Robotic Vision Market by Type, Component, Deployment

The robotic vision market size is expected to grow from USD 2.4 billion in 2022 to USD 3.8 billion by 2027; it is expected to grow at a CAGR of 9.6% from 2022 to 2027. The key factors driving the growth of the robotic vision marketare increasing adoption of 3D robotic vision systems in industrial robotics and rising demand for quality and safety products in industrial sector.

3D vision systems is expected to grow at higher rate from 2022 to 2027
A 3D vision system is highly repeatable and can avoid errors arising from deviations in object location, orientation, and presentation to the vision camera.They have the capability of picking parts that have variable surface conditions, such as bin picking, object tracking, and product profiling, particularly in automotive and pharmaceutical industries where the vision systems can generate 3D image data.

They are ideal for less organized applications that involve a random presentation of parts as they excel at handling the intricacies of 3D workpieces. Thus, the market for 3D vision systems is projected to grow at a higher CAGR compared tothe market for 2D vision systems from 2022 to 2027.

Hardware segment to hold largest share in 2021
Cameras are the principal component of vision systems.Smart camera-based vision systems are gaining traction over PC-based systems due to easy configuration, validation, and maintenance.

In the near future, robotic vision is expected to have a higher installation of 3D vision systems requiring smart camera installation, owing to the automation in industries. Hence, the market for cameras is expected to register the highest CAGR of 10.3% during the forecast period.

Robotic cell to be the fastest growing segment during the forecast period
The robotic cells are utilized rapidly for complex tasks, such as quality tracking, uniform dispersion of ingredients, consistency of color, and the presence of safety rings.Robotic cells as compared to robotic guidance system provides better efficiency and accuracy when integrated in vision cameras.

Thus, the robotic cells is estimated to grow at highest CAGR than the robotic guidance systems during the forecast period.

Material handling segment to hold largest share in 2021
The material handling segment dominates the market in 2021 and is expected to continue its domination during the forecast period.Material handling using robotic vision can significantly reduce the human labor involved with handling applications.

Besides, the use of robotic vision in material handling reduces labor costs, increases uptime for the production processes, and provides a safer environment for humans. All these factors are responsible for the adoption of the material handling application in various industries.

Food & beverage industrytohold largest growth rate during forecast period
The food & beverage industryis expected to hold the largest market size during the forecast period.The rising utilization of robotic vision systems in packaging and palletizing in the food manufacturing plants is responsible for the growth of the market. On the other hand, the consumption of packaged foods is increased rapidly, and food safety and standard protocols are being adopted globally by the food giants due to which vision systems are projected to be installed largely in food production plants during the forecast period.

Europe is expected to capture second-largest market sizeduring forecast period
The Europeanregion is expected to hold the second-largest share of the robotic vision market during the forecast period. Industrial growth has been observed in the various countries of Eastern Europe, leading to
increased penetration of vision systems in manufacturing. In Europe, vision systems are relevant not only for large enterprises but also for smaller enterprises. Germany remains the largest market in Europe for vision systems. Government initiatives, such as Industry 4.0 and the penetration of IoT and AI are expected to boost vision software development in the coming years.

The break-up of the profiles of primary participants for the report has been given below:
• By Company Type: Tier 1 = 52%, Tier 2 = 31%, and Tier 3 = 17%
• ByDesignation: C-Level Executives = 47%, Directors= 31%, and Others= 22%
• ByRegion: North America = 16%, Europe = 20%, Asia Pacific = 62%, and RoW= 2%

Major players operating in the robotic vision market includeCognex Corporation (US), Basler AG (Germany), OMRON Corporation (Japan), National Instruments Corporation (US), Keyence Corporation (Japan), Teledyne DALSA (Canada), SICK AG (Germany), Tordivel AS (Norway), Hexagon AB (Sweden), Advantech (Taiwan), Yaskawa America, Inc. (Japan), ISRA Vision (Germany), and FANUC CORPORATION (Japan), among others.

Research Coverage:
The research report on the global robotic vision market covers the market based ontype, component, deployment, detection algorithm, application, industry,and region. Based on type, the market has been segmented into 2D vision systems and 3D vision systems.Based oncomponent, the robotic vision market has been segmented intohardware and software. Based on deployment, the robotic vision market has been segmented into robotic guidance systems and robotic cells. Based on detection algorithm, the market has been segmented into contour-based, correlation-based, feature extraction, and cloud of points.Based on application, the market has been segmented into material handling; measurement, inspection, and testing; welding and soldering; assembling and dissembling; packaging and palletizing; painting; and cutting, pressing, grinding, and deburring. Based on industry, the market has been segmented into automotive; electrical & electronics; chemicals, rubber, & plastics; metals & machinery; food & beverages; precision engineering & optics; pharmaceuticals & cosmetics; and others. The report covers four major regions, namely,North America, Europe, AsiaPacific (APAC), and Rest of the World (RoW).

Key Benefits of Buying the Report:
This report segments therobotic vision market comprehensively and provides the closest approximations of the overall market size, as well as that of the subsegments across different type, component, deployment, detection algorithm, application, industry, and regions.
The report helps stakeholders understand the pulse of the market, expected market scenario and provides information on key market drivers, restraints, challenges, and opportunities.
The report helps to understand the COVID-19 impact on the robotic vision market