Robotic Vision Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

The global robotic vision market size is expected to grow from USD 2.4 billion in 2022 to USD 3.8 billion by 2027, at a CAGR of 9.6%. The growth of the market is attributed to the high adoption of 3D vision systems in industrial robotics as well as rising use of smart cameras in robotic vision. However, factors such as high initial cost of installation and limited awareness of robotic vision system are restraining the market growth.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=196002505

The robotic vision market has promising growth potential due to several factors, including the rising government initiatives which is boosting the industrial automation as well as increasing customization of the robotic vision systems. Governments worldwide are supporting the adoption of various automation technologies for the structural development of manufacturing industries, which is expected to boost the penetration of industrial robots and, consecutively, robotic vision as well.

Based on type, the market is segregated into 2D vision systems and 3D vision systems. The 3D vision systems is projected to be the largest growing type of segment of the robotic vision market.3D vision systems enables industrial robots to perform complex tasks, such as bin picking and 3D inspection. 3D vision systems are utilized for more specialized tasks, which cannot be generally performed using 2D vision systems; thus, the sales of 3D vision systems are expected to rise more rapidly than those of 2D vision systems.

Based on component, the market is segregated into hardware and software. Hardware segment is further segregated into cameras, lighting, optics, frame grabbers, processors and controllers and others. Software is further segregated into traditional software and deep learning software. The software segment is projected to be the fastest-growing component segment of the robotic vision market. The integration of artificial intelligence into robotic vision software is expected to fuel the growth of the robotic vision market for software during the forecast period, as deep learning enables robots to recognize objects. Deep learning-based vision software helps minimize human intervention and provides a real-time solution by distinguishing the acceptable variations in products and the defects in manufacturing industries.

Based on deployment, the market is segmented into robotic guidance systems and robotic cells. The robotic guidance systems is dominating the robotic vision market in 2021. Applications utilizing robotic guidance or vision-guided robots (VGR) have increasingly become commonplace over the years. An increase in end-use demands for random bin picking applications and greater flexibility to handle multiple parts on the same assembly line have enabled vision-guided robots to become more commonplace.

Based on application, the market for material handling application is dominant in 2021. The growth of the segment is attributed to the increasing adoption of picking and positioning of material handling applications by major industries such as automotive, electronics, and food &beverages. The pick and place operations are automated using a vision system by recognizing the position and orientation of various objects.

Based on industry, food & beverage is projected to be the largest growing industry segment of the robotic vision market. Robotic packaging and palletizing operation is witnessing significant growth due to the increase in automation in the food & beverages industry worldwide. As a result, this industry is adopting automatized operation systems in packaging to meet the increasing consumer demand.

Inquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=196002505

The robotic vision market has been segmented into North America, Europe, Asia Pacific, and Rest of the World. The market in Asia Pacific is estimated to be the largest growing market during the forecast period. The market growth in Asia Pacific is expected to be led by countries such as Taiwan and India, who are pushing for increased automation in manufacturing. An increase in the labor cost in Asia Pacific is also forcing manufacturers to automate to maintain their cost advantage. Besides, Europe held the second-largest share of the robotic vision systems market in 2021. In Europe, vision systems are relevant not only for large enterprises but also for smaller enterprises. Germany remains the largest market in Europe for vision systems.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

This release was published on openPR.