Global Robotic Vision Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Component (Software, Hardware, Camera, Robots, Others), By Application (Packaging & Palletizing, Material Handling, Welding, Others), By Industry Vertical (Electrical And Electronics, Automotive, Metal Processing, Food Processing, Others), And By Geography - Forecasts From 2021 To 2026

The global robotic vision market size is evaluated at US$3.306 billion for the year 2019 and is projected to grow at a CAGR of 9.54% during the forecast period.

Robotic vision is among the latest innovations in robotics and automation which is used in robots for better identification of things, navigation, finding objects, and inspection among others. Robotic vision technology is useful for cost-cutting and creating a straightforward solution for all types of automation. Robotic vision has various applications across various industries. 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. Some common examples of the application of robotic vision include barcode readers, scanners, autonomous vehicles, facial recognition, and others.

The technology of robotic vision poses some of the key features which have led to increased adoption of the technology. The technology now enables robots to freely move and perform a variety of tasks without operator intervention and reprogramming. With advanced object detection, recognition, and grasping technology, these newly empowered robots are well-suited to manufacturing customized products that are in high demand. By using advanced vision systems to adjust coordinates to specific locations, today’s robots can pick up parts and items of varying consistency-a task that is impossible for traditional assembly robots. Now, robots with vision capabilities can recognize a changing environment and adapt to it.

Manufacturing companies across the world are realizing the benefits of these robotic vision systems, particularly in areas where redundant tasks, like inspection, should be performed with precision. They are playing an essential role in high-speed production lines and hazardous environments. Some of the significant benefits offered by these systems include increased productivity, reduced machine downtime, and tighter process control.

The advent of COVID-19 had an adverse impact on the global Robotic vision market. The market witnessed a slow growth rate during the year as a number of projects in the sector came to a withstand. The ongoing investments being done at that time were slowed down as the demand for this technology in various sectors fell during the initial months as the pandemic resulted in a substantial shift of focus in order to curb the spread of the disease. The demand for the technology witnessed a slight increase during the second half of the year as it came in handy while maintaining the social distancing protocols imposed by the government such as for the bar code scanner application. The demand for the technology is expected to witness a significant rise in the coming years as the pandemic has fuelled the use of bar code readers, scanners, autonomous vehicles, facial recognition, and others.

The growth of the Robotic Vision Market is highly dependent on technological advancements and declining prices of chips and sensors. Some countries have stringent rules in place for workers’ safety for which robotic vision is the optimal solution. The share of the Automotive Industry as an end-user of the Robotic Vision Market is expected to be significant on the grounds that it requires automation in most of its processes, such as inspection, assembling, and welding, among others. Recent developments with regard to self-driving cars would be leveraging the potential of robotic vision. The food and Drink Industry, an end-user of Robotic Vision, has already capitalized on Robotic Vision to avoid human involvement which is susceptible to committing errors and hence, achieve operational and cost-efficiency.

The Robotic Vision Market has been segmented based on Component, Application, Industry Vertical, and Geography. By Component, the Robotic Vision has been classified as Software and Hardware. Application, Packaging & Palletizing, Material handling, and Welding are the main segments. By Industry Vertical, the Robotic Vision Market has been categorized as Electrical & Electronics, Automotive, Metal Processing, Food Processing, and Others. By Geography, this market has been segmented as North America, South America, Europe, The Middle East and Africa, and Asia-Pacific. Regional analysis has been provided with detailed analysis and forecast for the period 2020 to 2025. Europe and North America hold a significant share of this market owing to the demand for material handling applications because of high labour costs and stringent government regulations toward workers’ safety. Asia- Pacific region is estimated to achieve a high CAGR over the forecast period due to rapid industrialization and infrastructure development.

Rising technological investments have given rise to an increased rate of adoption of newer technologies which is further expected to fuel the demand for robotic vision during the forecast period

The demand for Robotic Vision is on a rise due to its increasing number of applications and growing demand for products that work using this technology. Rising incomes of the people due to urbanization have led fuelled the demand for offerings from the automotive and food industries. The latest application of Robotic Vision is occurring in Smart Homes, wherein robotic vision is assisting the technology to work and evolve. Humanoid robots are also deploying robotic vision to equip them with the cognitive capability to perform tasks like humans. Industry 4.0 will bring a plethora of applications of Robotic Vision to industries. Synergies created by Robotic Vision and Machine learning in image processing will be a great opportunity for the Robotic Vision Market to propel its growth but the challenge will lie in bringing human-like abilities to it. Restraints to this market would be in terms of the technical abilities of Robotic Vision. Identifying moving objects and partially visible objects with utmost accuracy is a difficult task.  Also, understanding the 3D orientation of objects can be a challenging task when it comes to colour, shape, background, etc. For instance, In April 2019, Isra Vision launched a “quad-camera sensor solution” for bin picking which enables next-level performance. In November 2019, Veo Robotics launched FreeMove, a production-ready vision system with enhanced capabilities of handling payloads up to hundreds of kilograms with strength, speed, and precision.

Competitive Insights

The players in the global Robotic vision market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the market.

Robotic Vision Market Scope:

Segmentation

• By Component
  • Software
  • Hardware
  • Camera
  • Robots
  • Others
• By Application
  • Packaging & Palletizing
  • Material Handling
  • Welding
  • Others
• By Industry Vertical
  • Electrical and Electronics
  • Automotive
  • Metal Processing
  • Food Processing
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • UK
    • Others
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Others