The global robotic vision market is expected to grow at an estimated CAGR of 9.5% during the projected period with revenues estimated to be worth US$ 2.41 billion in 2022 and US$ 5.98 billion by 2032.
Robotic vision consists of cameras, calibration software, temperature software, and vision algorithms that are used to recognize and locate every object in a robot’s workspace. Robotic vision also helps robots evaluate, interpret, extract, and characterize picture data so they may create descriptions in line with it in addition to identifying objects and guiding them during navigation.
Improvements in quality, dependability, safety, and productivity are just a few advantages of robotic vision technology. The effectiveness of communication between the robot system and application, as well as environmental management, are necessary for robotic vision to function.
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Robotic Vision Market: Drivers and Restraint
Intelligent homes are specifically designed for the aging population, where robots are capable to assists elderly people in day-to-day tasks. The demand for intelligent homes is continuously increasing, as the aging population is growing at a significant rate across the globe.
The increase in demand for intelligent homes, government regulations about sanitation in the food processing industry, and the rising need for precise, safe, and reliable vision-guided robots in different verticals are major driving factors in the robotic vision market.
However, high initial investment and lack of global standards for robotic implementation are some of the major challenges for the robot vision market.
Robotic Vision Market: Segmentation
The robotic Vision market can be classified based on component, application, and type.
Based on components, the market can be bifurcated into hardware and software. The hardware segment consists of cameras, sensors, lighting, and optics. Cameras, sensors, lighting, and optics incorporate with each other to facilitate the collapsible free movement of robots in the environment.
Cameras, lighting, and optics are used to capture the images while sensors allow obstacle-free movement of robots. The software segment is composed of object tracking and image processing software.
Robotic vision has high demand in a wide range of industries including food processing, automotive, and aerospace for several applications. Based on applications, the robotic vision market is segmented into inspection & testing, material handling, manufacturing, assembling, and packaging.
Manufacturing and packaging are the dominating segments in the category, as governments across the major countries maintain stringent sanitation standards in the food processing & packaging industry.
Based on type, the market can be categorized into 3D and 2D. 3D vision is more precise and capable of providing accurate dimensional data of an object. Currently, 3D robotic vision systems are more expensive than 2D and restricted for specialized operations.
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Segmentation on the basis of Region:
The robotic Vision Market is segmented into 7 key regions- North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan, Japan, and Middle East & Africa.
Robotic Vision Market: Region-wise Outlook
North America was the largest market for robotic vision in terms of consumption in 2015. The US was the leading market in the region, as there was significant growth in the rate of deployment of reliable and precise vision-guided robot systems in food and manufacturing industries in 2015.
By the end of the year 2015, Asia Pacific was the fastest-growing market for robotic vision, due to significant growth in demand for industrial robots in the manufacturing and automotive industries in the region. China, South Korea, and Japan were the leading regional markets in the Asia Pacific.
The robot vision market in Europe is driven by the metal, automotive, and food & beverage industries. Germany was the largest market in the region in terms of volume consumption in 2015.
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Robotic Vision Market: Key Players
Omron Adept Technologies, Inc (US),? ComauS.p.A.(Italy), MVTec Software GmbH (Germany), Matrox Electronic Systems Ltd. (Canada), ABB Ltd (Switzerland), Point Grey Research, Inc. (US), Cognex Corporation (US), Matrox Electronics Systems Ltd (Canada), Keyence Corporation (Japan), IVISYS (Sweden).
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