Vision Sensor Market size is slated to cross USD 10 Billion by the end of 2033, growing at a CAGR of 12% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of vision sensor was over USD 3 Billion.The growth of the global market can be primarily attributed to the increasing utilization of vision sensors in the electronic devices, for various purposes, such as on-road safety, automation, efficient governance, and others. For instance, in 2022, the electronics segment was valued at about USD 700 billion.
Global market trends such as higher demand for vision sensors in food packaging and increasing disposable income are projected to influence the growth of the market positively over the forecast period. It is noticed that in 2019, the global food packaging industry was projected to reach approximately USD 300 billion. Moreover, the spiking demand for vision sensors in the automobile industry is further expected to propel the growth of the market during the forecast period. As of 2021, the sales of automobiles worldwide dropped to about 65 million units. Vision sensors are highly used in industries such as automotive, pharmaceuticals, food packaging, and others to determine product quality. Hence, all these factors are projected to hike the market growth over the forecast period.
Growth Drivers
Challenges
|
Base Year |
2022 |
|
Forecast Year |
2023-2033 |
|
CAGR |
12% |
|
Base Year Market Size (2022) |
USD 3 Billion |
|
Forecast Year Market Size (2033) |
USD 10 Billion |
|
Regional Scope |
|
End-user (Electronics, Automotive, Pharmaceuticals, Food Packaging)
The global vision sensor market is segmented and analyzed for demand and supply by end-user into electronics, automotive, pharmaceuticals, food packaging, and others. Out of these, the pharmaceuticals segment is projected to witness noteworthy growth over the forecast period. The growth of the segment is accounted for the growing spending on the R&D of medicines. This represents a growing opportunity for companies that manufacture goods related to vision sensors, as it allows them to extend their reach into new markets. Additionally, there is also potential for them to improve existing products and develop new ones that cater specifically to the needs of end-users. For instance, in 2021, the total spending on medicines was projected to be around USD 570 billion.
Our in-depth analysis of the global market includes the following segments:
|
By Type of Sensor |
|
|
By Application |
|
|
By End-User |
|
Asia Pacific Market Forecast
The Asia Pacific vision sensor market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market is ascribed to rising disposable income and ongoing development in automation techniques. For instance, Singapore became the country with the highest disposable income with a figure of about USD 30,000 per capita in 2021. Moreover, rising R&D in pharmaceuticals and growing penetration of major key players are further anticipated to hike the growth of the market over the forecast period.
Datalogic S.p.A. announces the launch of new series of level 2D scanners, QuickScan 2500. The series offers both corded and cordless versions of these scanners. These 2D scanners are powerful, long-lasting, and affordable.
Basler AG to deliver more sustainable and innovative software, cameras, 3D-vision, and lighting at VISION 2022. The range of computer vision solutions was displayed, inspired by “Accelerate your Vision” at VISION held in Stuttgart.
Author Credits: Abhishek Verma, Hetal Singh
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?