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The vision guided robotics market size is estimated to grow at a CAGR of 10.04% between 2023 and 2027. The market size is forecast to increase by USD 4,159.44 million. The growth of the market depends on several factors such as a decline in electronic component prices, increased flexibility in discrete industries, and a reduction in error with increased precision.
This report extensively covers market segmentation by application (logistics, welding, inspection and cleaning, and painting), type (2D-vision and 3D-vision), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
Vision Guided Robotics Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
The abundant availability of electronic robotic components is significantly fuelling new product development in the vision-guided robotics market. Additionally, several new research as well as technological advancements in the industry has decreased the prices of electronic components such as sensors and cameras. Thus, the integration of these new electronic components in industrial robots has enabled users to view objects more precisely and correctly.
Additionally, several PC software makes use of these vision operators for these robots. Furthermore, the launch of improved cameras and sensors resulted in the integration of a single component functioning as a vision system. As a result, it has led to a decline in the operational costs of vision-guided industrial robots. Furthermore, the reduction in cost of raw materials is expected to fuel the demand for vision-guided robots which in turn will drive the market growth during the forecast period.
The robotic industry has witnessed significant development due to the decline in the cost of electronic components. One of the major workstations for these industrial robots is assembly lines. There is increasing adoption of vision-guided robots in various applications which require high precision and improved quality in operations such as welding, picking and packaging, painting, and inspection.
Additionally, vision-guided robotics are widely used to visualize objects clearly. For instance, the 2D-vision system helps the robots to identify object movement, shape, and size. Furthermore, the emergence of advanced technologies has led to the development of a 3D-vision system that enables robots to estimate the depth and height of objects. Thus, such systems have wide application in robotic systems which are widely used in assembly lines and product designs, including size. Hence, such factors are expected to drive market growth during the forecast period.
The main purpose of vision-guided robots is to reduce the operational cost of industries, eliminate human interference in critical jobs, and enhance work efficiency and quality with better precision. Most of these vision-guided robots are equipped with a battery that enables them to operate on jobs more independently without any supervision. There is increasing adoption of vision-guided robotics that are autonomous and remotely operated in warehousing and logistics, which enables them to move on the floor and perform different operations.
Even though there are several types of batteries that are compatible with these robots, these batteries are not designed to sustain for a longer period which can result in downtime in industrial operations. Hence, it is essential for these robots to have a power backup to ensure continuity of operations on the work floor. Further, the robot might need at least 8 hours of charging, which enables them to work for a minimum of 12 hours. Hence, such factors can significantly hinder market growth during the forecast period.
The logistics segment is estimated to witness significant growth during the forecast period. This segment is one of the most used applications in several sectors like food and beverage and warehouse. Traditionally, most of the robots were integrated with the assembly line and conveyor belts which were used for operations. However, certain manual interventions have hampered the performance of these robots. Additionally, the production rate was significantly slow, due to the performance of the traditionally used robots. In order to resolve this issue, several vision systems were integrated with robots, enabling them to visualize objects.
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The logistics segment was the largest segment and was valued at USD 1,365.85 million in 2017. As a result, 2D vision systems were widely implemented for robots working near the assembly line. Thus, such incorporation of vision systems enabled robots to understand the shape and size of objects and enhanced the operational efficiency of packaging. Furthermore. the launch of 3D-vision systems has revolutionized the vision systems landscape. The main advantage of the 3D vision system is that it helps to evaluate the actual distance and height of the objects. Additionally, the incorporation of several cameras and sensors has enhanced the efficiency of industrial robots at work. Hence. such factors are expected to drive market growth during the forecast period.
Type Segment Analysis:
Based on type, the segment is classified into 2D vision and 3D vision. There has been significant development in robots with vision technology over the past decade. The main application of these robots is in industrial applications, especially in assembly applications. One of the main types of vision systems which are used in robots operating in industrial applications is 2D vision systems as it enables these robots to identify the movement of objects on a conveyor belt. The main advantage of the 2D vision system is that it helps in refining several operations industries in terms of quality and production. Furthermore, there is an increase in demand for technology that allowed these robots to work with more geometrically inclined objects due to the integration of 2D vision systems in industrial robots. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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APAC is estimated to contribute 47% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. Some of the key countries which significantly contributed to the growth of the vision-guided robotics market growth include China, Japan, ASEAN countries, and South Korea. There is increasing adoption of robotic systems due to several developments of technologies and software platforms in the region. Factors such as a decline in the workforce, repetitive jobs, minimizing overall production cost, and maintenance of manufacturing units have significantly fuelled the growth of industrial robots in the region which has positively impacted the market growth. Some of the major contributors to the growth of vision-guided robots include huge consumer markets such as India and China and Southeast Asia. Hence, such factors are expected to drive market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global vision-guided robotics market witnessed a significant slowdown due to the disruption in the supply chain and the temporary closure of transportation, industrial, manufacturing, and other activities. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the resumption of business activities in the industrial sector. Such factors are expected to drive the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd: The company offers vision-guided robotics systems such as RobotStudio.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Acieta LLC, Atlas Copco AB, Basler AG, Cognex Corp., Cross Co., DENSO Corp., GECKO ROBOTICS INC., General Electric Co., Invert Robotics Group Ltd., IPG Photonics Corp., Keyence Corp., OMRON Corp., Pleora Technologies Inc., Previan Technologies Inc., Qualitas Technologies Pvt. Ltd., Robotic Automation Systems, Teradyne Inc., Yaskawa Electric Corp., and FANUC Corp.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The vision-guided robotics market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Vision Guided Robotics Market Scope |
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Report Coverage |
Details |
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Page number |
170 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.04% |
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Market growth 2023-2027 |
USD 4,159.44 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
9.86 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 47% |
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Key countries |
US, China, Japan, South Korea, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ABB Ltd., Acieta LLC, Atlas Copco AB, Basler AG, Cognex Corp., Cross Co., DENSO Corp., GECKO ROBOTICS INC., General Electric Co., Invert Robotics Group Ltd., IPG Photonics Corp., Keyence Corp., OMRON Corp., Pleora Technologies Inc., Previan Technologies Inc., Qualitas Technologies Pvt. Ltd., Robotic Automation Systems, Teradyne Inc., Yaskawa Electric Corp., and FANUC Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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