Robotic Vision Market Worth $5.2 Billion by 2029

Meticulous Research®-a leading global market research company, published a research report titled, 'Robotic Vision Market by Offering, Type (2D, 3D, 4D), Application (Welding & Soldering, Assembling & Disassembling, Material Handling, Identification & Feature Extraction), End User (Industrial, Commercial), and Geography - Global Forecasts to 2029.'

According to this latest publication from Meticulous Research®, the robotic vision market is projected to reach $5.2 billion by 2029, at a CAGR of 11% from 2022 to 2029. The growth of this market is attributed to the high adoption of 3D vision systems in industrial robotics, the advent of industry 4.0, and the rising demand for automated quality inspection technologies. In addition, increasing government initiatives to support industrial automation and the growing deployment of machine vision systems across various industries are expected to offer significant opportunities for the growth of this market.

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However, depth errors caused by shiny surfaces and the complexity of integrating robotic vision systems pose challenges to the market's growth. Furthermore, the high initial installation cost restrains the growth of this market. Additionally, the use of AI & machine learning and the rising adoption of embedded vision are the major trends in this market.

The robotic vision market is segmented based on offering, type, application and end user. The study also evaluates industry competitors and analyzes the market at the region/country level.

Based on offering, the robotic vision market is segmented into hardware and software. The hardware segment is further segmented into lighting, processors & controllers, frame grabbers, cameras, optics, and other hardware. In terms of value, in 2022, the hardware segment is expected to account for the larger share of the robotic vision market. The large market share of this segment is mainly attributed to the growing demand for complementary metal-oxide-semiconductor (CMOS) imaging sensors, the increasing adoption of robots to automate repetitive processes, the increasing use of cognitive humanoid robots, and the rising deployment of machine vision systems. However, the software segment is projected to register the higher CAGR during the forecast period.

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Based on type, the robotic vision market is broadly segmented into 2D vision systems, 3D vision systems, and 4D vision systems. In terms of value, in 2022, the 3D vision systems segment is expected to account for the largest share of the robotic vision market. The large market share of this segment is attributed to the increasing demand for vision-guided robotic systems across automotive, food & beverage, pharmaceutical & chemical, and packaging sectors and the rising need for quality inspection and automation. However, the 4D vision systems segment is projected to register the highest CAGR during the forecast period.

Based on application, the robotic vision market is segmented into welding & soldering; assembling & disassembling; cutting, pressing, grinding, and deburring; measurement, inspection, and testing; identification & feature extraction; material handling; painting; and other applications. In 2022, the measurement, inspection, and testing segment is expected to account for the largest share of the robotic vision market. The large market share of this segment is attributed to the increasing demand for quality assurance, high accuracy and speed of assembly robots, and the rising demand for automated quality inspection technologies from end-use industries. However, the identification & feature extraction segment is projected to register the highest CAGR during the forecast period.

Based on end user, the robotic vision market is segmented into industrial end users, commercial end users, and government end users. The industrial end users segment is further subsegmented into automotive, electronics and semiconductor; glass & metal; food & beverage; pharmaceuticals & chemicals; printing & labeling; and other industrial end users. The commercial end user segment is further subsegmented into logistics, healthcare, and intelligent transportation system. Furthermore, the government end user segment is subsegmented into security & surveillance and military & defense. In 2022, the industrial end user segment is expected to account for the largest share of the robotic vision market. This segment is also slated to register the highest growth rate during the forecast period. The growth of this segment is attributed to the wide implementation of 3D machine vision across automotive manufacturing facilities, the need to enhance production & quality processes, and the growing need for automated machines to reduce operational costs.

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Based on geography, the robotic vision market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest share of the robotic vision market, followed by Europe and North America. This regional market is also slated to register the highest growth rate during the forecast period. Asia-Pacific's major market share is attributed to the rising number of government initiatives in countries such as India, Singapore, and South Korea for attracting FDI in the manufacturing sector, the increasing deployment of machine vision systems for scanning and inspecting the quality of objects in industrial sectors, and the growing demand for high-quality and zero-defect products, and the increasing need to eliminate costly pre- and post-machining fixtures.

Key Players:

The key players operating in the robotic vision market include FANUC Corporation (Japan), Qualcomm Technologies, Inc. (U.S.), Hexagon AB (Sweden), ABB Group (Switzerland), Teledyne Dalsa Inc. (Canada), Cognex Corporation (U.S.), Basler AG (Germany), OMRON Corporation (Japan), National Instruments Corporation (U.S.), Keyence Corporation (Japan), Sick AG (Germany), Tordivel AS (Norway), Advantech (Taiwan), ISRA Vision (Germany), Yaskawa America, Inc. (Japan), Cadence Design Systems, Inc. (U.S.), Panasonic Holdings Corporation (U.S.), Allied Vision Technologies GmbH (Germany), MVTec Software GmbH (Germany), Xenics NV (Belgium), Industrial Vision Systems Ltd (U.K.), and Apera AI (Canada).

Key Questions Answered in the Report:

Which are the high-growth market segments based on offering, type, application, end user, and geography?
What was the historical market size for robotic vision?
What are the market forecasts and estimates for the period 2022-2029?
What are the major drivers, restraints, opportunities, challenges, and trends in the robotic vision market?
Who are the major players, and what are their market shares?
How is the competitive landscape in the robotic vision market?
What are the recent developments in the robotic vision market?
What are the different strategies adopted by the major players in the robotic vision market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the robotic vision market, and how do they compete with the global players?

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