Shaping Tomorrow: Vision Sensor Market Impending $4.5 Billion Valuation
MarketsandMarketsTM just released a market research report that indicates the global Vision Sensor Market is expected to grow significantly. The market, estimated to be worth USD 2.5 billion in 2018, is expected to rise at a healthy compound annual growth rate (CAGR) of 12.2% to reach USD 4.5 billion by 2023, according to the analysis.
The rising use of vision sensors in a variety of industries, such as the automotive, electronics, semiconductor, pharmaceutical, and food packaging sectors, is responsible for this increase. The study goes on to further classify vision sensors according to their categories, including 3D and less than 3D, and describes how they are used in code reading, localization, inspection, and measuring. The results highlight the market potential that is substantial as well as the critical function that vision sensors play in promoting efficiency and innovation in a variety of industries.
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The rise of the electronic and electrical industries is one of the main drivers of the growing need for vision sensors. Due to its capacity to improve quality control and optimise manufacturing processes, vision sensors are becoming more and more popular in this rapidly expanding industry. Additionally, by using machine vision technology more and more in the automotive sector—specifically, vision sensors for automation and inspection—the sector is fueling this growth. Furthermore, businesses in the manufacturing sector are placing a strong emphasis on time and cost savings, and they understand that vision sensors are essential for both sustaining high standards of product quality and attaining operational efficiency. When taken as a whole, these elements highlight how crucial vision sensors are to meeting industrial needs for cutting-edge technological solutions and efficient production methods.
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Automotive industry to account for largest size of vision sensor market
Due to the increasing need for vision sensors in vital applications like localization, identification, and inspection, the automotive sector is set to become the principal end-user of these devices. Vision sensors are essential for a variety of jobs on the assembly line, including examining various parts and components, spotting defective parts, correcting misalignments, and directing robotic arms through complex operations. It is projected that these applications will sharply increase the need for vision sensors in the automotive industry. Furthermore, it is anticipated that the growing trend of factory automation, which aims to cut down on production time and inspection expenses, would increase demand for vision sensors in important regions including North America, APAC, and Europe.
Inspection and code reading applications will boost demand for less than 3D vision sensors during forecast period
Less than 3D sensors are expected to control the majority of the vision sensor market during the course of the forecast year. Their ubiquitous use in a variety of applications, such as line and area scans, as well as jobs like inspection, measuring, code reading, and localization, is responsible for their domination. Numerous end-user sectors, including automotive, electronics and semiconductor, pharmaceutical, food, and packaging, frequently use these applications. During the projection period, major areas such as APAC, Europe, and North America are likely to have a notably high demand for less than 3D sensors due to their robust nature. This emphasises how important these sensors are to fulfilling the needs of many industries and how important they are to advancing precision and technology in a wide range of applications across the worldwide market.
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APAC to hold largest share of vision sensor market from 2018 to 2023
According to predictions, Asia Pacific (APAC) is expected to exhibit the highest Compound Annual Growth Rate (CAGR) throughout the forecast period, hence holding the greatest share of the global vision sensor market in 2018. The significant rise in the APAC vision sensor market can be ascribed to significant expenditures made in industrial automation with the intention of lowering production costs, shortening time to market, and improving quality standards. These activities are especially noticeable in a variety of end-user industries, including as packaging, food & beverage, electronics, and automotive. The demand for vision sensors is anticipated to soar as long as the area maintains its focus on efficiency in manufacturing procedures and technical improvements. This will solidify APAC's place as a major participant in the global vision sensor market landscape.
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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