Vision Sensor Market 2019 Global Size, Share, Industry Growth, Development Status, Opportunities, Company Profile and Trends by Forecast 2023 1
” Vision Sensor Market “
The global Vision Sensor Market was valued at USD 1.86 billion in 2019 and is expected to reach USD 3.87 billion by the end of the forecast period with a CAGR of 13.43%.

Market Synopsis

Vision sensors are installed in factories and enterprises to enable the operators to inspect images for smooth process flow. Vision sensors are deployed with specific applications or systems which can make object pass/fail decisions, support human-machine interface (HMI) development and communicate with the factory floor. These sensors are easy to integrate with larger systems, offer built-in Ethernet communications, and enable single-point and multiple-point inspections with dedicated processing. Vision sensors make use of images captured by cameras to recognize the presence, accuracy, and orientation of the object. Vision sensors are extensively used in machine vision which experiences high demand in the industrial sector. These sensors have various applications in the food and packaging industry as this sector invests heavily in machine vision solutions to optimize process flow and reduce waste by removing non-saleable products. Growth of Industry 4.0 is one of the major factors driving the vision sensor market. Implementing machine vision provides advantages such as refining product quality, decreasing operating costs, and enhancing manufacturing flexibility. 

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Machine vision is expected to be a critical part of Industry 4.0 in the coming years. Vision systems provide increased productivity at low cost. There has been rapid growth in the number of smart factories projects across the globe, and it is expected to grow exponentially in countries such as the US, China, Japan, and Germany. All these factors are expected to boost the demand for vision sensors during the forecast period.

Key players

The key players in the vision sensor market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are – Cognex (US), Keyence (Japan), Sick AG (Germany), Omron (Japan), Teledyne (US), Baumer (Switzerland), Datalogic S.p.A. (Italy), IFM Electronic (Germany), Balluff GmbH (Germany), and Basler AG (Germany). These players contribute a major share in the growth of vision sensor market.

Apart from the top key players, there are other players that contribute to the market growth. These include Hans Turck GmbH & Co. KG (Germany), Leuze electronic GmbH+Co. KG (Germany), Pepperl+Fuchs GmbH (UK), and SensoPart (Germany).

Segmentation

By type, the market has been classified into contour sensor, pixel counter sensor, 3D sensor, monochrome sensor, color sensor, and code readers. The code reader segment contributed the largest revenue share in 2018; it is expected to continue its dominance throughout the forecast period. The 3D sensor segment is expected to grow at a significant CAGR during the forecast period.

By application, the vision sensor market has been segmented into inspection, code reading, object recognition, localization, gauging, and others. The inspection segment dominated the vision sensor market in 2018; it is expected to contribute a significant revenue share to the market during the forecast period due to its extensive usage in smart factories. The localization segment is expected to grow at a significant CAGR during the forecast period.

By end-user, the market has been segmented into automotive, electronics & semiconductor, consumer electronics, pharmaceutical, food & packaging, and others. The automotive industry dominated the market in 2018 and is expected to continue its dominance by the end of the period. In the automotive industry, component inspection, component’s misalignment detection, and defect identification of faulty components, is performed on the assembly line by vision sensors which are expected to boost the demand for the same in the automotive industry. The consumer electronics segment is expected to grow at a high CAGR during the forecast period.

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Regional Analysis

The global market for vision sensor is estimated to grow at a significant rate during the forecast period from 2019 to 2024. The geographical analysis of the vision sensor market has been done for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East, Africa, and South America). Among the regions mentioned, North America is expected to dominate the vision sensor market. Early adoption of Industry 4.0 and upcoming smart factories projects in the region are some of the leading factors promoting the demand for vision sensors. Moreover, machine vision systems are extensively implemented in automotive and food and packaging industry, creating high demand for the same. 

Asia-Pacific is expected to grow at the highest CAGR during the forecast period. Manufacturers, particularly in China and Japan, are adopting automation in manufacturing plants which are leading to the fast growth of the product. Also, the Asia-Pacific region is quickly advancing in robotics and smart manufacturing which is creating immense opportunities for the growth of the vision sensor market. Europe is also expected to contribute a significant share of revenue due to the presence of vision sensor vendors in the region. 

Competition Analysis

The vision sensor market has witnessed a high demand globally due to the rise in demand for smart manufacturing in various sectors such as automotive and food and packaging. Major players have opted for partnerships and new product development as their key organic growth strategies to strengthen their position in the market. For instance, in July 2018, Keyence (Japan) launched IV-H series of vision sensors which helps in increasing the stability and functionality of visual inspection. 

Intended Audience

Vision sensor manufacturers
Vision sensor distributors
Machine vision system manufacturers and distributors
Semiconductor companies
Research organizations and consulting companies
Forums, and alliances related to supercapacitor 
Industry associations
Regulatory bodies

Investors

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