PUBLISHER: The Business Research Company | PRODUCT CODE: 1425783
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425783
Robotic Vision Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on robotic vision market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for robotic vision? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The robotic vision market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Robotic vision empowers a robot with visual perception capabilities, encompassing various calibrated algorithms, calibration processes, and sensors for tasks such as temperature detection, each varying in complexity and application.
The primary components of robotic vision include hardware and software. Hardware facilitates sensing and digitization tasks by capturing visual data through cameras focused on the target object. In this context, hardware constitutes the tangible components of computers and similar devices. Robotic vision technologies encompass 2D and 3D vision, catering to industries such as electrical and electronics, metals and machinery, precision engineering and optics, automotive, pharmaceuticals and cosmetics, food and beverages, as well as chemical, rubber, plastic, and other sectors. These technologies play a vital role in enhancing automation and efficiency within these diverse industries.
The robotic vision market research report is one of a series of new reports from The Business Research Company that provides robotic vision market statistics, including robotic vision industry global market size, regional shares, competitors with a robotic vision market share, detailed robotic vision market segments, market trends and opportunities, and any further data you may need to thrive in the robotic vision industry. This robotic vision market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The robotic vision market size has grown rapidly in recent years. It will grow from $2.34 billion in 2023 to $2.58 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. During the historic period, growth was propelled by several factors, including the heightened processing power of technologies, widespread expansion of industrial automation, the surge in e-commerce and warehouse operations, increased demand for quality inspection within manufacturing processes, and cost reductions associated with vision components.
The robotic vision market size is expected to see strong growth in the next few years. It will grow to $3.70 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. Anticipated growth in the forecast period is expected to result from various factors, such as the expanded use of autonomous vehicles, deployment within smart cities, applications in hazardous environments, tailored solutions for small and medium-sized enterprises, and increased adoption within logistics and supply chain operations. Key trends projected for the forecast period encompass integration with AI and machine learning technologies, advancements in 3D vision technology, the utilization of collaborative robots (cobots), employing edge computing for real-time processing, adoption of Robotics as a Service (RaaS) models, enhanced object recognition and tracking capabilities, IoT integration for connectivity purposes, and increased focus on cybersecurity measures for robotic systems.
The increasing demand for smart cameras in robotic vision is a key driver for the growth of the robotic vision market. Smart cameras, which go beyond traditional recording and picture-taking functions, serve as modular standalone solutions for robotic vision in common factory applications. These devices are user-friendly and easily integrable, contributing to the market's expansion. As of July 2023, DataProt reported a global surge in the popularity of smart home camera systems, with approximately 98.8 million households utilizing them. This number is anticipated to double by 2027, reaching about 180.7 million households, underscoring the escalating demand for smart cameras in the field of robotic vision.
The rapid advancement of Industry 4.0 is expected to drive substantial growth in the robotic vision market. Industry 4.0, synonymous with the fourth industrial revolution, involves the transformation of traditional manufacturing practices through the integration of modern smart technology. Robotic vision plays a crucial role in enhancing automation by enabling robots to navigate and interact with their surroundings, execute precise tasks, and contribute to a more adaptable and responsive production environment. A notable indication of Industry 4.0's momentum was observed in October 2022 when IoT Business News reported a 140-fold increase in public search interest, the publication of 50,000 research papers in 2021, $3 billion in annual funding for start-ups from Q3 2021 to Q3 2022, and a doubling of M&A activity.
Technological development emerges as a prominent trend in the robotic vision market, with major players focusing on innovation to maintain their market positions. In January 2021, DreamVu Inc., a US-based computer hardware manufacturing company specializing in 360-degree and 3D cameras, robotics, and autonomous navigation, introduced PAL and PAL Mini Omnidirectional 3D Vision Systems. These systems, equipped with advanced imaging algorithms, deliver high-resolution vision, accurate depth perception, and color representation. PAL and PAL Mini find application in navigation systems requiring low power consumption and high reliability, such as residential vacuum-cleaning robots, commercial cleaning robots, and disinfection robots.
To maintain their competitive edge in the robotic vision market, major companies are introducing innovative products, such as machine vision systems. Machine vision systems involve technologies that enable machines, typically computers, to interpret and make decisions based on visual information extracted from images or video. A notable example is SiLC Technologies, a US-based machine vision solutions provider, which launched the Eyeonic Vision System in December 2022. This system stands out as the most compact and powerful coherent vision system available in the market, featuring a sensor with the highest resolution, precision, and range. Notably, it is the sole FMCW (frequency-modulated, continuous-wave) lidar offering polarization data. SiLC Technologies leverages photonics technology to provide bionic vision, empowering the next generation of machine vision applications and facilitating flexibility for manufacturers aiming to integrate machine vision into their products. The Eyeonic Vision System finds applications in robotics, autonomous vehicles, and smart cameras.
In March 2022, Zebra Technologies, a US-based digital solutions, hardware, and software company, disclosed the acquisition of Matrox Imaging for an undisclosed amount. This strategic move aligns with Zebra Technologies' objective to expand its presence in the machine vision space and enhance its software capabilities. Matrox Imaging, headquartered in Canada, is a manufacturer of vision software, smart cameras, 3D sensors, vision controllers, I/O cards, and frame grabbers. The acquisition strengthens Zebra Technologies' position in the market, leveraging Matrox Imaging's expertise and product portfolio to further its growth in the dynamic field of machine vision.
Major companies operating in the robotic vision market report are Cognex Corporation, Omron Corporation, Keyence Corporation, Teledyne DALSA, Tordivel AS, ISRA VISION AG, Basler AG, SICK AG, Hexagon AB, Yaskawa Electric Corporation, Fanuc America Corporation, ABB Ltd., Google LLC, MVTEC Software GmbH, Kawasaki Heavy Industries Ltd., Acieta LLC, Nikon Metrology NV, KUKA AG, Cisco Systems Inc., Robert Bosch, Microsoft Corporation, Intel Corporation, National Instruments Corporation, Qualcomm Technologies Inc., DENSO Corporation, Mitsubishi Electric Corporation, Universal Robots A/S, Nachi Fujikoshi Corp., Staubli International AG, Yamaha Robotics, Toshiba Machine Co. Ltd., Adept Technology Inc., Scape Technologies A/S, Blue River Technology Inc., Sight Machine Inc.
Asia-Pacific was the largest region in the robotic vision market share in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the robotic vision market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the robotic vision market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The robotic vision market consists of revenues earned by entities by providing robotic vision products and services that are used by automated robotics to enhance object recognition, navigation, object discovery, inspection, and handling capabilities prior to application. The market value includes the value of related goods sold by the service provider or included within the service offering. The robotic vision market also includes the sales of one or more 2D area-scan or 3D camera units, defined LED/laser lighting, and vision software. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.