Machine-vision market to reach $26.9 billion by 2020

The drive for quality control, productivity and cost effectiveness is the major contributing factor in the growth of demand for machine vision (MV) system components, with the global market for the products forecast to reach $26.9 billion by 2020 according to a report by BCC Research.

The report, titled ‘Global Markets for Machine Vision Technologies’, found that North America dominates the growth in the market for MV system components, with a forecast compound annual growth rate of 9.4% over the next five years and 9.7% from 2015 to 2020.

Advances in MV technology, including smart cameras and vision-guided robotics, have enabled MV to become a vital and effective automation tool in many high-speed and high-precision applications. The systems are used in the manufacturing of semiconductors, electronics, pharmaceuticals, medical devices, packaging, automotive, printing/publishing and consumer goods.

The report found that MV systems have increased their use in all manufacturing applications, as well as becoming major tools for non-manufacturing uses such as traffic management and toll collection.