DUBLIN--(BUSINESS WIRE)--The "Robotic Vision Market - Growth, Trends, Forecasts (2020-2025)" report has been added to ResearchAndMarkets.com's offering.
The Robotic Vision Market is Expected to grow at a CAGR of 9.86% during the forecast period.
The growth of the market is owing to the growing use of cognitive humanoid robots and increasing deployment of machine vision systems in end user segments like Automotive Industry.
Machine guidance systems use 2D and 3D machine vision systems to improve accuracy and the speed of assembly robots and automated material handling equipment, which plays a crucial role in the engine chassis marriage operations. Although the applications vary depending on the type of vehicle or model being produced, the general categories of applications are observed in robotics, dimensional gaging operations, assembly verification, flaw detection, paint job verification and code reading.
The outbreak of the COVID-19 is expected to further proliferate the growth of vision guided robots, that can reduce human contact in many end user sections. For instance, Orrbec, a US-based company recently collaborated with robot manufacturers in China to deploy its 3D camera products in robots for different hospital applications. Food delivery robots, sterilization robots, and directional guiding robots using machine vision systems have been deployed across many hospitals in China.
- Qualcomm Technologies, Inc.
- Keyence Corporation
- FANUC Corporation
- ABB Group
- Sick AG
- Teledyne Dalsa Inc.
- Cognex Corporation
- Omron Adept Technology, Inc.
- National Instruments Corporation
- Hexagon AB
Key Market Trends
Increasing Application in Automotive Industry is Expected to Drive Market Growth
- In order to address quality issues Automotive manufacturers are increasingly investing in vision systems. The technology is being increasingly used by automakers and parts suppliers for a variety of applications, that include adhesive dispensing, bin picking, error-proofing, inline welding analysis, material handling, robotic guidance, surface inspection and traceability. Growing demand for customization, increasing labor shortages and cost pressures are some of the major drivers of vision systems use in the auto industry.
- Advanced machine vision technology already plays major role in daily operation of various automotive plants across the globe. Ford Motor Co.'s Van Dyke transmission plant for instance uses vision-guided robots in order to ensure high-quality assembly of critical components like gears and clutches. The plant has deployed more than 500 inline machine vision applications for error proofing, gauging and complexity issues
- With the growth of the ADAS system in Automotives, the requirement of the component like camera led lighting, Lidar, V2X, among others will play a crucial role in the near future for automation and intelligence. Further, according to Neuromation, traffic accidents account for 2.2% of global deaths. With 2D and 3D machine vision and intelligent transportation systems (ITS), drivers are provided with a safety net.
Asia - Pacific is Expected to become the Fastest Growing Market
- The region is embracing robot adoption at a rapid rate, which is expected to impact the robotic vision market in the region. Automation in the region is also expected to be augmented by favorable government initiatives. For instance, the Chinese government's programs, such as the Made in China 2025 plan, are promoting the use of R&D in factory automation and technologies and its investments.
- Moreover, the labor cost in China is increasing year on year. Therefore, companies in the country are focusing on using automation systems to reduce production costs. These factors are also driving the growth of the machine vision market in the region. According to the China Machine Vision Union, sales in the Chinese machine vision market reached CNY 8.39 billion in 2018, growing 21.6%, as compared to 2017.
- Moreover many large firms are increasingly focussing on deploying robotic systems as part of their future manufacturing plans in the region. Honda for instance unveiled its '2030 Vision' that underscores its focus on development of technologies for mobility products, energy and robotics under this plan.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increased Adoption of Cognitive Humanoid Robots is Expected to Act as a Driver
4.2.2 Growing Demand from End - User Segments like Automotive Industry
4.3 Market Restraints
4.3.1 High Initial Investment is Expected to be a Major Restraint
4.4 Porters Five Force Analysis
4.5 Industry Value Chain Analysis
4.6 Assessment of Impact of Covid-19 on the Industry
5 MARKET SEGMENTATION
5.1.1 2D Vision
5.1.2 3D Vision
5.2 End-user Industry
5.2.4 Food and Beverage
5.2.6 Other End-user Industries
5.3.1 North America
5.3.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/9vmy59.