Market Research Report
Machine Vision Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
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|Published||Content info||105 Pages
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|Machine Vision Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024|
|Published: June 10, 2019||Content info: 105 Pages||
The global machine vision market reached a value of US$ 9.1 Billion in 2018. The market is further projected to reach US$ 14.6 Billion by 2024, exhibiting a CAGR of 8.2% during 2019 - 2024. Machine vision, also known as vision system or industrial vision, is a technology used for observing all types of machinery processes. It usually consists of various cameras which are installed over the machines depending upon the requirement so that the entire process can undergo a proper vigilance. These cameras are fixed to perform the task of capturing and interpreting along with giving a signal as per the requirements. Machine vision technology works by the precise coordination of software and hardware. Machine vision is currently providing numerous benefits to organizations such as improving quality, increasing productivity, lowering production costs, reducing floor space, increasing production flexibility, lowering capital equipment costs, etc.
Whereas, human vision is ideal for qualitative interpretation of a complex, unstructured scene, machine vision stands out at quantitative measurement of a structured scene catalysed by its speed, accuracy, and repeatability. For instance, during a production process, a machine vision system has the capability to inspect hundreds, or even thousands, of parts per minute. A machine vision system built around the right camera resolution and optics can effortlessly inspect object details that may otherwise be too small to be viewed by the human eye. In addition, in removing physical contact between a test system and the parts that are being tested, machine vision averts part damage and reduces the maintenance time and costs linked with the wear and tear on mechanical components. Moreover, machine vision provides additional safety and operational advantages by reducing manual involvement in a production process. Nevertheless, machine vision also helps in preventing human contamination of clean rooms and protects human workers from environments that could be hazardous.