PUNE, INDIA – The machine vision market is expected to grow 9.1% compounded annually to $12.5 billion by 2020, a new report says.

Sales of vision equipment will reach an estimated $8.1 billion in 2015, MarketsandMarkets adds.

Factors driving the machine vision market are increasing need for quality inspection and automation, growing demand for vision-guided robotics systems in manufacturing plants, a growing number of regulatory manufacturing mandates, and growing demand for application-specific machine vision systems.

The market is driven by the automotive, electronics and semiconductor, and pharmaceutical industries. The electronics and semiconductor industry is witnessing the fastest growth because of increasing need for production line efficiency by means of fault detection in printed circuit boards, wafer dicing, wafer probing, frame inspection, and die bonding.

The Americas accounted for the majority market share of the overall machine vision market in 2014. The APAC market is expected to grow at the highest CAGR between 2015 and 2020. Due to strong industrial base, machine vision systems are in high demand in the Americas. Several small- and medium-sized companies are entering the market. Asia-Pacific is considered the manufacturing hub and is expected to provide ample amount of opportunities for machine vision systems.