The report "Vision Sensor Market by Sensor Type (Less than 3D, 3D), Application (Inspection, Gauging, Code Reading & Localization), End-User Industry (Automotive, Electronics & Semiconductor, Pharmaceuticals, Food & Packaging), and Geography - Global Forecast to 2023" The vision sensor market is expected to grow from USD 2.5 billion in 2018 to USD 4.5 billion by 2023-growing at a CAGR of 12.2%. Major factors surging the demand for vision sensors include the growth of the electronic and electrical industry, the use of machine vision technology in the automotive industry, and the focus of manufacturing companies on cost and time savings.

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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).
Report Objectives

To define, segment, and project the global market size for vision sensors
To understand the structure of the vision sensor market by identifying its various subsegments
To provide detailed information about key factors influencing the growth of the vision sensor market (drivers, restraints, opportunities, and challenges)
To analyze micromarkets with respect to individual growth trends, prospects, and their contribution to the total market
To project the size of the market and its submarkets, in terms of value, with respect to the 4 regions – (North America, Europe, APAC, and RoW) along with their respective key countries
To profile key players and comprehensively analyze their core competencies
To understand the competitive landscape and identify major growth strategies adopted by players across key regions
To analyze competitive developments such as expansions & investments, new product launches, mergers & acquisitions, joint ventures, and agreements in the vision sensor market

The study involved four major activities in estimating the current market size for vision sensors. Exhaustive secondary search has been done to collect information on the market, peer market, and parent market. To validate these findings, assumptions, and sizing with industry experts across the value chain through primary research have been the next steps. The top-down and bottom-up approaches have been employed to estimate the complete market size. After that the market breakdown and triangulation procedures have been used to estimate the market size of subsegments.

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