MATELAN Research - ISRA VISION AG

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ISRA VISION In-Depth Report Discrete inspection systems, 3D systems and new applications to drive future growth Systems vs. components Vision systems still the most important product category … … but cameras and compact systems show the highest growth rates Sales growth mainly driven by higher volumes Falling prices help fuelling further growth - 16 - On the back of over-proportionate growth expectations coming from the automotive and pharma industries, we would expect discrete inspection systems to continue growing above average in the coming years. Moreover, 3D systems should gain pace again, and we would expect the number of new application types to increase further. Interestingly, the German companies are less well positioned in discrete inspection systems compared to the European average, despite their strong links to the automotive and pharma industries. They are, however, stronger in continuous processes. TREND TOWARDS LESS COMPLEX PRODUCTS Machine vision technology can be separated in two main categories, i.e. vision systems and vision components. Vision systems cover the above mentioned application-specific visions systems and configurable vision systems, as well as smart cameras/compact systems and vision sensors. Vision components include cameras, frame grabbers, lighting equipment, optics, vision software, interfaces and cables, as well as other vision accessories. The following chart shows that vision systems are still the most important product category, accounting for 42.7% of sales in 2010. Including compact systems, the share of systems comes to 50.7%. The sale of components accounts for the remaining half of the market, with cameras being by far the most important component (30.7%). Cameras and compact systems showed the highest growth rates, with 61% and 49%, respectively. With components (+50.5%) clearly outpacing systems (+23.7%) there appears to be a trend towards lower value products. This is also reflected in the systems segment, where compact systems grew more than twice as fast compared to their more complex counterparts in 2010. Sales and growth rates by product type 700 600 500 400 300 200 100 0 Vision systems Compact systems Cameras Frame Grabbers 2009 2010 Growth Source: EMVA, sales of surveyed companies in EURm Lighting The following chart makes it clear that the sales trends described above mainly follow the unit developments as price changes accounted for just 4-6 percentage points. In fact, averages prices were down between 4.0% and 5.5% for vision systems, compact systems and cameras, while price for frame grabbers and Optics increased by 6.3% and 4.1%, respectively. The graph also illustrates the huge pricing difference between vision systems and the other product, which fall into a range of EUR130 to EUR1300 compared EUR23000 for an average vision system. As a general trend, we see Optics Vision Software Interfaces and cables Other Asseccories 70% 60% 50% 40% 30% 20% 10% 0%
ISRA VISION In-Depth Report Future growth at compact systems and components driven by new application and greater ease of use Increasing share of endusers - 17 - key products becoming less expensive, while performance is further increasing. This is an additional driver of volume growth. Average prices of major products 40.000 35.000 30.000 25.000 20.000 15.000 10.000 5.000 0 2009 Source: EMVA, in EUR 2010 Growth Though complex vision systems will remain an indispensible part of the machine vision industry and the strong development of the automotive industry will continue to support growth here, we see a trend towards compact systems and single components, in particular cameras. This is in our view driven by an increasing use in new field of application such as traffic control or security as well as in increasing ease of use of machine vision technology, allowing the customers to use the tools by themselves. Market shares by customer type 60% 50% 40% 30% 20% 10% 0% Source: EMVA Vision systems OEM Compact systems End-users Cameras Integrators Frame Grabbers 8% 6% 4% 2% 0% -2% -4% -6% -8% The latter trend can be observed in the development of market shares of the different customer types. In 2010 end-users became again the strongest customer type, accounting for 55% of sales. This back-shift to end-users could also be observed in Germany, where end-users now accounted for 47% of sales, and was even more pronounced in the other European countries. The decline in OEM equipment is to a large extent a reflection of the introduction of a new category, integrators. Distributors 2009 2010 Optics Others
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MATELAN Research - ISRA VISION AG

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