In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWSThe vision sensor market is estimated to grow with a high CAGR during the forecast period, i.e., 2021-2030. Extensive research associated with vision sensors in western countries and the growth of the electronics and electrical industry is expected to fuel the growth of this market. The development of the market can also be attributed to machine vision technology in the automotive industry and traffic safety globally. A vision sensor system is a type of image processing system that is employed for a specific task. The vision sensor primarily captures images, then evaluates them with image processing algorithms, and finally triggers a response. Vision sensors are usually composed of a video camera, display and interface, and a computer processor.
In some cases, vision sensors are integrated with an integral processor, known as intelligent cameras. Vision sensors use images to find out the presence, orientation, and accuracy of surrounding objects. These sensors utilize the combination of both image acquisition and image processing. Using a single sensor, multi-point inspections are also possible.
Vision sensors are primarily used to maintain the quality of products and verify the achievement of operational efficiency. They are also used in applications such as gauging, code reading, and localization. These sensors have a wide range of applications in industrial plants and industrial processes. They are mainly used in industries such as automotive, electronics & semiconductors, pharmaceuticals, and food & packaging. The vision sensor market is highly competitive, and the key strategies adopted by the market players include product development, business expansion, merger & acquisition, and new product launch. For instance, in April 2019, Teledyne DALSA has launched BOA Spot XL vision sensors for industrial automation and inspection. It is a low-cost product designed for error proofing, identification, general inspection, and robot guidance. The BOA Spot XL provides integrated LED lighting, lens cover, and easy-to-use application software, providing high-value capabilities at a low cost of ownership.
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The market is segmented on application into inspection, gauging, code reading, and localization. The code reading segment is anticipated to grab the most significant share by the end of 2020. Code reading will be a crucial activity in industries such as food & beverages, packaging, and logistics in the coming years. 1D or 2D code readers, fixed or handheld code readers will play an important role in marking and identifying products and tracking products on a conveyer belt or during transit to the intended location. The increased demand for vision sensors from the automotive industry and food & packaging industry is likely to positively impact the growth of the vision sensor market for code reading applications during the forecast period.
Based on sensor type, the market is segmented into Less than 3D and 3D sensors, out of which 3D vision sensors will hold the largest market share during the forecast period owing to the increased inspection and code reading applications. 1D and 2D are estimated to dominate the market. These sensors are used for inspection, gauging, code reading, and localization applications across end-user industries such as automotive, electronics & semiconductors, pharmaceuticals, food & packaging, which will propel the demand of sensors.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the vast population shift and an increase in disposable income, which has prompted a higher demand for products in the APAC region. Manufacturers are looking to adopt automation techniques to reduce costs, save time, and improve product quality. These factors will continue to push the demand for vision sensors in these industries in the APAC region during the forecast period. Moreover, The North American market is expected to account for significant revenue share globally and register considerable CAGR over the forecast period. This can be attributed to the growing number of smart factories or industry automation in the region, which is expected to result in higher demand for vision sensors. In addition, rapidly growing industries such as automotive and electronics & semiconductor industries in North America are expected to positively impact demand and adoption rate of vision sensors and drive the growth of the market in the region.
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The global vision sensor market is further classified on the basis of region as follows:
Our in-depth analysis of the global vision sensor market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Focus of manufacturing companies on cost and time saving and introduction of IoT in manufacturing are the key factors driving market growth.
The market is anticipated to attain a high CAGR over the forecast period, i.e., 2021-2030.
Price level sensitivity and designing miniaturized image sensor chips are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the huge population shift and an increase of disposable income, which has prompted a higher demand for products in the APAC region.
The major players dominating the vision sensor market are Keyence Corporation, Balluff GmbH, Baumer India Private Limited, Sick AG, Omron Corporation, Datalogic S.p.A, Basler AG, Ifm electronic goby among others.
The major players dominating the vision sensor market are Keyence Corporation, Balluff GmbH, Baumer India Private Limited, Sick AG, Omron Corporation, Datalogic S.p.A, Basler AG, Ifm electronic goby among others.
The market is segmented by sensor type, end-user, application and region.
With respect to application, code reading segment is expected to be the leading end-user industry for vison sensors owing to the increasing demand for these sensors in inspection, identification, and localization applications.
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