The Insight PartnersRapid Expansion among Industrial Application in Asia Pacific to Lead Vision Guided Robotics Market GrowthAccording to our latest market study on “Vision Guided Robotics Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Component Type (Software, Hardware, and Services), Type (2D-Vision System Robot and 3D-Vision System Robot), and Industry Vertical (Automotive, Aerospace & Defense, Food & Beverages, Healthcare & Pharmaceutical, Electrical & Electronic, and Metal Processing),” the market was valued at US$ 4,616.6 million in 2019 and is projected to reach US$ 12,958.9 million by 2027; it is expected to grow at a CAGR of 13.8% during the forecast period.
Strategic Insights
Report Coverage | Details |
Market Size Value in | US$ 4,616.6 Million in 2019 |
Market Size Value by | US$ 12,958.9 Million by 2027 |
Growth rate | CAGR of 13.8% from 2020-2027 |
Forecast Period | 2020-2027 |
Base Year | 2020 |
No. of Pages | 232 |
No. Tables | 225 |
No. of Charts & Figures | 80 |
Historical data available | Yes |
Segments covered | Component Type, Type, and Industry Vertical |
Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Vision-guided robotics are used across various verticals to concentrate on extracting, characterizing, and interpreting information of a particular product and perform desired autonomous task, whether mechanical or electrical. The vision-guided robotics companies across the globe are constantly focusing on developing advanced technologies that would enhance the automation scenario to a greater extent and help the manufacturing industries to intensify their process. Advancement of camera technologies and processing power are enabling robots to take on more amorphous tasks such as driving, flying, and mobile activities, among others, which requires obstacle identification and avoidance capabilities through vision systems.
The market for vision-guided robotics is highly fragmented, and the industry is constantly experiencing the emergence of a new player with innovative technologies. With an objective to sustain in the industry and compete with its peers, the companies are adopting several organic and inorganic strategies which include competitive pricing, miniaturized camera sensors, mergers and acquisition, and additional aftersales service. These strategies offer the companies a significant competitive edge over the others. The vision-guided robotics market is poised to flourish in the coming years owing to the fact that, several developing country governments are attracting foreign direct investments (FDI) to optimize hectic and monotonous operations performed across industries with ease and precision.
Impact of COVID-19 Pandemic on Vision Guided Robotics Market
The COVID-19 outbreak, which began in Wuhan, China, in December 2019, has spread at a fast pace worldwide. The global factory shutdowns, travel bans, and border lockdowns, to combat and contain the outbreak, have impacted every industry and economy worldwide. The majority of the manufacturing plants are either temporarily shut or operating with minimum staff. Due to this, the market for Vision Guided Robotics and related components are disrupted.
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Rapid Expansion in Manufacturing Industry to Drive Market
The global manufacturing industry is rapidly expanding as more and newer regions are investing in adopting manufacturing plants in their localities. As per the China Federation of Logistics and Purchasing (CFLP), the global manufacturing purchasing managers' index (PMI) accounted 55.1 in October 2017, which was down from 55.9 in September 2017 however, still at a comparatively high level. The PMI index remained above 53.5 since the beginning of 2017, signifying a substantial recovery of the manufacturing sector in developed countries, increasing industrial advancement in emerging market economies and intensifying commodities prices on the global market. This expansion in the manufacturing industry is expected to embrace technological advancements to enhance the plant productivity, maintain an edge with the customers, and gain competitive advantage.
Vision Guided Robotics Market: Type-Based Insights
In terms of type, the 3D-vision system robot segment led the global vision guided robotics market. The manufacturers are integrating robots with 3D camera technologies in order to optimize their performance while carrying out a desired task. These cameras help the robot to identify any object from all 3 axes (X-axis, Y-axis and Z-axis), facilitating the robot to understand the object and task easily.
Vision Guided Robotics Market: Competitive Landscape and Key Developments
ABB Ltd., Fanuc Corporation, Basler AG, Cognex, ISRA Vision, Yaskawa Electric Corporation, Universal Robots AS, Denso Corporation, and Omron Corporation are among the key players in the global Vision Guided Robotics market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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2019: ISRA announced the introduction of quad-camera sensor solution. It has high speeds in scanning as well as data processing basically for fully automated bin picking to take it to the next level of performance.
2018: Basler announced the acquisition of Silicon Software GmbH, to further expand its product portfolio for computer vision applications.
2018: DENSO developed New Vision Sensor especially to enhance night driving safety. It is used to decrease accidents by detecting pedestrians as well as other road users during low-light situations.
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