In terms of revenue, the global vision guided robotics 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.

There has been a rapid growth in the aging population worldwide. Almost every country across the globe is witnessing an increase in the number of older people in their community. Population aging is set to become one of the considerable social transformations of the 21st century, with a connection to almost all sectors of society, which includes labor and financial markets.

However, certain countries such as Japan and Italy are the top two countries in the list of the aging population proportion, as a considerable percentage of their population is over 65 years. As per WHO, approximately 2 Million people globally are anticipated to be more than 60 years old by 2050, which is over triple of what it was in 2000. Diminishing fertility rates and longer lifespans are the significant factors contributing to this growth.

Japan’s population comprises of the most significant number old citizens worldwide, in 2019, around 26.3% of the country’s population was aged 65 years or older, which was up from 25.8% in the year 2014. Also, it is anticipated that by 2030, the country’s population will comprise nearly one-third of senior citizens. Japan is followed by Italy, which has around 22.4% of its population aged 65 or older. Further, as per “An Aging World: 2015” by the National Institute on Aging (NIA), America’s population is projected to rise from 48 Million to 88 Million by 2025, which will almost double in the next three decades. Furthermore, the total dependency ratio is also anticipated to rise in all regions worldwide except Africa. The rise in the aging population has created a labor shortage problem globally; thus, demanding an increase in the penetration of industrial automation and robotics.

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Vision Guided Robotics Market: Strategic Insights

Vision Guided Robotics Market

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  CAGR (2019 - 2027)

  13.8%
• Market Size 2019
  US$ 4.62 Billion
• Market Size 2027
  US$ 12.96 Billion

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Key Players

• ABB Ltd.
• Basler AG
• Cognex
• Denso Corporation
• Fanuc Corporation
• ISRA Vision
• Omron Corporation
• Pleora Technologies Inc
• Universal Robots AS

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Component Type

• Software
• Hardware
• Services

Type

• 2D-Vision System Robot and 3D-Vision System Robot

Industry Vertical

• Automotive
• Aerospace & Defense
• Food & Beverages
• Healthcare & Pharmaceutical
• Electrical & Electronic
• Metal Processing

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APAC is the leading region in the vision guided robotics market. The manufacturing industry in the developing countries of Asia Pacific has experienced a significant shift over the years, as these countries have established themselves as recognized players, which has subsequently created a threat for the established manufacturers with their firm foothold in the developed countries. The Asian manufacturing sector is known to rapidly adopt the innovation accelerators that includes robotics along with the emerging vision guidance technology. Over the years, the manufacturing spending of the region has grown significantly. It is further anticipated to grow at the highest estimated growth rate. This dramatic growth in the manufacturing spends and adoption of novel technologies are the key factors fueling the demand for vision guided robots. Furthermore, demand for consumer electronic products in this region, which is majorly driven by the price deflation, rising disposable incomes, and innovation, particularly in the emerging Asian markets, is anticipated to encourage the manufacturing industries in Asia Pacific. Moreover, constantly aging population of countries in APAC region, especially Japan and China, is another key factor driving the industrial robotics market growth.

Impact of COVID-19 Pandemic on Vision Guided Robotics Market

The COVID-19 outbreak, which began in Wuhan, China, in December 2019, has spread at a fast pace worldwide. The global factory shutdowns, travel bans, and border lockdowns, to combat and contain the outbreak, have impacted every industry and economy worldwide. The majority of the manufacturing plants are either temporarily shut or operating with minimum staff. Due to this, the market for Vision Guided Robotics and related components are disrupted.

