Robotic Vision Market Expected to Grow with a CAGR of 10.83% During the Forecast Period, 2019-2024 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 26, 2019--
The “Robotic Vision Market - Forecasts from 2019 to 2024” report has been added to ResearchAndMarkets.com’s offering.
The robotic vision market is projected to witness a CAGR of 10.83% over the forecast period to reach US$58.519 billion by 2024, increasing from US$31.576 billion in 2018.
Robotic vision is among the latest innovations in robotics and automation which is used in robots for better identification of things, navigation, finding objects, and inspection among others. This technology is useful for cost-cutting and creating a straight forward solution for all types of automation. Robotic vision has various applications across various industries. Robotics vision makes the manufacturing and packaging process easy by ensuring the quality of the products, checking product safety, preventing defective products or damaged products from entering the market, and tracing the products. Some common examples of the application of robotic vision include bar code reader, scanner, autonomous vehicles, facial recognition, etc.
The robotics vision market growth is projected on account of factors such as advancement in technology, declining prices of chips and sensors, and growing demand for automation and surveillance. Increasing concern related to the safety of the worker coupled with stringent regulations regarding workers’ safety is increasing the demand for robotics vision in various applications. The demand for this technology is also rising across various industries due to the benefits offered by it such as efficient packaging, better material handling, and quality check operations. Furthermore, the surging automotive industry coupled with the increasing application of robotics vision in the sector is bolstering the growth of the market.
By end-users, the automotive industry is expected to have a significant share of the market on account of early adoption of technology as robotics arms to manufacture and assemble vehicle parts and increasing application of robotics vision for the inspection of parts, welding, and material handling. By application, the food processing segment is expected to have a significant market share owing to the increasing use of robotics vision to reduce the operational cost and to ensure the quality of the product.
Geographically, Europe and North America together hold a major share of the market owing to a rise in the demand for these systems particularly for material handling applications due to high labor costs and stringent government regulations to provide a safer working environment. However, Asia Pacific is anticipated to witness the fastest market growth due to factors such as rapid industrialization, high infrastructure development and growing concerns about workers’ safety. Rising demand for processed and frozen food products in emerging economies such as China and India will further fuel this regional growth to ensure vision supported packaging of food in harsh environments along with label verification and brand quality.
Key Topics Covered:
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.6. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Design
2.2. Secondary Sources
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1. Market Segmentation
4.2. Market Drivers
4.3. Market Restraints
4.4. Market Opportunities
4.5. Porter’s Five Forces Analysis
4.5.1. Bargaining Power of Suppliers
4.5.2. Bargaining Power of Buyers
4.5.3. Threat of New Entrants
4.5.4. Threat of Substitutes
4.5.5. Competitive Rivalry in the Industry
4.6. Life Cycle Analysis - Regional Snapshot
4.7. Market Attractiveness
5. ROBOTIC VISION MARKET BY COMPONENT
6. ROBOTIC VISION MARKET BY INDUSTRY VERTICAL
6.1. Electrical and Electronics
6.3. Metal Processing
6.4. Food Processing
7. ROBOTIC VISION MARKET BY GEOGRAPHY
7.1. North America
7.2. South America
7.3.3. United Kingdom
7.4. Middle East and Africa
7.4.2. Saudi Arabia
7.5. Asia Pacific
7.5.3. South Korea
8. COMPETITIVE INTELLIGENCE
8.1. Competitive Benchmarking and Analysis
8.2. Recent Investments and Deals
8.3. Strategies of Key Players
9. COMPANY PROFILES
9.2. Kawasaki Heavy Industries, Ltd.
9.3. KEYENCE CORPORATION
9.4. ISRA VISION AG
9.5. SICK AG
9.6. FANUC America Corporation
9.7. KUKA Robotics
9.8. Acieta, LLC
For more information about this report visit https://www.researchandmarkets.com/r/m99s2b
View source version on businesswire.com:https://www.businesswire.com/news/home/20191126005478/en/
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INDUSTRY KEYWORD: TECHNOLOGY AUDIO/VIDEO HARDWARE SECURITY
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 11/26/2019 08:19 AM/DISC: 11/26/2019 08:19 AM