Robotic Vision Market

Global Robotic Vision Market Size (2023 to 2028)

The global robotic vision market is expected to be worth 3.10 billion USD in 2023. It is expected to grow at a CAGR of 10% during the forecast period and reach a value of 5 billion USD by 2028.

The robotic vision market is expected to grow exponentially in the following years, with technological advancements and growing demand for robotics with cognitive abilities in various industries. This Robotic Vision systems use specialized cameras, lighting, and software to gather information depending on the type of Robotic Vision system. These robots are usually used in industries for inspecting quality and equipment handling but are being integrated into other industries as well due to the high Customization offered by the Robotic Vision system; with the use of machine learning technology and Artificial intelligence, the Robotic Vision market size is expected to increase.

Global Robotic Vision Market Drivers:

The robotic vision market is driven by increased demand for robots with cognitive abilities for maintaining safety and quality; these are highly specialized robots that are extremely efficient and can be cheaper in the long run. Due to government strict regulations and consumer awareness, the quality of products is very important; using human personnel can cause errors, and using precision machines specifically designed for 2D or 3D inspection will ensure quality and safety standards while providing an edge over the competitors in the Market. The demand has increased significantly after the COVID-19 pandemic. With advancements in machine learning and Artificial Intelligence technology that can be integrated into these Robots to increase productivity, robotic vision is also crucial during jobs that deal with Hazards and Risky environments by replacing the need for human personnel. Increasing investments in the manufacturing of robots in various fields are also propelling the robotic vision market growth.

The robotic vision market has potential opportunities in several aspects and sectors. These Robots are highly customized with different components like cameras, sensors, and software. With the use of cloud computing and machine learning, it can be customized to cater to the needs of other industries like pharmaceutical or health care and even agriculture, effectively increasing the market Size. Currently, it's gaining a foothold in the inspection of production and product lines.

Global Robotic Vision Market Restraints:

The cost of installing and setting up these Robots can be very expensive, which limits the Market as new and small businesses cannot afford or spare resources for the robots. This, combined with the low availability of skilled labor and technicians as the technology is still relatively new with very low awareness, makes it difficult for the robotic vision market to gain a foothold. As the Robotic vision systems are connected to the grid and the system, it makes them vulnerable to security threats and cyber-attacks; these are some of the major restraints for the robotic vision market.

Impact of COVID-19 on the robotic vision market:

The COVID-19 pandemic had lasting effects on many industries and markets, including the robotic vision market. COVID-19 had a mixed impact on the Robotic Vision Market. The COVID-19 pandemic boosted market growth as the industries were working at a low capacity and human labour was limited; these forced industries to adopt Artificial Intelligence and Robotic Vision systems for their tasks. More and more industries started adopting Robotic Vision systems due to their Customization according to the needs. Post-pandemic industries are still very reliant on Robotic Vision systems, which contributed to market growth. The Pandemic also had an impact on the supply chain and logistics for the raw materials of the Robotic Vision systems, as these machines are very advanced and require specialized components to work. This caused a high demand and low supply situation in the Market. The robotic vision market is expected to show significant growth post-COVID-19 Pandemic during the forecast period.

REPORT COVERAGE:

This research report on the global robotic vision market has been segmented and sub-segmented into the following categories.

Robotic Vision Market - By Type:

• 2D
• 3D
• 4D

The 3D segment had the leading share of the global market in 2022 and is expected to continue the dominating role in the worldwide market throughout the forecast period. 3D is widely used as it can get detailed information about the product.

The 2D segment is anticipated to showcase a promising CAGR during the forecast period due to its simplicity and ease of use.

4D technology is still relatively new, and research is being done. 

Robotic Vision Market - By Component:

• Hardware
• Software

The hardware segment held the major share of the global market in 2022. The hardware components like sensors, cameras, and lenses go into making these robotic vision systems. 

Robotic Vision Market - By End User:

• Automotive
• Electronics
• Aerospace
• Food & Beverage
• Medical & Healthcare

The automotive segment holds the largest share of the worldwide market. Automotive has numerous applications in areas like welding, painting, and inspection. With Cloud computing and the integration of Artificial Intelligence, the industry is spreading its applications. The electronic and Food and beverage industry is estimated to demonstrate rapid growth. 

Robotic Vision Market – By Region:

•  North America
•   Europe
•  Asia Pacific
•   Latin America 
•  Middle East & Africa

The Asia Pacific region dominates the robotic vision market with the most prominent share during the forecast period due to the large-scale manufacturing industries and the need for quality products. The nations like South Korea, China, Taiwan, and Japan are leading the Market with innovations in Robotic Vision systems and the use of automation. The North American region is also growing at a rapid pace due to acceptability by the industries and the Customization of this Robotic Vision system according to the needs of different industries.

KEY MARKET PLAYERS:

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.) are the leading players in the robotic vision market.

RECENT HAPPENINGS IN THE MARKET:

• Orbbec, a leading global 3D camera manufacturer, announced a collaboration with Microsoft to develop new products and technologies in the fast-expanding 3D imaging category. Encompassing Microsoft's market-leading 3D sensor technology and Orbbec's camera design know-how, manufacturing capabilities, and unique embedded computing technology, the company will introduce new cameras in 2022 to satisfy the burgeoning demand for 3D sensing technology. Connecting this sensor to the Azure cloud platform will unleash computer vision and AI developers to build solutions for logistics, robotics, retail, healthcare, and fitness markets. 
• Basler AG, a company in the machine vision market, announced in January 2023 about acquiring its first robotic vision manufacturer. This strategic move aimed to enhance Basler AG's market position and broaden its range of products. Apart from Basler AG, other significant players in the machine vision market have also been actively engaged in mergers and acquisitions.
• In August 2022, Visionary.ai and Innoviz announced a partnership to merge their respective technologies. Visionary.ai develops software-based image signal processing (ISP) technology, while Innoviz provides automotive-grade LiDAR sensors and perception software. By combining these technologies, they aim to enhance 3D machine vision performance for applications such as robots and drones.