According to a report published by Research Dive, the global industrial machine vision lens market accounted for $5,900.0 million back in 2018 and is expected to generate a revenue of $9,537.4 million, growing at a CAGR of 6.1% during the forecast period (2019-2026) The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: Increasing demand for inspection and supervision of the operational flow of an institution is expected to drive the growth of the global industrial machine vision lens market during the forecast period. In addition, increasing application of machine vision lens in various industries is further expected to surge the growth of the market.
Restraints: Lack of skilled professionals and a constant need for technological innovations are expected to be the major factors to impede the growth of the market during the forecast period.
Opportunities: Persistent technological enhancements in the industrial machine vision lends market in order to provide a great a deal of operational efficiency is expected to bolster the growth of the market during the forecast period.
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Segments of the Market
The report has divided different segments of the market based on deployment, product type, component, application, and regional outlook.
Deployment: Robotic Cell Sub-segment is Expected to be Most Profitable
The robotic cell sub-segment has generated a revenue of $2,660.9 million back in 2018, and is estimated to grow at a CAGR of 7.1% during the forecast period. Robotic cells deployment is efficient, cost-effective, and more accurate. These factors are estimated to accelerate the growth of the sub-segment during the forecast period.
Product Type: Smart Camera Sub-segment to be Most lucrative
The smart camera sub-segment is predicted to grow exponentially at a CAGR of 8.4% during the forecast period. Smart camera sub-segment is exceedingly convenient and is capable of programming all by themselves with the help of numerous application functions. These factors are expected to drive the growth of the sub-segment during the forecast period.
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Component: Software Sub-segment to be Most Profitable
The software sub-segment is anticipated to grow exponentially at a CAGR of 7.7% during the forecast period. Software component sub-segment aids in aspect ratio adjustment and is also used to analyze the robot program and software. These factors are predicted to accelerate the growth of the sub-segment.
Application: Predictive Maintenance Sub-segment to be Most Lucrative
The predictive maintenance sub-segment is expected to grow rapidly at a CAGR of 6.8% during the forecast period. The predictive maintenance sub-segment is more economical than any other sub-segment in the application type. This factor is expected to accelerate the growth of the sub-segment during the forecast period.
Regional Outlook: Asia Pacific to Have the Highest Growth Rate
The Asia Pacific market is expected to grow exponentially at a CAGR of 6.9% during the forecast period. Availability of massive number of manufacturing units is expected to surge the growth of the market in this region. Moreover, availability of cheap labor is further predicted to boost the growth of the market in the region.
Key Players of the Market
The major players of the market are
- ISRA VISION AG
- Intel Corporation
- Teledyne Technologies Incorporated
- Sony Corporation
- National Instruments
- KEYENCE CORPORATION
- OMRON Corporation
- AlphaTechSys Automation LLP
- COGNEX CORPORATION
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These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in December 2018, Sony Corporation introduced its 2nd generation smart camera sensor, ‘CMOS. This sensor does not only provide high-level sensitivity but also exhibit impeccable performance.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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