A massive amount of investment in public and private sector in the R&D of robotics has enabled the development of new and advanced technologies in vision guided robotics. The demand for vision guided robotics is expected to increase due to increasing need for mechanization and safety and spiraling use of robotics technology across various industries. Furthermore, growing demand for premium quality of products has increased the adoption of vision guided robots in the healthcare and electronics sectors. In addition, increased demand for safety and high quality products and penetration of smart cameras in robotic systems are expected to present lucrative opportunities to market players in the near future.
Vision Guided Robotics Market Report, published by Allied Market Research, states that the global vision guided robotics market was valued at $3,834 million in 2015, and is projected to reach $7,718 million by 2022, growing at a CAGR of 10.7% from 2016 to 2022.
Vision guided robotics technology includes robots built-in with cameras and sensors to provide response signal to the robot controller to move accurately to the target position.
The vision guided robotics market is driven by increasing need for automation & safety, high labor cost, dearth of skilled labor, and rise in investments in R&D activities. However, high initial cost and lack of awareness among small- and medium-enterprises (SMEs) are expected to marginally hamper the global vision guided robotics market size during the forecast period.
The hardware segment dominated the market in 2014 with around 66% revenue share of the global market, owing to advancements in processing capabilities and development of smart cameras and new interfaces. Furthermore, the services segment is anticipated to witness the highest CAGR of 13.7%, as services are provided after the installation of software and hardware. In addition, services ensure flexible and efficient mechanization between vision system and robotics.
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The automobile segment dominated the global vision guided robotics market size with around 32% share in 2014, followed by the electrical & electronics segment. Furthermore, the electrical & electronics segment is estimated to grow at the highest CAGR of 12.5% owing to upsurge in need for inspection and testing of electronics to ensure proper functioning of processes.
The vision guided robotics market is categorized based on geography into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific region was the highest revenue contributor to the global market in 2014, accounting for around 36% share. It is projected to grow at the highest CAGR of 11.9% during the forecast period on account of growing advancements in the automobile and electrical industry in countries such as India, China, Japan, and Australia.
The report features the competitive scenario of the vision guided robotics market, and provides the comprehensive analyses of the key growth strategies adopted by major players. The key players operating in the vision guided robotics market, include Pleora Technologies, Inc., DENSO Robotics, Allied Vision Technologies, GmbH, OMRON Corporation, Cognex Corporation, ISRA VISION AG, Basler AG, BitFlow, Inc., FANUC America Corporation, and Yaskawa America, Inc.
Key Findings of the Vision Guided Robotics Market :
• The hardware segment dominated the global vision guided robotics market in 2014, and the services segment is expected to grow at the highest CAGR.
• The electrical and electronics segment is estimated to present significant growth opportunities to prominent players operating in the global market.
• The Asia-Pacific vision guided robotics market is expected to have a dominant presence both in terms of market size and growth rate, during the forecast period.
• U.S. was leading region in terms of expenditure on vision guided robotics in 2014, followed by China.