Robotics Vision Market Growing at a High CAGR over the Forecast Period of 2017 to 2023
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.
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?