Robotics Vision Market Growing at a High CAGR over the Forecast Period of 2017 to 2023
Introduction
Robotic vision has various applications
across various industries; it is used for correct packaging and material
handling operations. Robotics vision makes the manufacturing and packaging
process easy by ensuring the quality of the products, checking product safety,
preventing defective products or damaged products from entering the market, and
tracing the products. According to industry research conducted by Knowledge Sourcing Intelligence, the robotics vision
market is segmented by component, industry vertical, and geography. By
component, the market is segmented into the smart camera, computer, optics, and
others. By industry vertical, the market is segmented into aerospace,
automotive, metal processing, food processing, and others. Geographically, the global
market has been broken down into North America, South America, Europe, Middle
East and Africa, and Asia Pacific regions.
Drivers
of Robotics Vision Market
The robotics
vision market growth is projected on account of factors such as advancement
in technology, declining prices of chips and sensors, and growing demand for
automation and surveillance. Increasing concern related to the safety of the
worker coupled with stringent regulations regarding workers’ safety is
increasing the demand for robotics vision in various applications such as
material handling, packaging, and palletizing application. The demand for this
technology is rising across various industries due to the various benefits
offered by it such as efficient packaging, better material handling, and
quality check operations. The automotive industry use robotics vision
technology for manufacturing and assembling vehicle parts and the automotive
industry is witnessing moderate growth across the globe. The robotics vision market size is
increasing with the increasing size of the automotive industry.
Market
Segmentation
According to supply chain studies done by Knowledge Sourcing Intelligence, the
global robotic vision market is projected to witness CAGR of 11.63% over the
forecast period to reach US$6.892 billion by 2021, increasing from US$3.562
billion in 2016. Europe is witnessing a significant rise in the demand for
these systems particularly for material handling applications due to high labor
costs and stringent government regulations to provide a safer working
environment. North America region is expected to have a significant share of
the global robotics vision market share
owing to technological advancements in the region. However, Asia Pacific is
anticipated to witness the fastest market growth due to factors such as rapid
industrialization, high infrastructure development and growing concerns about
workers’ safety. Rising demand for processed and frozen food products in
emerging economies such as China and India will further fuel this regional
growth to ensure vision supported packaging of food in harsh environments along
with label verification and brand quality. The automotive industry is expected
to have a significant share of the market on account of early adoption of
technology as robotics arms to manufacture and assemble vehicle parts and
increasing application of robotics vision for the inspection of parts, welding,
and material handling.
Robotics vision market is fragmented with
hundreds of manufacturers. The players are expanding globally to mirror their
customers’ requirement. As a result, they are increasingly integrating with
other players. The key players include ABB Ltd., Kawasaki Robotics, Keyence,
Amazon Robotics, ISRA VISION AG, Sick AG, Cognex Corporation, FANUC, Yaskawa,
KUKA Robotics among others.
Key
Questions Answered in This Report:
·
What are the key regions having
a significant market share of the market?
·
What are the drivers of the
market?
·
Who are the key market players
in the market?
·
What is market segmentation of
the robotics vision market?
·
Which are the industries using
robotics vision?
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