MATELAN Research - ISRA VISION AG

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ISRA VISION In-Depth Report Glass inspection: �More than 80% market share � Competing on size, global presence and technology Metal industry: � Market leader in metal inspection Plastics industry: � Focus on new production processes drives growth Paper industry: � Technological leadership - 24 - tackle Cognex’ core competence. What improves ISRA’s chances on this side is that – as explained in some more details in the chapter in product development – a long-term key manager of Cognex is responsible for the development and marketing of these products. In glass inspection, ISRA has managed – both via organic growth and several acquisitions – to become the most dominant player in the market. ISRA’s management estimates its market share in glass inspection to be more than 80%. As opposed to its competitors, ISRA offers inspection solutions for different glass production methods (i.e. float and draw glass) and inspection solutions for subsequent processing such as insulation and coating designed for different purposes including automotive glass, architectural glass, glass for flat panel displays and solar glass. Among the competitors, Munich based Dr. Schenk is the closest, also offering a broad portfolio of applications. ISRA’s main advantage here is size and a higher degree of internationalisation. The other competitors, i.e. Basler, Kubotech and Takano are specialized on different processing steps in the FDP glass production and thus only have a marginal overlap in their field of activity with ISRA. Compared to all competitors in glass inspection one of ISRA’s competitive advantages is its patent for the Moiré technology, which is vital for checking distortions in glass. Also in the market for metal inspection, ISRA has a dominant position with a current market share of about 65% (based on the inspection tasks it provides). ISRA’s applications in this field are mainly enhancements of Parystec’s inspection systems. Particularly the customisation time of Parsytec’s applications were reduced. The main competitive advantage here is the technological leadership in complex inspection tasks, particularly inspection in the early stages of production on rough materials and under difficult environmental conditions. With a market share of approx. 26%, Cognex is the number two in the metal market. Cognex is more specialized in simpler systems. Number three in this market is SiemensVAI, which provides engineering and plant-building services to the metal industry and thus has the advantage of being integrated in investment decisions right from their start. In the plastics industry, ISRA’s competitors apart from Cognex are Futec, Electronic Systems, and OCS. Having started to penetrate the market earliest, Cognex has the largest market share in the non-woven industry. All others are local players, among which the Japanese company Futec is the largest player with a particularly good position in its home market. While, Futec has no technological advantage, it is quite price aggressive in order to defend its positioning in Asia. ISRA’s plastics segment, nevertheless, has been one of the company’s main growth drivers in the past couple of quarters, which was achieved mainly by addressing production processes of newly invented products. Among other things, ISRA has sold its inspection solutions for the production of films for touchscreen panels and Li-ion batteries. ISRA’s market share in the inspection of plastics is approx. 35% with regard to the applications it regards as interesting. In the inspection of paper production, ISRA competes in particular with ABB, Cognex and Futec. Behind ABB, ISRA is number two in this segment with a market share of approximately 25%. ABB’s main competitive advantage is that it offers inspection solutions as an add-on tool to its production equipment. As an equipment provider, ABB is involved in the investment process right from the start. Something similar applies to Cognex that mainly acts as OEM partner to Honeywell/Measurex. ISRA’s systems, which consist of a fusion of ISRA’s and Parsytec’s technologies, are regarded to be technologically the most advanced. By recently taking on board the founders of bankrupt competitor Viconsys ISRA was able to add further
ISRA VISION In-Depth Report � Developing interesting niches Solar Industry: � Graphikon acquisition improves competitive position Printing industry: � Still a small player Applications for robot guidance, surface vision and quality vision Industrial automation mainly focuses on threedimensional robot vision applications Breakthrough in 3D applications - 25 - applications to its paper portfolio and further expand its customer base. As in plastics, Futec’s competition is limited to Asia and again mostly is via prices. None of the larger players is active in the segment ‘specialty paper’. There had been a number of smaller players, which went bankrupt in the course of the global recession. ISRA now sees no serious competition in this segment, which is small but has interesting margins. In the area of thin-film solar module inspection, ISRA’s solutions meet the competition of Dr. Schenk, in particular. Again, ISRA’s main advantage is its size and the higher degree of internationalisation. In the area of Si-solar cells and module inspection, the number of competitors is not only relatively high but a number of larger companies also entered the market by taking over smaller market specialists (such as KLA Tencor taking over Icos or Centrotherm acquiring GP solar). ISRA entered this market segment via the acquisition of Graphikon last year and can now offer inspection solutions along the value chain. Together with Graphikon’s products, ISRA also took over the company’s connections to its German customer base. In the printing industry, ISRA’s main competitors are AVT, BST (which is a subsidiary of Elexis) and Eltromat. Of all these players, AVT has the most advanced systems. BST and Eltromat’s systems are less advanced but cheaper. All of ISRA’s competitors have the advantage of long-established customer links. AVT clearly dominates the market for highly specialized inspection systems for web-fed presses. ISRA has developed some inspection solutions for sheet-fed presses. However, up to now ISRA still is a relative small player in the market with – according to management - a market share only approx. 10%. One advantage of ISRA is its co-operation with MAN Roland which offers ISRA’s inspection solution as optional feature in its printing machines. STRATEGIC EXPANSION OF ACTIVITIES ISRA’s declared core technology is optical image processing of images captured via one or more digital cameras. The company is convinced that this technology is most versatile and offers the most cost efficient solutions. The products can be subsumed into two categories (1.) industrial automation and (2.) surface inspection technologies. All consist of software and hardware components. While software is developed in-house in Germany, hardware are two a large extent standard components. Only components, which are being regarded as strategically important (such as certain frame grabbers and vision sensors) are developed and produced in-house. Product assembly is done in-house on three locations (Germany, China and USA). In total, the company holds approximately 100 patents on its developments. In the segment ‘industrial automation’ ISRA possesses more than 30 applications. Due to the low margins achievable for vision applications offered to the logistics and food industry mgmt has refrained from actively offering such applications and concentrates on the development and marketing of such applications in the automobile industry which meet defined margin targets. As mgmt sees the best margin and growth potential in three-dimensional applications, it is now focusing on the development and marketing of such applications. Quality assurance applications, which are simpler and have lower margins, are only offered as an add-on service for customers. The company’s 3D applications base on two sensors, which were developed and are produced in-house. These consist of a smart camera and a projector, which projects a grid pattern on the object, which is supposed to be
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