Vision Sensor Market 2020: Industry Size, Share, Trends, Business Strategies, Sales Revenue, Growth, Demand and Dynamics by Regional Forecast 2023

Market Scope

The global vision sensor market 2020 was worth USD 1.86 billion in the year 2018 and is racing ahead to attain a valuation of USD 3.87 billion by the end of 2024. The vision sensor market size is also set to expand at a healthy rate of 13.43% during the forecast period (2019-2024).

Top Drivers and Main Challenges

The vision sensor market growth has been primarily prompted by the convergence of robotics, machine learning, advanced imaging analysis, and related automation. This convergence has given birth to a number of innovative, never-before-seen solutions that can help solve numerous issues inside and outside of a factory. Considered to be the eyes of the system, vision sensors are extremely critical to the advancements in next-level solutions in various growing worldwide markets.

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Vision sensors are far more superior than other general-purpose sensors and find widespread use across enterprises to determine the entire orientation using captured camera images. These sensors are installed along with certain systems or applications that help decide a product's operation or in some cases, failure status. The vision sensor market share across the globe has burgeoned extensively, on account of the augmented product demand among enterprises as well as the industrial sector. Other factors pushing the market growth can be the booming electronics and electrical industry combined with the ramped-up demand for consumer electronics across the globe.

In the automotive industry, the demand for vision sensors is quite high, given their rising applications in part detection and measurement. Additionally, the rapid surge in advanced automation technology, due to the rising use of vision for automation in the manufacturing process can benefit the market in the following years. The market also notes constant innovation of vision sensors, including the ability to work in adverse conditions and others, which makes it more popular among enterprises. The favorable expansion of the retail and consumer goods industry comes as great news since vision sensors are used for bar code scanning, and its demand is expected to surge massively in the years to come.

Vision Sensor Market Trends

Being a part of Industry 4.0, manufacturers are now more willing to accept industrial networks for more intelligent and connected machines, ultimately enhancing the efficiency, productivity, and performance. Manufacturers are developing vision sensors that are highly intelligent, which helps them contribute significantly to predictive maintenance. These sensors are also given the ability to forecast problems and make plans accordingly. Apart from this, with correct usage, these vision sensors can lower the downtime. Thus, the latest market trend is the emergence of vision sensors that are fast, precise, and consistently offer quality data.

Market Segmentation

Type, application, and end-user are the primary segments that are part of the vision sensor market analysis.

The type-wise market segmentation includes pixel counter sensor, contour sensor, monochrome sensor, 3D sensor, code readers and color sensor. The code reader segment had acquired the leading position in 2018 and can retain its dominance throughout the review timeframe. The 3D sensor segment can also grow at a significant rate in the near future.

The applications of vision sensors are code reading, inspection, localization, object recognition, gauging, and others. The inspection segment had led the market in 2018; and can generate maximum revenue during the review period, owing to its widespread use in smart factories. The localization segment can also achieve a significant growth rate in the coming years.

The end-users in the worldwide market are electronics & semiconductors, automotive, pharmaceutical, consumer electronics, food & packaging, and others. Given the mounting demand for vision sensors in identification, localization and inspection applications, the automotive industry exhibits the most potential to be the leading end user in the market. The consumer electronics segment is also expected to gain immense traction at a high growth rate in the given timeframe.

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Regional Aspect

The geographical distribution of the global vision sensor market has been conducted for North America, Asia Pacific (APAC), Europe, and the rest of the world (RoW), which includes the Middle East, South America as well as Africa.

North America can be the dominating region in the global vision sensor market, owing to the region's willingness to adopt Industry 4.0 coupled with the emergence of several smart factories projects. The vision sensor market share in the region is mushrooming extensively, backed by the high demand from the automotive and food and packaging industries.

APAC can achieve the highest growth in the years ahead, major growth expected to be noted in China and Japan. The region's strong position in the global market is because of the surging adoption of automation within manufacturing plants and the increasing spending on industry automation to bring down the manufacturing costs. Vision sensors are also experiencing growth in end-user industries like electronics, automotive, packaging, and food & beverages among others in the region.

Europe is another significant contender in the global vision sensor market, on account of the vast pool of renowned vendors and the booming industries like automotive, pharmaceuticals, and food & packaging.

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