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.
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.
Automotive industry to account for largest size of vision sensor market from 2018 to 2023
The automotive industry is expected to be the key 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, which 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.
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Inspection and code reading applications will boost demand for less than 3D vision sensors during forecast period
Less than 3D sensors will hold the largest share of the vision sensor market during the forecast period. The use of these sensors in line scan, area scan, and inspection, gauging, code reading, and localization applications across end-user industries such as automotive, electronics & semiconductor, pharmaceuticals, food & packaging will drive the market for these sensors. The demand from these sensors will be high in APAC, Europe, and North America during the forecast period.
Cognex (US), Keyence (Japan), Teledyne (US), Sick AG (Germany), and Baumer Holdings (Switzerland) are among a few major players in the vision sensor market.
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