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Global Machine Vision Laser Market Forecast to 2027 - COVID-19 Impact and Analysis - ResearchAndMarkets.com
February 1, 2021 GMT
DUBLIN--(BUSINESS WIRE)--Feb 1, 2021--
According to this report the global machine vision laser market was valued at US$ 3,711.3 million in 2019 and 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.
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In 2019, APAC led the global machine vision laser market with 11.3% revenue share, followed by Europe and North America. The market in APAC is segmented into Australia, China, India, Japan, South Korea, and the Rest of APAC. APAC is well known for technological innovations happening in these countries. Stable economies and technological advancements support the growth of various markets in the region. China, Japan, India, and South Korea have a few of the largest manufacturing facilities, wherein automation of manufacturing processes has been the highest priority. Also, strong competition among manufacturers boosts the adoption of machine vision lasers in the region. Industrialization in countries such as China and India are growing at a significant pace. China is the world’s largest manufacturing powerhouse, and it produces ~50% of its major industrial goods. APAC consists of the world’s most esteemed vehicle manufacturers, and the automotive industry generates a huge number of automobile sales with high production levels.