Beyond Sight: Vision Sensor Market Growth Prospects at $4.5 Billion by 2023
The Vision Sensor Market is anticipated to increase significantly, from USD 2.5 billion in 2018 to USD 4.5 billion by 2023. This expansion entails a 12.2% compound annual growth rate (CAGR) for the forecasted timeframe. For automation, quality control, and inspection needs, numerous sectors are using vision sensors, which integrate picture collecting and processing capabilities. The development of machine vision technology, rising demand for superior inspection systems, and the requirement for better efficiency and productivity in industrial processes are some of the reasons that have contributed to the market's growth.
A number of important causes are driving the demand for vision sensors. First off, the expansion of the electrical and electronic industries has increased the demand for sophisticated inspection and quality control systems, where vision sensors are essential. Second, the need for vision sensors has expanded as a result of the extensive use of machine vision technology in the automotive sector for systems like object detection, quality control, and driver assistance systems. Last but not least, cost and time savings are a top priority for industrial organisations across a range of industries. Vision sensors help them to increase efficiency, accuracy, and productivity, which has led to their widespread use. The market's need for vision sensors has significantly increased as a result of these forces working together.
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Automotive Industry to account for largest size of Vision Sensor Market from 2018 to 2023
From 2018 to 2023, the automotive sector is predicted to account for the greatest proportion of the global market for vision sensors. The increasing demand for vision sensors in the industry's inspection, identification, and localization applications is what's causing this dominance. Vision sensors are essential for evaluating different automobile components, spotting defective parts, maintaining proper alignment, and controlling robotic arms during challenging assembly line operations. The need for vision sensors is further fueled by the industry's growing adoption of industrial automation to improve productivity, shorten manufacturing cycles, and lower inspection costs, particularly in North America, APAC, and Europe. The importance and market potential of vision sensors are highlighted by the automotive industry's reliance on them.
Inspection and code reading applications will boost demand for less than 3D Vision Sensors during forecast period
Throughout the whole forecast period, the biggest demand in the vision sensor market is anticipated to be for less-than-3-dimensional vision sensors. Many different sectors, including automotive, electronics & semiconductor, pharmaceuticals, food & packaging, and localization, use these sensors extensively in line scan, area scan, inspection, gauging, code reading, and localization. The fact that these sensors can successfully carry out crucial duties in many applications explains the high demand for them. Additionally, it is predicted that there will be a sizable market for less-than-3-dimensional vision sensors in regions like APAC, Europe, and North America during the projection period.
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APAC to hold largest share of Vision Sensor Market from 2018 to 2023
From 2018 to 2023, Asia Pacific (APAC) is anticipated to hold the largest market share for vision sensors, and it will also grow at the fastest compound annual growth rate (CAGR). A number of important factors, such as growing expenditures in industrial automation with the goals of lowering manufacturing costs, reducing time to market, and raising quality standards, are what are causing the market in APAC to grow. The need for vision sensors in the region is largely driven by sectors including automotive, electronics, food & beverage, and packaging. APAC is a crucial market for vision sensors because to the region's developing industrial landscape and widespread adoption of cutting-edge technology, which contributes to its dominance in the sector.
Key Players
Cognex (US), Keyence (Japan), Teledyne (US), Sick AG (Germany), and Baumer Holdings (Switzerland) are among a few major players in the Vision Sensor Market.
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