In a recently published report, Machine Vision Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Machine Vision Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further.
Global Machine Vision Market valued approximately USD 10.2 billion in 2017 is anticipated to grow with a healthy growth rate of more than 7.73% over the forecast period 2018-2025. The Machine Vision Market is continuously growing in global scenario over the coming years. The major driving factor of global Machine Vision market is growing use of vision-guided robotic systems and rising need for quality inspection & automation. In addition, increasing rate of adoption in the automotive sector and rising need to identify and combat counterfeit product are factors which exert a positive influence in the market of machine vision. However, lack of flexible solution and volatility in end-user requirements are some major factors which hamper the market growth of global machine vision market.
Moreover, intensive training and education is an essential requirement to enable entry of machine vision in newer markets which is also restraining the market growth of market. Machine vision is the technology which is used to provide imaging-based automatic inspection and analysis for applications such as automatic inspections, process control and robot guidance, usually in industry. It encompasses a large number of technologies, software and hardware products, integrated systems, actions, methods and expertise. Machine vision systems assist in resolving complicated industrial tasks with reliability. Machine vision offers various benefit such as improved quality and productivity, prevents machine component damage, eliminates maintenance time, reduces costs associated with wear and tear of mechanical components, reduces human involvement in manufacturing process and protects human workers from hazardous environments. Furthermore, it can provide validation on alignment and orientation as well as provide tools for measurement and inspection. These benefits are also increasing demand of machine vision among end-users which is propelling the market growth.
The key regions considered for regional analysis of Global Machine Vision Market includes Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific is the leading/significant region across the world in terms of market share in 2017 owing to increasing focus towards the automotive sector and presence of large number of contract manufacturers in the region. Europe is also estimated to project a major growth in the global Machine Vision market due to significant growth of electronics in the region. North America is also anticipated to exhibit higher growth rate/CAGR over the forecast period 2018-2025.
The major market player included in this report are:
*Allied Vision Technologies GmbH
*Basler AG
*Cognex Corporation
*Keyence Corporation
*LMI Technologies, Inc.
*Microscan Systems Inc.
*National Instruments Corporation
*OMRON Corporation
*Sick AG
*Tordivel AS
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Offering:
Hardware
Software
By Type:
PC-based
Smart Camera
By Application:
Quality Assurance & Inspection
Positioning & Guidance
Measurement
Identification
By End-Use:
Automotive
Pharmaceutical & Chemicals
Electronics & Semiconductor
Pulp & Paper
Printing & Labelling
Food & beverage
Glass & Metal
Postal & Logistics
Others
By Regions:
North America
- U.S.
- Canada
Europe - UK
- Germany
Asia Pacific - China
- India
- Japan
Latin America - Brazil
- Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2015, 2016
Base year – 2017
Forecast period – 2018 to 2025
Target Audience of the Global Machine Vision Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
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