vision sensor market is expected to grow from USD 2.5 billion in 2018 to USD 4.5 billion by 2023-growing at a compound annual growth rate (CAGR) of 12.2%. Factors driving the demand for these sensors include the growth of the electronics and electrical industry, the use of machine vision technology in the automotive industry, and the focus of manufacturing companies on cost and time savings.
Increased inspection and code reading applications will boost market for less than 3D sensors during forecast period
For the vision sensor market by sensor type, less than 3D vision sensors will hold the largest market share during the forecast period. 1D and 2D vision sensors for inspection, gauging, code reading, and localization applications across end-user industries such as automotive, electronics & semiconductor, pharmaceuticals, food & packaging will propel the demand for these sensors. These sensors will be in demand from APAC, Europe, and North America during the forecast period.
In application, tracking of products for safety and quicker transition will drive market for code readers during forecast period
The vision sensor market for code reading will grow at the highest CAGR during the forecast period. Code reading will be a crucial activity in industries such as food & beverages, packaging, and logistics in the coming years. 1D or 2D code readers, fixed or handheld code readers will play an important role in marking and identifying products and tracking products on a conveyer belt or during transit to the intended location. The increased demand for visions sensors from automotive industry, and food & packaging industry is likely to have a positive impact on the growth of the vision sensor market for code reading applications during the forecast period.
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In end-user industries, automotive industry will hold largest share during forecast period.
The automotive industry is expected to be the leading end-user industry for vison sensors owing to the increasing demand for these sensors in inspection, identification, and localization applications. Inspection of various parts and components, identification of faulty components, misalignment of parts and components, and guiding robotic arms to perform complex tasks on the assembly line will be some of the key applications that will boost the demand for vision sensors from this industry. Increasing adoption of factory automation to reduce manufacturing time and cost spent on inspection will boost the demand for these sensors from North America, APAC, and Europe.
APAC is expected to be the fastest growing market during the forecast period
The automotive, pharmaceuticals, food & packaging industries in the APAC region are showing significant growth in the past few years. These have been fueled by the huge population shift and an increase of disposable income, which has prompted a higher demand for products in the APAC region. Manufacturers are looking to adopt automation techniques in manufacturing to reduce costs, save time, and improve product quality. These factors will continue to push the demand for vision sensors in these industries in the APAC region during the forecast period.
Major vendors in the vision sensor market include Cognex (US), Teledyne (US), Keyence (Japan), Sick AG (Germany), Baumer (Switzerland), Omron (Japan), Datalogic (Italy), Ifm Electronics (Germany), Balluff (Germany), and Basler (Germany).
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