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
Market Size Value in US$ 4,616.6 Million in 2019 Market Size Value by US$ 12,958.9 Million by 2027 Growth rate CAGR of 13.8% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Vision Guided Robotics Market: Strategic Insights
| Market Size Value in | US$ 4,616.6 Million in 2019 |
| Market Size Value by | US$ 12,958.9 Million by 2027 |
| Growth rate | CAGR of 13.8% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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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.
Lucrative Regional Vision Guided Robotics Market
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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.
Global Vision Guided Robotics Market, by Industry Vertical – 2019 and 2027
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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.
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
- Saudi Arabia
- 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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component Type , Type , and Industry Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Africa, Argentina, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Middle East, Russian Federation, South Korea, Taiwan, United Kingdom, United States
Frequently Asked Questions
The Asia Pacific region led the Vision Guided Robotics market in 2019. The manufacturing industry in the developing countries of Asia Pacific has experienced a significant shift over the years, as they have established themselves as recognized players, which has subsequently created a threat for the established manufacturers with their firm foothold in the developed nations. 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 and 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, the 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 the Asia Pacific. Another key factor driving the industrial robotics market growth is the constantly aging population of countries in APAC region especially in Japan and China.
Using a 3D imaging sensor, a broad range of industrial utilization is possible, dimensional measurements, including surface quality control, reverse engineering, and spatial robot guidance. The purpose of surface quality control is to quantify the surface's roughness and shape at resolutions from a few microns to thirty microns. A typical application of vision-guided robotics in industrial use is surface quality control is the geometric dimensioning and tolerance (GD&T) of a machined part. Vision robotics can effectively be used to make dimensional measurements of complex surfaces, promoting inspection of large areas in a portion of the time and with higher consistency than non-vision robots. Coordinate measuring machines (CMMs) are widely used to create surface geometries for reverse engineering applications.
One of the substantial hardware that transforms an industrial robot to vision guided robots are cameras. These cameras are either 2D cameras or 3D cameras. Sometimes it also consists of a time-of-flight camera. Majorly, vision guided robots are a combination of 2D as well as a 3D camera. For instance, a 3D camera locates and picks random parts in a bin and then a 2D camera analyses the orientation of each piece and then places them on the conveyor belt. With the combination of laser 3D and Time-of-Flight (ToF) scanning camera sensors, some of the vision guided robotics gain the resolution to operate in a broader spectrum of parts. A 3D ToF camera scans the time taken by a streak of laser light to travel the distance between the object and the camera. By this technique, it measures the actual distance, depth, and placement of the object, thus giving the ability/advantage to work on poor/any lighting conditions. With the improvement of 3D vision, the advancement of a random matching of a pattern has enabled new applications such as random bin picking and placing and quality control inspection.
The List of Companies - Vision Guided Robotics Market
- ABB Ltd.
- Basler AG
- Cognex
- Denso Corporation
- Fanuc Corporation
- ISRA Vision
- Omron Corporation
- Pleora Technologies Inc
- Universal Robots AS
- Yaskawa Electric Corporation.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
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Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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