Robot Vision System Market Set to Globally Reach US$ 7,236.2 Million by 2033

Summary

The global robot vision systems market is projected to achieve a valuation of US$ 2,690.4 million in 2023 and is anticipated to advance at a Compound Annual Growth Rate (CAGR) of 10.4%, reaching US$ 7,236.2 million by the conclusion of 2033.

The increasing emphasis on product quality control across various industries has spurred a rise in demand for robot vision systems. These systems offer non-contact inspection, cost-effectiveness and high repeatability in product evaluation. The growing demand for automation has led to the displacement of manual inspection processes.

Traditional quality-check methods are time-consuming, and human involvement in the process is prone to a decline in work performance over time. Additionally, minor errors that may go unnoticed by humans can be efficiently detected by robots.

As industrial processes undergo technological advancements, manufacturers are opting for advanced equipment for quality control to reduce time and enhance efficiency. Consequently, the robot vision system market is poised to generate an absolute dollar opportunity of US$ 4,825.6 million in the forecast period from 2023 to 2033.

The Robot Vision System market in the United States is on track to reach a value of $414.25 million by 2023, with an anticipated compound annual growth rate (CAGR) of 8.6% during this timeframe. The North American region, globally recognized as one of the largest and pioneering markets in robotics, plays a pivotal role in fueling this growth. The widespread adoption of robotic technology across diverse industries continues to be the primary driver behind the market's expansion.

Technological advancements

One of the key factors contributing to the growth of the Robot Vision System market is the rapid advancement in technologies like artificial intelligence (AI) and machine learning. These technologies have empowered vision systems to become more sophisticated and adaptable. Machine learning algorithms enable robots to recognize and adapt to new objects and situations, making them even more versatile in dynamic environments.
 

Insights by category

The 2D vision systems segment currently dominates the robot vision systems market and is projected to maintain its dominance throughout the forecast period from 2023 to 2033. Various industries, including consumer electronics, food and beverage, pharmaceuticals, logistics and warehousing, extensively utilize 2D vision systems. Generally, 2D vision systems exhibit faster image processing capabilities than their 3D counterparts and are well-suited for general-purpose applications.

Consequently, the market share of 2D vision systems is expected to be larger in 2023. Despite the greater complexity of 3D vision systems compared to 2D systems, the former can provide more detailed information about the target object that an industrial robot will manipulate.
 

Competitive scenario

The advent of new technologies has resulted in a moderate level of market fragmentation in the global vision-guided robotics industry. A multitude of local and international vendors either manufacture their vision-guided industrial robots or acquire vision systems from providers, integrating them into their robotic systems.

Moreover, these vendors specialize in developing vision-guided robots customized for specific industries and offer technologies suitable for a diverse range of industrial applications. In a recently published report, Fact.MR has furnished comprehensive details about the pricing strategies of key manufacturers in the robot vision system market across different regions. The report covers aspects such as sales growth, production capacity and anticipated technological advancements in the industry.

Key companies profiled

Key suppliers in the anesthesia monitoring devices include Alpha Techsys Automation, Cognex Corporation, Fanuc America Corporation, GSK CNC Equipment Co. Ltd., Nanotronics, Pepper+Fuchs, Sick Sensor Intelligence, Yaskawa America, Inc, ect.