The total global machine vision system and component market is expected to be worth 15.3 billion USD by 2015, out of which the camera & smart camera will account for nearly 27.3% of the total revenues, according to a new report, “Global Machine Vision and Vision Guided Robotics Market (2010 – 2015),” from MarketsandMarkets.
The global market is expected to record a compound annual growth rate (CAGR) of 9.3% from 2010 to 2015. The machine vision system and component market has advanced very fast to meet the growing demand for traditional and non-traditional applications areas, a statement on the report notes.
Advancements in processing capabilities have made machine vision systems more powerful. Continued development of smart cameras and new interfaces have also increased processing power, while reducing costs and operational complexities, thereby driving machine-vision technology into wider application areas.
The global machine-vision system and components market is estimated to reach $9,830.4 million in 2010; growing at an estimated CAGR of 9.3% from 2010 to 2015. Among all the market segments, optics, lighting & frame grabbers commanded the largest share in terms of revenues in 2010, while cameras and smart cameras ranked second in terms of revenues.
However, cameras and smart cameras represent the fastest growing market, with a CAGR of 10.2% from 2010 to 2015, due to the higher demand for smart cameras resulting from their lower cost, ease of installation and ease of use. The processor, software, and hardware market is expected to reach $3.641.6 billion in 2015 with an estimated CAGR of 8.8% from 2010 to 2015.
At present, the Asia Pacific region dominates the global machine vision system and component market, and it is also the fastest growing region, with an expected double-digit CAGR of 11.1% from 2010 to 2015. The North American region ranks as the second largest market for machine vision, possessing a global market share of 32.2% in 2010.