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The global machine vision technology market is exhibiting a CAGR of 8.4% between 2015 and 2021, according to a new report by Transparency Market Research. Should this growth rate be consistent, the market can be expected to reach $28.5 billion by 2021, after being recorded at $15.7 billion in 2014, the market analyst noted.
According to the report, the key driver for the global machine vision technology market is the expanding manufacturing sector. The largest use of machine vision technology is made in the manufacturing sector, where it is required to examine resistors, microchips, capacitors, lead frames, and other such components. Other application areas of machine vision technology include the automotive industry, where it is used to examine control systems related to painted surfaces, engine irregularities, welding QC, and industrial robot functionality.
Manufacturing is rapidly moving towards process automation, thereby propelling the global machine vision technology market as an integral part of automation. As the level of automation increases, the accuracy and complexity of measurements also increases in accordance to it. Thus, the global machine vision technology market is experiencing heightened demand for extremely accurate instruments. PC-based machine vision technology dominated the global machine vision technology market in terms of product type. This segment leads the market due to the growing demand for highly advanced inspection methods in multiple industries. It was followed by the embedded and smart camera-based machines segment.
The report also categorizes the global machine vision technology market according to application into industrial and non-industrial applications. The market was dominated by industrial applications, which is further divided into automobiles, packaging, textiles, electronics, semiconductors, and others, among which the semiconductors sub-segment led the global machine vision technology market in 2014, when it held 22.1% of the market. The non-industrial application segments of the global machine vision technology market include medical imaging, lab automation, traffic controlling, banking, security and surveillance, and others. The segment of others held the top market share of 24.4% in the global machine vision technology market for 2014.