According to a new market report published by Transparency Market Research, "Machine Vision Technology Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021," the market was valued at USD 15.70 billion in 2014, which is expected to reach USD 28.50 billion by 2021, growing at a CAGR of 8.4% from 2015 to 2021.
Growth in various manufacturing sectors is one of the important factors driving the rise in demand of the machine vision technology market globally. Machine vision technology is largely used in manufacturing sectors for inspection of microchips, resistors, and components such as lead frames and capacitors. In the automotive industry, these technologies are used in control systems for inspection of painted surfaces, industrial robots, welding quality control, and checking the engine block. Moreover, the shift in demand towards automation is also driving the demand of this market. The measuring and analyzing is done more accurately, precisely, and efficiently by computers as compared to manual systems, thus the demand for machine vision technology is expected to increase. Furthermore, the accuracy of machine vision helps in boosting quality automation, which includes defect detection, quality inspection, component measurement, and tolerance monitoring.
For the full version of this report, please visit the Transparency Market Research website.
