Categories: Press Release

Robotic Vision Market to Cross USD 4.84 Billion by 2030 on Account of Industrial Automation Revolution Coupled with Advancements in AI and Deep Learning

Robotic Vision Market Scope & Overview

As per the SNS Insider report, the Robotic Vision Market was assessed at USD 2.29 billion in the year 2022. It is anticipated to achieve USD 4.84 billion by 2030, displaying a compound annual growth rate (CAGR) of 9.8% throughout the projection duration spanning from 2023 to 2030.

According to SNS Insider, the robotic vision market is witnessing robust growth due to the convergence of technological advancements, industrial automation, and the need for enhanced perception and decision-making capabilities across diverse industries.

Robotic vision, often referred to as computer vision in the context of robotics, is a cutting-edge technology that empowers robots with the ability to perceive and interpret their surroundings using visual data, much like the human sense of sight. This innovative field merges computer science, machine learning, and image processing to enable machines to extract meaningful information from visual inputs, such as images and videos, and make intelligent decisions based on these observations.

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Key Players Covered in Robotic Vision market report are:

Cognex Corporation, OMRON Corporation, Keyence Corporation, Teledyne DALSA, Tordivel AS, Advantech, ISRA Visio, Basler AG, National Instruments Corporation, SICK AG, Hexagon AB, Yaskawa America, Inc, Fanuc corporation and Other Players.

Market Analysis

The global industrial landscape is undergoing a transformation powered by automation. Robotic vision plays a pivotal role in this revolution by enhancing the capabilities of industrial robots. These robots equipped with advanced vision systems can perform intricate tasks with precision, improving efficiency, quality, and production rates across various industries such as manufacturing, automotive, electronics, and logistics. Breakthroughs in artificial intelligence (AI) and deep learning have propelled robotic vision to new heights. These technologies enable robots to not only identify objects and patterns but also understand context and make real-time decisions based on the data they gather. As AI algorithms continue to evolve, robots become more adept at handling complex tasks and navigating dynamic environments, fostering the expansion of the robotic vision market.

Robotic Vision Market Segmentation as Follows:

BY TYPE:
2D Vision Systems
3D Vision Systems

BY DEPLOYMENT
Robotic Guidance Systems
Detection Algorithm
Correlation-Based
Cloud of points
Robotic Cells
Contour-Based
Feature Extraction

BY INDUSTRY
Electrical & Electronics
Metals & Machinery
Security Service
Precision Engineering & Optics
Chemical, Rubber, & Plastic
Food & Beverages
Automobile Sector
Pharmaceuticals & Cosmetics
Others

BY COMPONENT:
Software
Traditional Software
Hardware
Optics
Processors and Controllers
Cameras
Lighting
Frame Grabbers
Deep Learning Software
Others

BY APPLICATION
Welding & Soldering
Packaging & Palletizing
Assembling & Disassembling
Measurement, Inspection, & Testing
Material Handling
Painting

Segmented by Region/Country:
North America
Europe
China
Japan
Asia Other

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Impact of Recession

The impact of a recession on the robotic vision market is complex and multifaceted. While there may be challenges in terms of reduced adoption, delayed innovation, and funding constraints, there are also opportunities for adaptation, efficiency improvements, and market consolidation. The extent to which the market is affected by a recession depends on various factors, including the severity and duration of the economic downturn, the industry’s resilience, and the agility of companies in navigating challenging economic circumstances.

Impact of Russia-Ukraine War

The Russia-Ukraine war has cast a shadow of uncertainty over various industries, including the robotic vision market. While the direct impact may vary, disruptions to research collaborations, talent retention, funding priorities, and supply chains can all affect the trajectory of advancements in robotic vision technology. The long-term effects will depend on the resolution of the conflict, the resilience of the industry, and the ability of stakeholders to adapt to changing circumstances.

Key Regional Development

The North American region, particularly the United States and Canada, has been at the forefront of technological innovation. With a strong foundation in AI research and development, this region has witnessed robust growth in the robotic vision market. Europe is another significant player in the market, with countries like Germany, France, and the United Kingdom leading the way. The region’s emphasis on industrial automation and Industry 4.0 has driven the adoption of robotic vision in manufacturing processes. The Asia-Pacific region is a dynamic and diverse market for robotic vision technologies. Countries like China, Japan, and South Korea have made substantial investments in AI and robotics.

Key Takeaway from Robotic Vision Market Study

-The 3D vision systems segment has redefined the way robots perceive and interact with their surroundings. By harnessing the power of depth perception, these systems enable robots to accurately gauge distances, sizes, and shapes, thus enhancing their spatial awareness.

-Complementing the prowess of 3D vision systems, robotic guidance systems have proven to be instrumental in choreographing robots’ intricate dance within dynamic environments. These systems incorporate a fusion of technologies, including AI-driven algorithms, sensor arrays, and real-time data processing, to orchestrate seamless and adaptive robot movements.

Recent Developments Related to Robotic Vision Market

-In a strategic move aimed at bolstering its technological capabilities, CNH Industrial, a global leader in the industrial sector, has successfully acquired Augmenta, a cutting-edge machine vision company, for a notable sum of USD 110 million.

-Cognex Corporation, a global leader in machine vision and industrial barcode reading technology, has announced its successful acquisition of Moritex Corporation, a prominent developer of machine vision optics and imaging solutions.

Table of Content – Analysis of Key Points

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Robotic Vision Market Segmentation, By Type
9. Robotic Vision Market Segmentation, By Deployment
10. Robotic Vision Market Segmentation, By Industry
11. Robotic Vision Market Segmentation, By Component
12. Robotic Vision Market Segmentation, By Application
13. Regional Analysis
14. Company Profiles
15. Competitive Landscape
16. Conclusion