Machine Vision Market to Be Worth $5B in 2018

The global market for machine vision systems and components is predicted to reach more than $3 billion in 2012, growing at an estimated annual growth rate of 8.2 percent over the next five years to reach $5 billion by 2018, according to a new report published by MarketsandMarkets.

Nonindustrial applications for machine vision technologies generated revenues worth $731 million in 2012, and are expected to grow with a year-over-year growth rate of 11.2 percent 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 reduced costs and operational complexities.

The report splits the product market into three segments: PC-based machine vision, which was the largest segment in 2012; a smart-camera-based machine vision segment, which is forecasted to be the fastest-growing segment, expected to hold more than 35 percent of the product market by the end of 2018; and embedded machine vision, which is expected to establish itself in various industrial and nonindustrial sectors.

Camera components were the largest segment for 2012, while the combined optics, frame grabber and lighting, and software and hardware component segments shared similar overall cost of the system. It is also expected to be the fastest-growing market, expanding 10.1 percent year-over-year from 2013 to 2018.

In 2012, identification dominated machine vision applications, followed by inspection, which accounted for about 32 percent of the market. Location applications are forecasted to expand with a compound annual growth rate of 15 percent in the projected five-year period.

Currently, the Asia-Pacific region leads the global sales of machine vision systems and components; it is also the fastest-growing region with a forecast year-over-year growth rate of 11.1 percent from 2013 to 2018. Europe is the second-largest market, accounting for 30 percent of sales in 2012. The American region is predicted to grow the least, around 7 percent year-over-year in the projected period.

The 340-page Machine Vision Systems & Components Market — By Technology, Application, Non Industrial — Global Analysis & Forecast (2013-2018) can be purchased at: http://marketsandmarkets.com/Market-Reports

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