Vision Sensor Market Size Worth $8.33 Billion, Globally, by 2030 - Exclusive Report by The Insight Partners
US & Canada, Sept. 25, 2024 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, the global vision sensor market is observing significant growth owing to surge in increasing importance of component identification and inspection devices in automotive industry and growing funding and investment in developing and advancing vision sensor.
Global vision sensor market experiences significant growth due to increasing importance of component identification and inspection devices in automotive industry and growing funding and investment in developing and advancing vision sensor. Browse More Insights: https://www.theinsightpartners.com/reports/vision-sensor-market
The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the vision sensor market comprises a vast array of type, application, industry vertical, and geography which are expected to register strength during the coming years.
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Overview of Report Findings:
1. Market Growth: The vision sensor market was valued at US$ 3.28 billion in 2022 and is projected to reach US$ 8.33 billion by 2030; it is expected to register a CAGR of 12.4% during 2022–2030.
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2. Technological Innovations: The introduction of Industry 4.0 brings several advances in the efficiency and productivity of industrial processes. Various industries use vision sensor for generating real-time visual information used in quality control processes. Industries use this information to enhance productivity, automation, and quality control in their processes, which further leads to a reduction in downtime. Vision sensors are used to detect defects or inconsistencies in product lines and enable businesses to produce high-quality products. Vision sensors are crucial for smart factories and Industry 4.0 for enabling advanced automation, smart manufacturing, and data-driven decision-making activities. They are essential for automating assembly lines, quality control, mitigating risks, and supporting businesses to produce high-quality products by minimizing errors. Thus, vision sensors help improve the overall effectiveness of equipment and minimize downtime by ensuring efficient operations and automation within modern industrial facilities.
3. Adoption of AI-Based Vision Sensor: Growing adoption associated with significant benefits offered by AI technology to the industries is creating opportunities in the vision sensor market growth. The demand for AI-based vision sensor has surged in recent years. AI-based vision sensors are revolutionizing different applications and industries. This encourages manufacturers to develop AI-based vision sensor that optimize quality control by identifying defects, improving production efficiency, and reducing waste, which is expected to create lucrative opportunities in the vision sensor market.
4. Increasing Importance of Component Identification and Inspection Devices in Automotive Industry: Vision sensor help drivers detect pedestrians, other vehicles, and obstacles by alerting them to slow down or stop the vehicle quickly. Further, vision sensors play a crucial role in inspecting various parts and components, identifying faulty parts and misaligning parts and components, and guiding robotic arms to conduct complex jobs on the assembly line in the automotive industry. Thus, the expansion of the automotive industry associated with increasing investment fuels the vision sensor market. According to the European Union (EU) Industrial R&D Investment Scoreboard Edition 2023, the EU continues to lead the automotive R&D investments by 42.2% worldwide, followed by Japan and the US at 19.5% each, and China at 12.8% over the past decade. Growing investment in R&D encourages manufacturers to develop advanced solutions for their customers, thereby boosting the vision sensor market growth.
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5. Geographical Insights: Asia Pacific dominated the vision sensor market in 2022 and it would continue to dominate the market during the forecast period. North America is the second-largest contributor to the global vision sensor market, followed by Europe.
Market Segmentation:
- Based on type, the vision sensor market is segmented into less than 3D and 3D. The less than 3D segment held the largest share in the vision sensor market in 2022.
- By application, the vision sensor market is segmented into inspection, gauging, code reading, and others. The code reading segment held the largest share in the vision sensor market in 2022.
- In terms of industry vertical, the vision sensor market is segmented into automotive, electronics, food & beverages, industrial manufacturing, and others. The automotive segment held the largest share in the vision sensor market in 2022.
- The vision sensor market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
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Competitive Strategy and Development:
- Key Players: A few major companies operating in the vision sensor market include Cognex Corporation, Teledyne Digital Imaging Inc, Keyence Corporation, Sick AG, Balluff GmbH, Baumer Holding AG, Pepperl+Fuchs, ifm electronic gmbh, Hans Turck GmbH & Co. KG, and Leuze electronic GmbH & Co. KG
- Trending Topics: Automotive Vision Sensor, Smart Sensor, and 3D Sensor
Global Headlines on Vision Sensor Market:
- "Cognex Corporation (NASDAQ:CGNX) launched the In-Sight SnAPP vision sensor, redefining standards for ease of use, accuracy, and functionality in an industrial sensor. This product expands the company's capabilities into the vision-sensing space and adds US $1 billion to its served markets."
- "SICK, a German sensor company, and Endress+Hauser, a Swiss measurement and automation technology specialist, announced their intention to enhance their collaboration. The companies aim to establish a strategic partnership focused on SICK's process automation business segment, as evidenced by the signing of a joint memorandum of understanding. Through this partnership, the companies seek to leverage their respective capabilities and expertise to offer enhanced customer support in critical areas such as energy and resource efficiency, as well as environmental sustainability and climate protection."
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Conclusion:
The vision sensor market growth is driven by rising demand for automotive, electronics, and robotics; increasing investments in R&D activities; and growing adoption of cloud technology. The evolution of Industry 4.0 and government investment in industrial automation are likely to add impetus to the market growth during the forecast period. Moreover, the expansion of the electrical and electronics industry is propelling the market growth. However, the high cost associated with installing and maintaining 3D vision sensor is hindering the market expansion. Technological advancement and the development of AI-based vision sensor are creating lucrative opportunities in the market.
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The report from The Insight Partners, therefore, provides several stakeholders—including raw material suppliers, vision sensor manufacturers, regulatory bodies, and end users —with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
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