Portland, Ore., Sept. 08, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global machine vision system market generated $29.7 billion in 2019, and is estimated to reach $74.9 billion by 2027, witnessing a CAGR of 11.3% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, major segments, and business performance and product launches by key market players.
Increase in demand for automation in industrial applications and vision-guided system in different applications drive the global machine vision system market. However, scarcity of skilled professionals in manufacturing units hinders the market growth. On the other hand, implementation of the internet of things (IoT) and artificial intelligence (AI) along with the advent of Industry 4.0 present new opportunities in the coming years.
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Covid-19 Scenario:
- Governments of different countries have enforced lockdown, due to which, companies operating in the semiconductor industry needed to shut down their production facilities. This led to a lack of implementation of machine vision systems during the Covid-19 pandemic.
- The manufacturing industry is one of the biggest users of machine vision systems and the closure of manufacturing facilities across the globe has affected the demand for these systems significantly.
- For healthcare facilities, machine vision systems have proved to be beneficial during the pandemic for carrying out rapid diagnoses and treatments. In addition, scientists and researchers have been utilizing these systems in research related to finding the Covid-19 vaccine.
The report offers detailed segmentation of the global machine vision system market based on type, product, application, end use, and region.
Based on type, the 2D vision segment contributed to the largest market share in 2019, accounting for more than half of the total share of the global machine vision system market, and is expected to maintain its dominant share throughout the forecast period. However, the 3D segment is expected to witness the highest CAGR of 13.1% from 2020 to 2027.
Based on end use, the manufacturing segment held the highest share, accounting for nearly one-third of the total share in 2019, and is expected to maintain its lead position by 2027. However, the healthcare segment is projected to portray the highest CAGR of 15.3% during the forecast period.
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Based on region, Asia-Pacific held the highest share of the global market, contributing to nearly half of the total share in 2019, and is estimated to maintain its leadership status during the forecast period. Moreover, this region is estimated to register the highest CAGR of 12.4% from 2020 to 2027. The report also discusses regions including North America, Europe, and LAMEA.
Leading players of the global machine vision system market analyzed in the report include Baumer Ltd., Canon Inc., Cognex Corporation, Intel Corporation, FLIR System, National Instrument Corporation, Keyence Corporation, Texas Instrument, Omron Corporation, and SICK AG.
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Machine Vision System Market Estimated to Reach $74.9 billion by 2027: at 11.3% CAGR - GlobeNewswire
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