PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1606393
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1606393
The market for Vision Positioning System was projected to reach USD 5,681.5 million in 2023 and expand at a CAGR of 13.20% between 2024 - 2032.
The vision positioning system is a ground-based positioning system that depends on ground stations to provide the user with information such as location data and other parameters. It is comparable to the GPS in that both rely on satellites to provide location data. The main parts of the vision positioning system are cameras, sensors, and markers. The most essential component of a VPS is its camera system, closely followed by its sensors. AI-based markers, such as bar codes or QR codes, are examples of markers. The cameras' tracking sensors use these marks to determine the device's location. In addition to these manufactured markers, natural markers like structures and landmarks can be used by markerless systems.
Vision Positioning System Market- Market Dynamics
Rising Number of Self-Driving Cars
The market for vision positioning systems is anticipated to increase in the future due to the rising number of autonomous cars. Autonomous vehicles are self-driving automobiles that use artificial intelligence, computer systems, and sophisticated sensor technologies to drive and navigate without continuous human supervision or intervention. The number of autonomous vehicles is rising as a result of developments in artificial intelligence and sensor technologies, as well as significant funding and support from public and private sectors to improve transportation efficiency and safety. As autonomous vehicles gain popularity, vision positioning systems become an increasingly important supporting technology, providing the accuracy, integrity, and shared reference frame needed for safe, reliable self-driving capabilities. For instance, by December 2022, 3.5 million autonomous vehicles are anticipated to be on US roads by 2025 and 4.5 million by 2030, according to the National Association of Insurance Commissioners, a non-profit organization with headquarters in the US. As a result, the market for optical positioning systems is expanding due to the rising number of autonomous cars.
Vision Positioning System Market- Key Insights
According to our research analyst's analysis, the global market for vision positioning systems is projected to expand at a CAGR of approximately 13.20% during the forecast period of 2024-2032.
The outdoor category was predicted to hold the largest market share in 2023 based on location.
The camera category was predicted to hold the highest market share in 2023 based on components.
In 2023, the defense category emerged as the top segment based on application.
North America held the largest revenue share by region in 2023.
The Global Vision Positioning System Market is segmented into Location, Component, Application, Platform, and Region.
In terms of location, the market is segmented into indoor and outdoor categories. In 2023, the outdoor sector held the greatest market share. This is explained by the growing need for vision positioning systems that can circumvent standard GPS restrictions in outside environments. These systems need to be more dependable, accurate, and data-rich. The increasing use of VPS in smart city initiatives and constructing infrastructure is driving the market's growth. Enhancements in precision, robustness in harsh outdoor conditions, and instantaneous data processing are among the breakthroughs in VPS technology that are propelling the market's growth.
Based on the platform, the market for vision positioning system is divided into Space Vehicles, Unmanned Aerial Vehicles, Industrial Robots, Automated Guided Vehicles, and Others. In terms of revenue in 2023, the unmanned aerial vehicles (UAVs) segment was the greatest. One of the main motivators is the growing use of UAVs in a variety of industries, such as agriculture, surveying, infrastructure inspection, and building. Innovations in vision positioning systems, such as improved sensors, cameras, and image processing algorithms, have also made UAVs' ability to navigate and function in challenging environments more dependable. This is what's fueling the market expansion-they become more appropriate for a larger array of applications.
Vision Positioning System Market- Geographical Insights
The Vision Positioning System market is widely distributed geographically in North America, Latin America, Europe, Asia Pacific, the Middle East and Africa. These areas are further separated based on the countries that provide business.
In 2023, North America accounted for the greatest portion of the market. North America has a strong technology ecosystem that greatly benefits it. Numerous tech behemoths, creative startups, and research institutes that propel VPS technology forward are based in the region. By encouraging constant innovation, this ecosystem pushes the limits of what VPS systems can accomplish in terms of functionality, accuracy, and dependability. North American businesses build cutting-edge VPS solutions that serve a variety of applications, from industrial automation to consumer electronics, by utilizing these technological developments. Furthermore, a major factor in the region's supremacy in the VPS market is its significant emphasis on research and development. Strong R&D investments are made by North American businesses to develop new technologies, enhance current systems, and solve new deployment difficulties for virtual private servers.
Additionally, throughout the projection period, Europe is expected to grow at the quickest CAGR among major worldwide market shareholders. The market insights for the Vision positioning system indicate that the European market will increase steadily. The market for European Vision Positioning Systems has the second-largest market share because of well-established industrial sectors and a strong infrastructure for research and development. The adoption of vision positioning systems has been significantly influenced by the European auto industry, particularly in the areas of autonomous driving and innovative driver support systems. Manufacturing, logistics, and aircraft programs also influence the need for vision positioning systems.
Prominent firms involved in the vision positioning system sector include ABB Ltd., FANUC CORPORATION, OMRON Corporation, Pepperl+Fuchs GmbH, Cognex Corporation, and DJI, among others. To be on the cutting edge of technology breakthroughs, many organizations make investments in research and development. In order to enhance the precision, dependability, and functionality of their systems, these businesses also constantly innovate. Furthermore, significant market developments include new product releases, mergers and acquisitions, contractual agreements, increased investments, and cooperation with other organizations. Market players are also engaging in a variety of strategic actions to broaden their global presence.
May 2024: In order to automatically scan members' purchases as they leave, Sam's Club installed a vision and AI system that uses commercial cameras to take and process product photos. By guaranteeing quick and correct checkout, this innovation seeks to do away with the hassle of manual receipt checks, drastically cutting wait times and improving the entire shopping experience.
January 2024: The K7DD-PQ Series is a unique device that the OMRON Corporation introduced to monitor motor conditions and automate the detection of abnormalities in production plants. The series is in line with OMRON's proactive management approach, which involves real-time data collection, observation, and analysis to empower users to make educated decisions.
October 2023: Endress+Hauser AG and SICK AG worked together to employ process automation to support the energy transition. They hope to further SICK's Flow and Analyzer technologies through joint marketing initiatives while giving customers greater assistance in a variety of areas, such as energy transition, the hydrogen economy, and climate and environmental protection.
September 2023: With the release of the In-Sight SnAPP vision sensor, Cognex Corporation redefined industrial sensor capabilities, accuracy, and ease of use. A number of typical quality control problems, such as assembly verification, defect identification, and presence or absence inspections, would be resolved by the newly released product.