Vision sensors find applications across core end-user industries such as automotive, manufacturing, consumer electronics, etc. An increase in demand for these sensors is expected in the upcoming years. A report assessed by Market Research Future (MRFR) unfolds that the global vision sensor market is expected to expand at 13.43% CAGR over the evaluation period 2019 to 2024. The Vision sensors market is poised to touch a valuation of USD 3.87 Bn by 2024 up from USD 1.86 Bn in 2018
The emergence of the fourth industrial revolution has opened new avenues of growth for the market players. It is anticipated to boost the adoption of the technology across the assessment period, thus, supporting the development of the vision sensor market over the next couple of years. In addition, the adoption of smart technologies is also projected to lead the proliferation of the market in the years to come. For instance, the increasing demand for smart buildings is poised to boost the demand for the product in the construction industry. Thus, the vision sensor market is likely to be highly lucrative throughout the review period.
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Cognex (US), Sick AG (Germany), Keyence (Japan), Omron (Japan), Baumer (Switzerland), Teledyne (US), Datalogic S.p.A. (Italy), Balluff GmbH (Germany), IFM Electronic (Germany), and Basler AG (Germany) are the top-notch players of the global vision sensor market profiled in this MRFR report. Few of the other players expected to support the development of the market are Leuze electronic GmbH+Co. KG (Germany), Hans Turck GmbH & Co. KG (Germany), Pepperl+Fuchs GmbH (UK), and SensoPart (Germany). The emphasis is placed on technological innovations to strengthen market positions. Growth trajectories being observed in the market are mergers & acquisitions, collaborations, agreements, partnerships, etc.
The segmental analysis of the global vision sensor market, on the basis of type, color sensor, covers contour sensor, 3D sensor, pixel counter sensor, monochrome sensor, and code readers. Among these, the code reader segment contributed the most substantial amount to the revenue generated by the global market in 2018. It is anticipated to retain its dominant position through the assessment period. On the other hand, the 3D sensor segment is prognosticated to expand at a relatively higher CAGR across the evaluation period.
The application-based segments of the vision sensor market are code reading, inspection, object recognition, gauging, localization, and others. The inspection segment held a significant share of the market in 2018. It is anticipated to exhibit considerable growth pace in the forthcoming years owing to its increasing usage in smart factories.
The segments of the global vision sensor market, on the basis of end-user, are food & packaging, automotive, consumer electronics, electronics & semiconductor, pharmaceutical, and others. Among these, the automotive segment dictated the growth pattern of the vision sensor market in 2018. It is projected to witness rising demand on account of its applications such as misalignment detection, component detection, identification of faulty components, etc. Meanwhile, the consumer electronics segment is expected to exhibit the highest CAGR over the review period.
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The regional assessment of the global vision sensor market is covered in this MRFR report in details. Four key regions have been identified in this study, namely Europe, North America, Asia Pacific (APAC), and the Rest of the World (RoW). North America, among these regions, is anticipated to dominate the growth pattern of the global market over the next few years. Early adoption of industry 4.0 in the region is expected to lead the expansion of the market in the years to come. Asia Pacific is a potential market and is projected to register the highest CAGR across the evaluation period.
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