Vision Sensor Market Analysis by Type of Sensor (3D and less than 3D); by Application (Code Reading, Localization, Inspection, Gauging, and Others); and by End-User (Electronics, Automotive, Pharmaceuticals, Food Packaging, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
Buy Now Report ID: 3163 | Published Date: Feb 09, 2023
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.
inspired by “Accelerate your Vision” at VISION held in Stuttgart.
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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.
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~12% |
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Base Year Market Size (2022) |
~ USD 3 Billion |
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Forecast Year Market Size (2033) |
~ USD 10 Billion |
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Regional Scope |
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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.
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.
Our in-depth analysis of the global vision sensor market includes the following segments:
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By Type of Sensor |
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By Application |
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By End-User |
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Ifm Electronic GmbH
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
Ans: Growing demand for vision sensors in traffic safety is estimated to majorly boost market growth.
Ans: The market is anticipated to attain a CAGR of ~12% over the forecast period, i.e., 2023 – 2033.
Ans: The requirement for higher initial investment and the presence of alternatives in the market is estimated to challenge the market growth.
Ans: The market in Asia Pacific region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are company Cognex Corporation, Basler AG, Balluff Automation India Pvt. Ltd., Datalogic S.p.A., Honeywell International Inc., Omron Corporation, Sick AG, Keyence Corporation, Siemens Aktiengesellschaft, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type of sensor, application, end-user, and by region.
Ans: The pharmaceuticals segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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