Market Insights

Rapid Expansion in Manufacturing Industry to Drive Market

The global manufacturing industry is rapidly expanding as more and newer regions are investing in adopting manufacturing plants in their localities. As per the China Federation of Logistics and Purchasing (CFLP), the global manufacturing purchasing managers' index (PMI) accounted 55.1 in October 2017, which was down from 55.9 in September 2017 however, still at a comparatively high level. The PMI index remained above 53.5 since the beginning of 2017, signifying a substantial recovery of the manufacturing sector in developed countries, increasing industrial advancement in emerging market economies and intensifying commodities prices on the global market. This expansion in the manufacturing industry is expected to embrace technological advancements to enhance the plant productivity, maintain an edge with the customers, and gain competitive advantage.

Component Type-Based Insights

Based on component type, the global vision guided robotics market is segmented into hardware, software and services. The hardware segment dominated the market in 2019. Software was the second largest segment in 2019 and is anticipated to maintain its position in the forecast period from 2020 to 2027.

Type-Based Insights

In terms of type, the 3D-vision system robot segment led the global vision guided robotics market. The manufacturers are integrating robots with 3D camera technologies in order to optimize their performance while carrying out a desired task. These cameras help the robot to identify any object from all 3 axes (X-axis, Y-axis and Z-axis), facilitating the robot to understand the object and task easily.

Industry Vertical-Based Insights

Based on industry vertical, the global vision guided robotics market is segmented into automotive, electrical & electronics, aerospace & defense, food & beverages, healthcare & pharmaceutical, and metal processing. The automotive segment held the largest market share in 2019. It is anticipated to continue dominating the vision guided market during the forecast period from 2020 to 2027. The electrical & electronics segment held the second largest market share and is expected to grow significantly during the forecast period.  

The market players present in vision guided robotics market are mainly focusing on product enhancements by implementing advanced technologies. Signing partnerships, contracts, joint ventures, funding, and inaugurating new offices across the world permit the company to maintain its brand name globally. Few of the recent developments are listed below:

2019: ISRA announced the introduction of quad-camera sensor solution. It has high speeds in scanning as well as data processing basically for fully automated bin picking to take it to the next level of performance.

2018: Basler announced the acquisition of Silicon Software GmbH, to further expand its product portfolio for computer vision applications.

2018: DENSO developed New Vision Sensor especially to enhance night driving safety. It is used to decrease accidents by detecting pedestrians as well as other road users during low-light situations.

Vision Guided Robotics Market Report Scope

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Market Segmentation

Vision Guided Robotics Market – by Component Type

• Hardware
• Software
• Services

Vision Guided Robotics Market – by Type

• 2D-Vision System Robots
• 3D-Vision System Robots

Vision Guided Robotics Market – by Industry Vertical

• Automotive
  • Soldering and Welding
  • Material Handling
  • Assembling and Disassembling
  • Painting and Dispensing
  • Others
• Electrical & Electronics
  • Soldering and Welding
  • Material Handling
  • Assembling and Disassembling
  • Painting and Dispensing
  • Others
• Aerospace & Defense
  • Soldering and Welding
  • Material Handling
  • Assembling and Disassembling
  • Painting and Dispensing
  • Others
• Food & Beverages
  • Material Handling
  • Cutting and Processing
  • Others
• Healthcare & Pharmaceutical
  • Material Handling
  • Others
• Metal Processing
  • Assembling and Disassembling
  • Milling
  • Machine Tending
• Others

Vision Guided Robotics Market – by Geography

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • Germany
  • UK
  • Russia
  • Italy
  • Rest of Europe
• Asia Pacific (APAC)
  • Taiwan
  • China
    
  • India
    
  • Japan
    
  • South Korea
    
  • Rest of APAC
    
• Middle East & Africa (MEA)
  
  • Saudi Arabia
    
  • South Africa
    
  • UAE
    
  • Rest of MEA
    
• South America (SAM)
  • Brazil
  • Argentina
  • Rest of SAM

Company Profiles

• ABB Ltd.
• Basler AG
• Cognex
• Denso Corporation
• Fanuc Corporation
• ISRA Vision
• Omron Corporation
• Pleora Technologies Inc.
• Universal Robots AS
• Yaskawa Electric Corporation