CHICAGO, July 10, 2023 /PRNewswire/ -- The global Robotic Vision Market is expected to grow from USD 2.6 billion in 2023 to USD 4.0 billion by 2028, registering a CAGR of 9.1% according to a new report by MarketsandMarkets. The growth of the robotic vision market is propelled by two key factors: the increasing demand for safety and quality products in the industrial sector and the growing adoption of vision systems in industrial robotics. These factors drive the need for advanced robotic vision technologies, fueling the expansion of the market.
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Robotic Vision Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $2.6 billion |
Estimated Value by 2028 | $4.0 billion |
Growth Rate | Poised to grow at a CAGR of 9.1% |
Market Size Available for | 2019-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Type, Hardware, Software, Application, Industry, Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Programming the complex inspection task |
Key Market Opportunities | Increasing customization of Robotic Vision systems |
Key Market Drivers | Increase in use of smart cameras in robotic vision |
The 3D Vision Systems segment is expected to register a higher CAGR during the forecast period.
The 3D vision systems market is experiencing robust growth due to technological advancements, increased automation demands, quality control needs, expanding robotics and autonomous systems, growing adoption of virtual reality (VR) and augmented reality (AR) applications, and cost reductions. These factors drive the adoption and development of 3D vision systems across diverse industries. With enhanced capabilities for accurate perception, spatial mapping, and immersive experiences, 3D visions systems play a crucial role in tasks like object recognition, inspection, navigation, and VR/AR applications.
Software segment to record the highest CAGR during the forecast period.
The software for robotic vision has witnessed substantial growth propelled by advancements in deep learning, 3D perception, simultaneous localization and mapping (SLAM), real-time performance, and integration with AI and robotics frameworks. These advancements have enhanced robots' ability to comprehend and engage with their visual surroundings, finding applications in manufacturing, logistics, healthcare, agriculture, and autonomous vehicles. Ongoing progress in these domains is expected to fuel further advancements in robotic vision technology.
Food & Beverages segment to record the highest CAGR during the forecast period.
The food and beverages industry has experienced significant growth in robotic vision applications. This technology has transformed quality inspection, sorting and packaging, traceability, food safety, automated cooking, packaging inspection, and food handling. Robotic vision enables improved product quality, enhanced efficiency, ensured food safety, and automation of labor-intensive tasks. Its advancements have profoundly impacted industry, revolutionizing various processes and contributing to overall growth and development.
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Asia Pacific is expected to grow at the highest CAGR in the Robotic Vision market from 2023 to 2028.
Asia Pacific will likely grow at the highest CAGR from 2023 to 2028. China remains the largest market for vision systems in the Asia Pacific. The robotic vision industry growth in Asia Pacific is expected to be led by countries such as Taiwan and India, which are pushing for increased automation in manufacturing. Rising labor costs in Asia Pacific also force manufacturers to automate to maintain their cost advantage. Therefore, strong growth for vision systems is expected in Asia Pacific in the near future.
Key players operating in the Robotic Vision Companies include Cognex Corporation (US), Basler AG (Germany), OMRON Corporation (Japan), National Instruments Corporation (US), Keyence Corporation (Japan), Teledyne DALSA (Canada), Sick AG (Germany), Torvidel AS (Norway), Hexagon AB (Sweden), Advantech (Taiwan), Yaskawa America, Inc. (Japan), ISRA VISION (Germany), FANUC CORPORATION (Japan), ABB (Switzerland), Qualcomm Incorporated (US) in the robotic vision market.
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