Robotic Vision Market
The global robotic vision market is proliferating, garnering increasing traction. Robotic vision technology finds applications in the development of both humanoid robots and industrial robots. Industrial automated machines equipped with robotic vision provide ideal solutions for customized production. The market growth attributes to the emergence of autonomous robots helping the image processing. Besides, significant investments in robotic vision escalate the growth of the market.
According to Market Research Future (MRFR), the global robotic vision market is projected to garner substantial accruals by 2023, growing at an impressive CAGR during the forecast period (2018 – 2023). The recent shift in focus towards the customized mass production positively impacts the market growth. Upgrades in machine learning and deep learning technologies for improved image processing are offering opportunities for the development of the market.
Increasing demand for automated industrial processes from various sectors further drives the growth of the global robotic vision market. Increase in investments by production and manufacturing companies in research and development of robotic vision technologies scale up the development of the market. Additionally, the rise in demand for improved quality, safety, and efficiency of industrial automated process influence the global robotic vision market share.
Moreover, increased flexibility and rapid deployment of robotic vision in industrial production lines are some other factors pushing the growth of the market. Furthermore, the increasing adoption of cognitive humanoid robots for various applications boosts the global robotic vision market. Conversely, compatibility issues, and low adoption of robotic vision in small-scale enterprises are the major factors expected to impede the market growth.
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Global Robotic Vision Market - Segmentation
The report is segmented into five dynamics;
By Component: Hardware (cameras, optics, filters, lenses, sensors, others) and software (tracking, image processing, others).
By Technology: 2D and 3D.
By Application: Material Handling, Welding, Load/Unload, Bin Picking, Assembly, Processing, Washing, Painting, Inspection & Testing, Assisted Living, and others.
By Vertical : Automotive, Aerospace, EMS (electronic manufacturing services), Food & Beverages, Rubber& Plastics, Precision Engineering & Optics, Pharmaceuticals & Cosmetics, Consumer, Military, Healthcare, and others.
By Regions: Europe, North America, Asia Pacific, and Rest-of-the-World.
Global Robotic Vision Market - Regional Analysis
The Asia Pacific region dominates the global robotic vision market. The leading market share attributes to the growing industrialization in countries like India and China. Besides, the rising adoption of automation in quality control and material handling applications drives the growth of the regional market.
Moreover, significant advances in robotics, alongside the massive uptake of automation in the burgeoning automotive sector, foster the growth in the regional market. Also, increased R&D investments led by the rapid economic growth in the region, and advanced automotive robotic technology propel the regional market. The APAC robotic vision market is projected to retain its dominance throughout the forecast period.
North America accounts for the second-largest share in the global robotic vision market. The region is a hub for and has state-of-the-art development centers, allowing the ease of designing, programming, and implementation of advanced robotics. Additionally, the market growth is driven by substantial investments by companies in the development of machine learning and deep learning technologies for image processing.
Furthermore, the rising adoption of automation in the food and beverage industry boosts the growth of the robotic vision market in the region. Moreover, the presence of a well-established automotive sector and a number of automakers who strive to improve automation in their manufacturing processes positively impact the growth of the regional market.
The Europe robotic vision market has emerged as a promising market globally. Factors such as the strong presence of auto manufacturers and the need for automated vehicle manufacturing processes influence the regional market growth. Besides, increasing R&D activities to develop robotics are other factors acting as tailwinds for the growth of the regional market. Germany, heading with both a flourishing automotive sector and the availability of futuristic technologies, lead the regional market.
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Global Robotic Vision Market - Competitive Analysis
Highly competitive, the robotic vision market appears to be fragmented due to the presence of several well-established players. Incorporating strategic initiatives such as collaboration, acquisition, partnership, product/ technology launch, and expansion, these players try to maintain their market positions.
These strategies help the market players to gain a larger competitive advantage in the market and to meet their expansion plans. They focus on new technology development initiatives and geographical expansion. The market would witness relentless innovations and developments, which, as a result, would intensify the competition among these players.
Players leading the global robotic vision market include Yaskawa Electric Corporation (Japan), FANUC Corporation (Japan), OMRON Corporation (Japan), Cognex Corporation (U.S), KUKA AG (Germany), ABB Group (Switzerland), Keyence Corporation (Japan), Kawasaki Heavy Industries Ltd. (Japan), SICK AG (Germany), and Basler AG (Germany), among others.
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