The global surface vision and inspection market size is expected to reach USD 16.39 billion by 2022 according to a new report by Grand View Research, Inc. Surge in demand for vision and inspection systems across manufacturing industries is expected to drive demand over the forecast period. Advances in manufacturing activities have led to mass production in order to reduce overall operational cost. However, it increases the probability of errors and defects, thereby making machine vision (MV) systems essential for high product quality.
Surface vision and inspection systems help in waste reduction, increase in production efficiency, and minimizes production cost. Moreover, these systems provide instant quantitative feedback such as quantity and type of defects. Further, continuous advances in the technology has led to improved systems, which exhibit high accuracy and reduced application development time.
Owing to stringent regulations to improve food & drug safety and to fight counterfeiting, several food and pharmaceutical manufacturers are increasingly focusing on traceability. Inspection systems deliver value in being able to prevent parallel trade through unauthorized channels, stop counterfeiting and achieve greater visibility.
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Further key findings from the study suggest:
- The camera components used for inspection are expected to grow at a CAGR of over 9.0% over the forecast period. Cameras are becoming lighter, smaller and less expensive, which is expected to drive the demand over the future. Moreover, images produced more accurate and sharper. Further, demand for smart cameras is increasing across small and medium size manufacturers as they can easily be integrated with existing manufacturing infrastructure.
- Automotive application segment is expected to witness significant growth exceeding over USD 5.0 billion by 2022, with a CAGR of over 10% over the forecast period. Increasing complexities in automobiles brings the possibility for greater production errors. To achieve high quality and minimize defects, manufacturers are increasingly relying on error detection systems, which are expected to drive the industry growth over the next seven years.
- Medical segment accounted for over 15% of overall revenue share in 2014, which is expected to witness substantial growth over the forecast period. In order to maximize yields, improve the flexibility of lot manufacturing and increase throughput, pharmaceutical producers are increasingly adopting vision systems.
- Asia Pacific surface vision and inspection market is expected to grow at a CAGR of over 14% over the forecast period. Major manufacturers in the industry are based in China, owing to cheap labor and higher production capacities. Further, growing industrial base and increasing manufacturing facilities of China and India may contribute to the regional growth.
- Key industry participants include Adept Technology, Inc., Cognex Corporation, Baumer Inspection, Edmund Optics Inc, ISRA Vision AG, ETS SuperVision BV, Matrox Imaging, Industrial Vision Systems Ltd., Microscan Systems, Inc., Panasonic Corporation, Omron Corporation, Teledyne DALSA Inc., Perceptron Inc. and Vitronic GmbH.
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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