Vision Sensor Market: Riding the Wave to a USD 4.5 Billion by 2023

The Vision Sensor Market is on a robust growth trajectory, projected to expand from USD 2.5 billion in 2018 to USD 4.5 billion by 2023, reflecting a CAGR of 12.2%. This significant growth is driven by the increasing demand for automation and quality inspection across various industries. Vision sensors, known for their ability to capture and analyze visual information, are essential in manufacturing processes for tasks such as object detection, measurement, and sorting. The rise of smart factories and the integration of AI and machine learning into vision sensor technology further bolster market expansion. As industries continue to seek higher efficiency and precision, the adoption of vision sensors is expected to surge, making them a critical component in the future of industrial automation.

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Major factors surging the demand for vision sensors include the rapid growth of the electronic and electrical industry, the increasing use of machine vision technology in the automotive sector, and the intense focus of manufacturing companies on achieving cost and time savings. In the electronic and electrical industry, vision sensors play a crucial role in ensuring the quality and precision of components. The automotive industry leverages machine vision for applications such as automated inspection, vehicle assembly, and quality control, enhancing both safety and efficiency. Additionally, manufacturing companies are increasingly adopting vision sensors to streamline operations, reduce human error, and cut down on labor costs. These factors collectively drive the robust expansion of the vision sensor market, highlighting their essential role in modern industrial processes.

Automotive Industry to account for largest size of Vision Sensor Market from 2018 to 2023

The automotive industry is poised to be the key end-user for vision sensors due to the growing demand for these sensors in critical applications such as inspection, identification, and localization. Vision sensors are integral in inspecting various parts and components, identifying faulty elements, detecting misalignment, and guiding robotic arms to perform complex tasks on assembly lines. These applications significantly enhance efficiency, accuracy, and safety in automotive manufacturing. The increasing adoption of factory automation to reduce manufacturing time and costs spent on inspection further propels the demand for vision sensors. Regions like North America, APAC, and Europe are expected to witness substantial growth in vision sensor adoption, driven by their robust automotive industries and a strong focus on manufacturing excellence and automation.

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Inspection and code reading applications will boost demand for less than 3D Vision Sensors during forecast period

Sensors with less than 3D capabilities are projected to hold the largest share of the Vision Sensor Industry during the forecast period. These sensors are widely used in line scan, area scan, inspection, gauging, code reading, and localization applications across various end-user industries, including automotive, electronics and semiconductor, pharmaceuticals, and food and packaging. The versatility and reliability of these sensors make them essential for ensuring quality and efficiency in these industries. The demand for less than 3D sensors is expected to be particularly high in APAC, Europe, and North America, driven by the robust growth of manufacturing and automation in these regions. This widespread adoption is set to drive significant market expansion and innovation in vision sensor technology.

APAC to hold largest share of Vision Sensor Market from 2018 to 2023

Asia Pacific (APAC) is poised to account for the largest share of the overall Vision Sensor Market in 2018 and is expected to exhibit the highest CAGR during the forecast period. The growth in this region is driven by significant investments in industrial automation aimed at reducing manufacturing costs, minimizing time to market, and enhancing quality standards. Key end-user industries such as automotive, electronics, food & beverages, and packaging are at the forefront of adopting vision sensors. The increased spending on automation in these sectors is catalyzing the market expansion, making APAC a crucial hub for vision sensor technology. 

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Vision Sensor Companies:

  • Cognex (US),
  • Keyence (Japan),
  • Teledyne (US),
  • Sick AG (Germany),
  • Baumer Holdings (Switzerland) 

News Covered:

https://www.prnewswire.com/news-releases/vision-sensor-market-worth-4-5-billion-by-2023--exclusive-report-by-marketsandmarkets-300820145.html 

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