DUBLIN, June 30, 2021 / PRNewswire / – The “Robotic Vision Market – Forecasts from 2021 to 2026” the report was added to ResearchAndMarkets.com offer.
The global robotic vision market is valued at 3.306 billion US dollars for the year 2019 and is expected to grow at a CAGR of 9.54% during 2021-2026.
Robotic vision is among the latest innovations in robotics and automation that are used in robots for better object identification, navigation, object finding and inspection, among others. Robotic vision technology is helpful in reducing costs and creating a simple solution for all types of automation.
Robotic vision has various applications in various industries. Robotic vision facilitates the manufacturing and packaging process by ensuring product quality, verifying product safety, preventing faulty or damaged products from entering the market, and tracing products. Common examples of the application of robotic vision include barcode reader, scanner, autonomous vehicles, facial recognition, etc.
In addition, current technological developments in several sectors have given way to new applications of robotic vision. The rise of automation in manufacturing continues to drive the adoption and evolution of machine vision technologies. Over the past fifteen years, these technologies have become an essential tool for advanced manufacturing automation, with the main applications being the automated inspection and guiding of industrial robots.
A key feature of the factory of the future, or smart factory, is automation through the interoperability of machines, devices, sensors and people, also known as Industry 4.0. As such, advances in machine vision will be integral to future manufacturing success.
Robotic vision technology exhibits some of the key characteristics that have led to increased adoption of the technology. The technology now allows robots to move freely and perform various tasks without operator intervention or reprogramming. With advanced object detection, recognition and grabbing technology, these newly equipped robots are well suited for manufacturing highly demanded custom products.
By using advanced vision systems to adjust coordinates at specific locations, today’s robots can pick up parts and items of varying consistency, a task impossible for traditional assembly robots. Now robots with vision capabilities can recognize and adapt to a changing environment.
Manufacturing companies around the world are realizing the benefits of these robotic vision systems, especially in areas where redundant tasks, like inspection, must be performed with precision. They play a vital role in high speed production lines and hazardous environments. Some of the significant benefits offered by these systems include increased productivity, reduced machine downtime, and tighter process control.
The advent of COVID-19 has hurt the global robotic vision market. The market grew slowly during the year as several sector projects held up. Ongoing investments made around this time were slowed as demand for the technology in various industries plummeted in the early months as the pandemic resulted in a substantial shift in focus to curb the spread of the disease.
Demand for the technology saw a slight uptick in the second half of the year as it proved useful while maintaining government-mandated social distancing protocols, such as the barcode reader application. Demand for the technology is expected to increase significantly in the coming years, as the pandemic has fueled the use of barcode readers, scanners, autonomous vehicles, facial recognition and more.
The growth of robotic vision market is highly dependent on technological advancements and falling prices of chips and sensors. Some countries have strict rules for worker safety for which robotic vision is the optimal solution. The share of the automotive industry as the end user of the robotic vision market is expected to be significant as it requires the automation of most of its processes, such as inspection, assembly, welding, among others. .
Recent developments in self-driving cars would capitalize on the potential of robotic vision. The food industry, an end user of Robotic Vision, has already capitalized on robotic vision to avoid human intervention that could make mistakes and therefore achieve operational and economic profitability.
Main topics covered:
2. Research methodology
3. Executive summary
3.1. Research Highlights
4. Market dynamics
4.1. Market factors
4.2. Market constraints
4.3. Porters Five Forces Analysis
4.4. Industry value chain analysis
5. Robotic Vision Market Analysis, By Component
6. Robotic Vision Market Analysis, By Application
6.2. Packaging and palletization
6.3. Material handling
7. Robotic Vision Market Analysis, By Industry Vertical
7.2. Electricity and electronics
7.4. Metal processing
7.5. Food preparation
8. Robotic Vision Market Analysis, By Geography
9. Competitive environment and analysis
9.1. Major players and strategic analysis
9.2. Emerging players and market profitability
9.3. Mergers, acquisitions, agreements and collaborations
9.4. Supplier competitiveness matrix
10. Company profiles
- Qualcomm Technologies, Inc.
- Keyence Company
- FANUC Company
- ABB Group
- Sick AG
- Teledyne Dalsa Inc.
- Cognex Company
- Omron Adept Technology, Inc.
- National Instruments Corporation
- Hexagon AB
For more information on this report, visit https://www.researchandmarkets.com/r/ek13fs
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SOURCE Research and Markets