Vision Sensor Market Size & Share, by Type of Sensor (3D, less than 3D); Application (Code Reading, Localization, Inspection, Gauging); End-user (Electronics, Automotive, Pharmaceuticals, Food Packaging) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

Global Vision Sensor Market Definition

The interface, display, video camera, and computer processor are all components of vision sensors, they aid in the automation of industrial tasks. The vision sensors analyze the components' orientation, number, and accuracy and use a picture that was captured by the camera. They differ from image inspection "technologies" in that the controller, light, and camera are all shown as a single unit, simplifying the app's operational characteristics. These are typically used for measurement and certain other visible product quality factors. These are crucial components that drastically increase manufacturing efficiency.

Global Vision Sensor Market: Key Insights

Global Vision Sensor Market Size, Forecast, and Trend Highlights Over 2023 - 2033

The global vision sensor market is estimated to garner a revenue of USD 10 Billion by the end of 2033 by growing at a CAGR of ~12% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 3 Billion in the year 2022. The growth of the global vision sensor 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.

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Global vision sensor 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.

Global Vision Sensor Market: Growth Drivers and Challenges

Growth Drivers

• Growing Demand for Vision Sensors in Traffic Safety - As per the data provided by the World Health Organization, it was stated that about 1.3 million people die annually in road traffic accidents. Traffic safety is a major issue that needs to be resolved and many technological advancements took place to fill the gap. Owing to their capacity to assess the accuracy, movement, and existence of objects using pictures taken by a camera, vision sensors become crucial for preventing traffic accidents by keeping an eye on the movement of vehicles.

• Rising Utilization of Robots in Multiple Industries - It is observed that every year, approximately 380,000 robots are manufactured and launched globally.

• Increasing Requirement for 3D Printing Materials - The 3D printing material segment is projected to reach 4 billion dollars by 2026.

• Rising Adoption of QR Code Across the Globe - The number of QR code scans was estimated to be about 80 million in 2022 and is forecasted to reach approximately 100 million by 2025.

Challenges

• Requirement for Higher Initial Investment

• Presence of Alternatives in the Market

• Decline in the Supply-Chain due to COVID-19

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.

Global Vision Sensor Market Regional Synopsis

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.

Market Segmentation

Our in-depth analysis of the global vision sensor market includes the following segments:

Top Featured Companies Dominating the Global Vision Sensor Market

• Ifm Electronic GmbH

  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis

• Cognex Corporation
• Basler AG
• Balluff Automation India Pvt. Ltd.
• Datalogic S.p.A.
• Honeywell International Inc.
• Omron Corporation
• Sick AG
• Keyence Corporation
• Siemens Aktiengesellschaft