Global Machine Vision and Vision Guided Robotics Market to grow at a considerable rate and is expected to reach USD 12.08 Billion by 2027

The machine vision and vision-guided robotics market are anticipated to grow at a considerable rate and is expected to reach USD 12.08 Billion by 2027, growing at a CAGR of 9.61% during the forecast period 2021-2027. The vision-guided robotics market is propelled by the increasing need for automation & safety, high labor cost, shortage of skilled labor, and an increase in investment in R&D activities.

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Machine vision is an automated technology where images are taken and transferred to the PC and handled thereafter to inspect and report the processed results. Robotic vision is a technology that provides robots with sight and replaces manual inspection tasks using cameras and image processing. It allows robots to perform basic tasks like presence detection to real-time inspection. These systems have become powerful and easy to use.

On the basis of product, the market is segmented into PC-Based Machine Vision Systems, Smart Camera-Based Machine Vision Systems, Vision Guided Robotics. The smart camera-based machine vision systems are expected to hold the largest market share in the forecast period due to the rise in demand for the smart camera which is cost-effective, compact, easy to install, and growing adoption of cameras in 3D imaging.

On the basis of offering, the market is divided into hardware (camera, frame grabbers, optics/lenses, LED lighting, and processors), software (barcode reading, standard algorithm, and deep learning software), and services (integration and solution management). Cameras hold the largest share in 2020 because of the rise in demand for CMOS imaging sensors.

On the basis of application, the market is sub-divided into quality assurance & inspection, positioning & guidance, measurement, and identification. The quality assurance and inspection segment are anticipated to grow at a significant rate during the forecast period.

On the basis of end-use industry, the market is bifurcated into Industrial and Non-Industrial. The industrial segment includes automobiles, semiconductors, electronics, healthcare, packaging, food & beverage, textiles, etc. The non-industrial segment includes biometrics, security& surveillance, banking & postal, transport, traffic management & road safety, medical imaging & lab automation, leisure & entertainment, and the environment.

The market for vision-guided robotics is divided and there is a continuous increase in the number of industrial players who are offering innovative technologies. To sustain in the industry and compete with their competitors, the companies are adopting strategies such as competitive pricing, decreasing camera sensors, mergers and acquisitions, and additional aftersales services. The market vision and vision-guided robotics market will flourish in the forecast period as emerging economies’ governments are allowing foreign direct investments (FDI) in this sector.

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Robots and machine vision are friends of the manufacturing industry and have independently reached stability and technological maturity. The key factor that is driving the growth of the vision-guided robots market is the increasing use of industrial robots for automation in the automotive and consumer electronics sectors.

The challenges faced by the machine vision and vision-guided robotics market are the high cost required in the initial phase of integration and installation. Other factors limiting the growth of the market are the cameras going out of order, lack of skilled professionals available, less return on investment. There is a lack of awareness about educating the need for machine vision systems. There is a need for machine vision in the manufacturing sector as there is a gradual transition from product standardization to product customization.

There is an increase in awareness about the technology and innovative product developments which will provide opportunities for market growth in the machine vision and vision-guided robotics market.

North America is the pioneer in the adoption of robotics and holds the largest market globally as they have adopted robots in various industries. There is a lot of investment by the federal government to increase the production of machine vision systems which will propel the growth of the market in the forecast period.

APAC is anticipated to grow at a significant rate in the vision-guided robotics market during the forecast period 2021-2027. The manufacturing industries in the emerging economies of Asia Pacific are adopting innovative technologies in the vision-guided robotics market which has led to the growth of machine vision and vision-guided robotics market.

Some of the key players operating in the machine vision and vision robotics market: Cognex Corporation, Basler AG, Absolute Vision, ISRA Vision AG, Teledyne Digital Imaging Inc., STEMMER IMAGING AG, Eastman Kodak Company, OMRON Corporation, Allied Vision Technologies GmbH, and Keyence Corporation.

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