Forecast (2018-2023).”
Machine Vision Camera Market: Leading Segments
According to the geographical analysis done by the market analyst, Americas had the most lucrative growth prospects, and the market revenue will propel with a healthy CAGR of 8.7% through to 2023 in the region. The market growth in the region is much attributed to the incorporation of advanced technologies in countries such as the US, Mexico, and others. Furthermore, the industrial automation is makings strides in a gamut of industries such as the booming pharmaceutical and oil & gas, which is significantly driving the machine vision camera market.
The machine vision camera market is predominantly segmented on the basis of components that include smart camera, analog, digital, PLC/Controller, frame grabbers, and others. Owing to their rampant application in industries, smart and analog cameras held the maximum machine vision camera market share in 2018.
“These cameras enable ready to deploy compact vision which happens to be an advantage over other cameras, and that’s the reason the revenues of smart and analog cameras will observe a definite growth over the forecast period,” remarks the analyst in the market research report.
Machine Vision Camera Market: Trends and Growth Drivers
The Application in Inspection and Location Analysis –
Machine vision cameras are found to be handy in x-ray, semiconductor, and flat panel display inspection. Owing to their application in diverse tasks, the machine vision camera market is booming with new opportunities. Furthermore, they are used for the navigation path for robots. The foreseeable future of the automotive industry with the emergence of autonomous cars will largely support the market.
The Demand Influx from the Medical Equipment Market –
The healthcare sector is observing a demand for medical equipment. Evidently, a lot of medical equipment is used for scrutiny of the human body which requires a machine vision camera. The growth of medical equipment market will lead to an augmented revenue generated in the machine vision camera market.
The F&B Application Segment Reaping Lucrative Leads –
F&B industries require label matching, sorting, and inspection for which machines are incorporated. These machines are incorporated with a machine vision camera. The F&B industry will observe an upsurge in packaging and labeling tasks which will drive the machine vision camera market.
Machine Learning Penetrating the Machine Vision Camera Market –
Nowadays, machine learning is leveraged in order to recognize pattern using image processing techniques. The pattern identification and matching have become an indispensable application of machine vision cameras. The future is poised to observe an increased influence of machine learning in machine vision camera market.
Machine Vision Camera Market: Competitive Landscape
Some of the key companies identified in the machine vision camera market intelligence report that are crusading for market share are Sony Corp., Omron Corp., Sick AG, National Instruments, Hitachi Corp., Cognex Corp., FLIR Systems, and others.
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