Robotic Vision Market Worth $5.2 Billion by 2029 - by Meticulous Research®

According to a new market 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,' the robotic vision market is expected to reach $5.2 billion by 2029, at a CAGR of 11.0% from 2022 to 2029.
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Robotic vision is one of the most recent advancements in robotics and automation. It uses camera hardware and advanced algorithms that allow robots to process visual data directly from the environment. Robotic vision empowers manufacturers of all sizes to solve automation challenges in production lines, hazardous environments, logistics, packaging, and inventory & warehousing operations. Robotic vision improves the accuracy of assembly robots, helps automate material handling equipment, and enhances quality assurance, inspection, positioning, and guidance.

The growth of this market is attributed to the increasing adoption of 3D vision systems in industrial robotics, the increased demand for vision-guided robotic systems, 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 from end-use industries are expected to offer significant opportunities for the growth of this market.

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 may restrain 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.

Impact of COVID-19 on the Robotic Vision Market

The COVID-19 pandemic negatively affected various sectors. The outbreak accelerated the development and implementation of automation technologies. However, the outbreak accelerated the development and implementation of automation technologies. During the pandemic, automotive manufacturers got a chance to restructure their strategies to implement new technologies into existing infrastructure. Technologies such as 3D robot vision were installed on a considerable scale which helped major value chain holders from 3D robot vision to gain multiple contacts from different automakers.

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Robotic vision systems played a positive role during the pandemic by providing machine vision technologies, including automated lab systems for vaccine processing and testing, thermal imaging to control the body temperature in highly frequented places, and multiple camera-based inspection systems for pharmaceuticals and medical goods. Robotic vision systems, including 2D and 3D machine vision systems, provide greater flexibility, enabling manufacturers to produce a wide range of components more cost-effectively. Furthermore, there has been a continuous rise in the demand for automation for metrological processes such as quality inspection due to the increasing number of smart factories.

Several leading robotic vision players took this global crisis as a new opportunity to restructure and revisit their existing strategies and develop an advanced product portfolio. For instance,

In 2021, Cognex Corporation (U.S.) launched its In-Sight 3D-L4000 embedded vision system, a smart camera that allows engineers to quickly, accurately, and cost-effectively solve a range of inspections on automated production lines.
In 2020, Teledyne Technologies Incorporated (U.S.) announced its new product Genie TM Nano 5GigE M/C8100, M/C5400, and M/C4500, based on the ON Semiconductor 45M, 30M, and 20M monochrome and color sensors specifically designed for industrial imaging applications with high-speed data captures and transfer features.
In 2020, Keyence Corporation (Japan) launched a new artificial sensor called IV2 Vision Sensor Series to increase stability and simplicity for every industry performing an automated inspection.
Such initiatives by major market players and the increasing demand for vision technology in consumer electronics applications are expected to support the growth of the robotic vision market in the coming years.

The robotic vision market is segmented based on offering (hardware [lighting, processors & controllers, frame grabbers, cameras, optics, other hardware] and software), type (2D vision systems, 3D vision systems [single & multi-camera triangulation, time of flight [ToF], laser-based, stereo vision, structured light], and 4D vision systems), application (welding & soldering; assembling & disassembling; cutting, pressing, grinding, and deburring; measurement, inspection, and testing; identification & feature extraction; material handling; painting; and other applications), end user (industrial end users [automotive, electronics & semiconductor, glass & metal, food & beverage, pharmaceuticals & chemicals, printing & labeling, other industrial end users], commercial end users [logistics, healthcare, intelligent transportation system], and government end user [security & surveillance, military & defense]), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.

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Based on offering, the robotic vision market is broadly segmented into hardware and software. The hardware segment is further subsegmented 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 largest share of the robotic vision market. The large market share of this segment is attributed to 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.

Based on type, the robotic vision market is 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 the pharmaceutical and chemical 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 mainly attributed to the increasing demand for quality assurance, improved accuracy and the 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. In 2022, the industrial 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 factors such as the wide adoption of robotic vision technologies in the food & beverage sector, extensive implementation of 3D machine vision in automotive manufacturing facilities, the need to enhance production and quality processes, and the increasing demand for automated machines to reduce operational costs.

Based on geography, the robotic vision market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest share of the robotic vision market. This regional market is also slated to register the highest growth rate during the forecast period. The market growth in Asia-Pacific is attributed to the rapid adoption of automation systems due to the increasing availability of multipurpose industrial robots and the rising deployment of machine vision systems for scanning and inspecting the quality of objects in industrial sectors. In addition, the increasing adoption of 3D machine vision systems in the automotive sector for quality control purposes, the rising government initiatives to promote the adoption of industry 4.0 technologies, and the growing demand for high-quality and zero-defect products are expected to drive the growth of this regional market in the coming years.

The report also includes an extensive assessment of the key growth strategies adopted by leading market participants between 2020 and 2022. 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).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/robotic-vision-market-5408

Scope of the report:

Robotic Vision Market, by Offering

Hardware
Lighting
Processors & Controllers
Frame Grabbers
Cameras
Optics
Other Hardware
Software

Robotic Vision Market, by Type

2D Vision Systems
3D Vision Systems
Single & Multi-camera Triangulation
Time of Flight (ToF)
Laser-based
Stereo Vision
Structured Light
4D Vision Systems

Robotic Vision Market, by Application

Welding & Soldering
Assembling & Disassembling
Cutting, Pressing, Grinding, and Deburring
Measurement, Inspection, and Testing
Identification & Feature Extraction
Material Handling
Painting
Other Applications

Robotic Vision Market, by End User

Industrial End Users
Automotive
Electronics & Semiconductors
Glass & Metal
Food & Beverage
Pharmaceuticals & Chemicals
Printing & Labeling
Other Industrial End Users
Commercial End Users
Logistics
Healthcare
Intelligent Transportation System
Government End Users
Security & Surveillance
Military & Defense

Robotic Vision Market, by Geography

North America
U.S.
Canada
Europe
U.K.
Germany
France
Italy
Spain
Netherlands
Sweden
Denmark
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Malaysia
Australia & New Zealand
Singapore
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
Saudi Arabia
United Arab Emirates
South Africa
Rest of Middle East & Africa

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