and it is projected to reach US$ 7,144. 4 million by 2027; it is expected to grow at a CAGR of 8. 5% from 2020 to 2027. The growing demand for laser-based machine vision technologies and the increasing demand for smart machine vision systems drive the growth of the global machine vision laser market.
New York, Jan. 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Machine Vision Laser Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Type, Application, and End User" - https://www.reportlinker.com/p06010068/?utm_source=GNW
However, varying end user requirements for the machine vision laser in different industries hinder the growth of the market in some applications. Advances in processing capabilities have made machine vision laser systems more robust. Such advances increase processing power, lower costs, and reduce operational complexities, which expand the application of machine vision laser technology. Therefore, the machine vision laser market is anticipated to grow in the forecast period.
Machine vision is typically a multi-staged system that employs smart cameras in the initial phases of image-processing.Smart cameras are generally designed to operate in harsh operating environments more effectively than multi-camera systems.
These cameras are self-contained and can be easily programmed to perform a specific task or modified as per the need, without affecting other inspection processes on the line.The demand for smart machine vision systems is expected to increase during the forecast period as they are cost-effective, compact, and flexible.
Flexibility of these systems allows easier implementation of changes in these systems based on revised regulations and standards.With the advancements in smart camera technology and IoT that can be easily integrated with smart cameras, the adoption of the machine vision systems based on these cameras is likely to increase in the next few years.
Smart cameras typically combine lighting, image sensors, and software. The evolution in capabilities and specifications of smart cameras has enabled the manufacturers to introduce models with larger image sensors as well as emerging embedded vision cameras that function as smart cameras and new cameras capable of performing deep learning and artificial intelligence (AI) tasks. Growing market demands for inspecting larger parts and identifying tiny defects in images have encouraged the introduction of smart camera image sensors with greater resolutions. Thus, increasing demand for smart machine vision systems is driving the market machine vision laser market growth.
The market for machine vision laser is segmented on the basis of type, application, end user, and geography.Based on type, the market is segmented into smart machine vision lasers, PC-based machine vision lasers, and 3D machine vision lasers.
In 2019, the smart machine vision systems held the largest market share.Based on application, the market is segmented into process control, automatic inspection, industrial inspection, and others.
The industrial inspection segment held the largest share of the market in 2019.Based on end user, the market is segmented into automotive, electronics and semiconductor, food and beverages, pharmaceuticals, logistics, and others.
In 2019, the electronics and semiconductor segment held the largest share of the market. Geographically, the market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). In 2019, APAC held the largest share, followed by Europe and North America. Also, APAC is projected to be the fastest-growing region with a CAGR of 11.3% from 2020 to 2027. However, the COVID-19 outbreak is adversely affecting the global economy. It is also hindering the business activities and company revenues in the machine vision laser industry worldwide. Lockdown or human movement restrictions across various countries are causing disruptions in production activities across numerous industries, as a result of the unavailability of required labor. The reduced production of goods and commodities, and shortened demand for machine vision laser solution are restraining the growth of the machine vision laser market. However, the impact of the COVID-19 pandemic is short-term, and it is expected to decrease in the coming years.
The overall machine vision laser market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the machine vision laser market with respect to all the segments.It also provides the overview and forecast for the global machine vision laser market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Also, primary interviews were conducted with industry participants and commentators to validate data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the machine vision laser market.
Cavitar Ltd.; Cognex Corporation; Laser Components GmbH; Laserex; Keyence Coproration, ProPhotonix; RAYLASE GMBH; RPMC Lasers; STEMMER IMAGING AG; and Z-LASER GmbH are among the major players operating in the global machine vision laser market.
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