The robotic vision market is projected to witness a CAGR of 10.83% over the forecast period to reach US$5.303 billion by 2024, increasing from US$2.907 billion in 2018. 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 straight forward 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 bar code reader, scanner, autonomous vehicles, facial recognition, and others.
The Robotic Vision Market Forecasts from 2019 to 2024 is an exhaustive study that aims to present the key market trends through various chapters focusing on different aspects of the market. The study provides a detailed market overview through the market dynamics sections which detail key market drivers, restraints, and opportunities in the current market with a comprehensive Life Cycle Analysis. The report also analyses the market through market segmentation.
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. By Application, Packaging & Palletizing, Material handling, and Welding are the main segments. By Industry Vertical, the Robotic Vision Market has been categorized as Electrical 7 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 labor costs and stringent government regulations towards workers’ safety. Asia- Pacific region is estimated to achieve a high CAGR over the forecast period due to rapid industrialization and infrastructure development.
Major players in the Robotic Vision have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last year. The company profiles section details the business overview, financial performance for the past three years, key products and services being offered along with the recent developments of these important players in this particular sector.
Some of the Major Players in the market are ABB, Kawasaki Heavy Industries, Keyence Corporation, Isra Vision Ag, and Sick Ag among others.
The Robotic Vision is a feature, embedded in machines or robots to “see” via camera, programmed through an algorithm that enables the machine to capture images of the things it comes into contact with. With technological advancements, robotic vision’s use has expanded its scope by being an integral part of the recognition, inspection, and automation. For finding objects or navigating through them, Robotic Vision provides a straight-forward solution. It is also being used in manufacturing and packaging industries as a tool to ensure the quality and safety of the products and rings an alarm as soon as a defective product is recognized. In supermarkets or hypermarkets, the bar code scanner has expedited the billing process with the use of robotic vision. Facial recognition is another major application of Robotic Vision. A recent trend of Autonomous vehicles is also employing Robotic Vision to make its run seamless.
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 worker’s 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, welding, among others. Recent developments with regards to self-driving cars would be leveraging on the potential of robotic vision. Food and Drink Industry, an end-user of Robotic Vision, has already capitalized on Robotic Vision to avoid human involvement which is susceptible to commit errors and hence, achieve operational and cost-efficiency.
The demand for Robotic Vision is on a rise due to its increasing number of applications and growing demand for the products which work using this technology. Rising incomes of the people due to urbanization have led fuelled the demand for offering from the automotive and food industries. A 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 cognitive capability to perform tasks like humans.
Industry 4.0 will bring plethora of applications of Robotic Vision in industries. Synergies created by Robotic Vision and Machine learning in image processing will be a great opportunity for Robotic Vision Market to propel its growth but the challenge will lies in bringing human like abilities to it. Restraints to this market would be in terms of technical abilities of Robotic Vision. Identifying moving objects and partially visible objects with utmost accuracy is a difficult task. Also, understanding 3D orientation of objects can be a challenging task when it comes to color, shape, background, etc.
In April 2019, Isra Vision launched “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.
Packaging & Palletizing
By Industry Vertical
Electrical and Electronics
Middle East and Africa