Report : Vision Guided Robotics Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component Type (Software, Hardware, and Services), Type (2D-Vision System Robot and 3D-Vision System Robot), and Industry Vertical (Automotive, Aerospace & Defense, Food & Beverages, Healthcare & Pharmaceutical, Electrical & Electronic, and Metal Processing)
Rapid Expansion among Industrial Application in Asia Pacific to Lead Vision Guided Robotics Market Growth
According to our latest market study on “Vision Guided Robotics Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Component Type (Software, Hardware, and Services), Type (2D-Vision System Robot and 3D-Vision System Robot), and Industry Vertical (Automotive, Aerospace & Defense, Food & Beverages, Healthcare & Pharmaceutical, Electrical & Electronic, and Metal Processing),” the market was valued at US$ 4,616.6 million in 2019 and is projected to reach US$ 12,958.9 million by 2027; it is expected to grow at a CAGR of 13.8% during the forecast period.
The report highlights the key factors driving the market growth, and prominent players and their developments in the market.
Vision-guided robotics are used across various verticals to concentrate on extracting, characterizing, and interpreting information of a particular product and perform desired autonomous task, whether mechanical or electrical. The vision-guided robotics companies across the globe are constantly focusing on developing advanced technologies that would enhance the automation scenario to a greater extent and help the manufacturing industries to intensify their process. Advancement of camera technologies and processing power are enabling robots to take on more amorphous tasks such as driving, flying, and mobile activities, among others, which requires obstacle identification and avoidance capabilities through vision systems. The major areas for robot manufacturers to develop a robust vision-guided robot include fast increasing computing power, advancement in imaging hardware, improvement in high-level software libraries, and reducing the cost of computer memory. Also, the advancement of machine vision will bolster the automation technology in the industrial sector in the coming years.
The vision guided robotics market report has been derived from market trends and revenue generation factors from five different regions across the globe: North America, Europe, Asia Pacific, Middle East & Africa, and South America. APAC is expected to be the fastest growing region in the global vision guided robotics market during the forecast period. Whereas, APAC was followed by Europe and North America hold the highest market share in the vision guided robotics market. The vision guided robotics market is expected to experience significant growth in the coming years due to increasing demand for automation.
The market for vision-guided robotics is highly fragmented, and the industry is constantly experiencing the emergence of a new player with innovative technologies. With an objective to sustain in the industry and compete with its peers, the companies are adopting several organic and inorganic strategies which include competitive pricing, miniaturized camera sensors, mergers and acquisition, and additional aftersales service. These strategies offer the companies a significant competitive edge over the others. The vision-guided robotics market is poised to flourish in the coming years owing to the fact that, several developing country governments are attracting foreign direct investments (FDI) to optimize hectic and monotonous operations performed across industries with ease and precision. Additionally, the demand for 3D vision technology is growing at a rapid rate among the end users, which is compelling the manufacturers to innovate and develop robust software and hardware for robotic systems. The 3D vision systems, when coupled with software such as machine vision software such as RoboRealm and Visionscape, enhances the performance of a vision-guided robot during the execution of any tasks. The vision-guided robots integrated with machine vision software are suitable for applications such as pick and place, bin picking, welding, assembling, racking, dispensing, and product sorting, among others. Attributing to the benefits of the 3D vision technology paired with machine vision software, the end users are increasingly adopting the latest technology, which is boosting the market for vision-guided robotics software market globally.
Major players operating in the vision guided robotics market include ABB Ltd., Fanuc Corporation, Basler AG, Cognex, ISRA Vision, Yaskawa Electric Corporation, Universal Robots AS, Denso Corporation, and Omron Corporation.
COVID-19 Impact on Vision Guided Robotics Market
The COVID-19 outbreak began in Wuhan, China, in December 2019, and since then, it has spread at a fast pace around the globe. As of August 2020, the US, India, Russia, Spain, Germany, China, France, Iran, and the UK are some of the worst affected countries in terms of confirmed cases and reported deaths. In the wake of strong lockdown regulations imposed by the majority of the countries across the globe, the automotive and electronics sector is experiencing a significantly lower demand in respective regions. The North America region, especially the U.S., witnessed an unprecedented rise in number of confirmed cases resulting in large-scale lockdown across different regions. Moreover, the manufacturers and brands are facing various short-term challenges regarding maintaining the supply chain activities through retailers, distributors, and suppliers of vision guided robotics across the North American countries. Countries such as the US and Canada limited the production of automobiles and electronics owing to the outbreak of virus. However, ease of lockdown restrictions along with emphasis toward effective restoration of automotive industry related supply chain operations has mitigated the negative influence of the COVID over the market growth.
The report segments the global vision guided robotics market as follows: