Market Drivers and Top Barriers
The global vision sensor market was estimated at USD 1.86 billion in 2018 and can touch a valuation of USD 3.87 billion by 2024, says Market Research Future (MRFR). The market can also possibly attain a CAGR of 13.43% during the forecast period (2019-2024).
The global vision sensors market benefits largely from the expanding electronics and electrical industry coupled with mounting demand for consumer electronics. Strong demand for vision sensors owing to their use for part detection and measurement in the automotive industry is another significant factor working in favor of the global vision sensors market.
Furthermore, advancing automation technology and expanding automotive industry has helped with business growth. This is on account of the substantial use of vision for automation in products manufacturing all over the world. In addition, rising product innovation in vision sensors including working capabilities in extreme conditions along with 3D vision sensors from renowned vendors elevates the market position across the globe.
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Retail and consumer goods industry has noted considerable growth in recent years, with the demand for vision sensors for bar code scanning increasing at a fast pace. But high installation cost of vision sensors can work against the market growth in the coming years. However, the rapid surge in the number of smart factories projects all over the world acts as an encouraging factor in market growth.
Top vendors influencing the worldwide vision sensor market include Omron (Japan), Datalogic S.p.A. (Italy), Baumer (Switzerland), Cognex (US), Balluff GmbH (Germany), Basler AG (Germany), Keyence (Japan), IFM Electronic (Germany), Sick AG (Germany), Teledyne (US), among others.
Other than these players, some other vendors responsible for market growth are Pepperl+Fuchs GmbH (UK), SensoPart (Germany), Hans Turck GmbH & Co. KG (Germany), Leuze electronic GmbH+Co. KG (Germany), to name a few.
September 2019 – Prophesee recently launched the first industry-standard packaged chip that makes extensive use of Event-Based Vision technology. This third-generation chip consists of a Prophesee-enabled VGA-resolution sensor and has been developed for camera developers to allow next-generation vision in industrial automation as well as IoT systems including inspection equipment, robots, and monitoring & surveillance devices.
Type, application, and end-user are the primary segments based on which the global vision sensor market has been studied by MRFR in its latest report.
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Considering the type, the market includes pixel counter sensor, contour sensor, monochrome sensor, 3D sensor, color sensor, and code readers. Code reader was identified as the highest revenue-generating segment in 2018; it is believed to retain its top position in the market throughout the review period. The 3D sensor segment can achieve a significant growth rate during the forecast period.
Application-wise, the vision sensor market has been split into inspection, code reading, object recognition, localization, gauging, and others. The inspection segment led the vision sensor market in 2018; and is estimated to control the largest share even during the forecast period, given its extensive use in smart factories. The localization segment, however, is anticipated to grow at a significant rate in the years ahead.
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