Vision Guided Robotics Market Analysis | 2023-2029

Market Insights

The vision guided robotics market was estimated at USD 4.94 billion in 2022 and is likely to grow at a CAGR of 10.7% during 2023-2029 to reach USD 10.04 billion by 2029.

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Market Dynamics

Introduction

Vision guided robotics is a type of robotics system that uses cameras and computer vision algorithms to enable robots to perform tasks that require visual perception and interpretation. The main idea behind vision guided robotics is to equip robots with the ability to see and understand their environment, so that they can navigate, interact with objects, and perform tasks with greater accuracy and efficiency.

Vision guided robots typically use high-resolution cameras, combined with advanced image processing and machine learning algorithms, to analyze visual information and make decisions based on that information. Some common applications of vision guided robotics include pick-and-place operations, assembly and inspection, quality control, and packaging.

Market Drivers

The benefits of vision guided robotics include increased speed, accuracy, and flexibility, as well as the ability to perform tasks that would be difficult or impossible for humans to do manually. Vision guided robotics can also improve safety by enabling robots to work in hazardous environments or perform tasks that involve heavy lifting or repetitive motions.

Overall, vision guided robotics is a rapidly growing field that has the potential to transform many industries and improve the efficiency and productivity of manufacturing and other types of operations.

Several factors affect the global market for vision-guided robotics, including the demand for automation and increased labor costs. The extent of growth in the market is also determined by awareness among SMEs and technological advancements. Together, these factors create opportunities for growth in the vision-guided robotics market, although some of them also pose limitations. Each factor has its own impact on the market, which can vary depending on its specific characteristics.

Need for Automation

The demand for automation in all industry sectors is rising, leading to a significant increase in the use of robots. Organizations are increasingly turning to robotics to automate their processes, which helps them to produce high-quality products, expand their manufacturing capabilities, improve customer service, and efficiently manage their operations. This factor is driving organizations to adopt robotics, which is further strengthening the vision guided robotics market.

Labor Safety Concerns

As international labor safety standards become increasingly strict, organizations are turning to robots to replace human workers in hazardous environments. Robots are capable of handling tasks that are dangerous and unsafe for human beings, such as working in rough terrains and managing hazardous substances. By utilizing robots in these situations, organizations can reduce the risks and minimize the number of work accidents. This factor is driving greater adoption of robotics solutions in the global vision guided robotics industry.

Growing Adoption Among SMEs

There has been a noticeable increase in the acceptance of robotics by small and medium-sized enterprises (SMEs) in recent years. SMEs are turning to robots to improve the efficiency and functionality of their processes. The ability to customize products for specific applications increases flexibility of usage, which is particularly important for smaller companies. New technological advancements are being developed to meet this demand. Vendors in the market are creating specialized, low-cost, and energy-efficient robotics solutions for SMEs, which is expected to further enhance the adoption of robotics.

Technological Advancements

The emergence of new technologies has led to the development of better and more efficient robotics solutions in the market. These robots are capable of performing tasks with greater accuracy and precision, leading to reduced costs. Advancements in technology have made robotics solutions more compact and modular, resulting in enhanced quality and more flexible robots. The increasing use of augmented and modular robots is expected to further strengthen the market in the future.

Greater use in Diverse Industries such as Food & Beverages, Electronics, and Healthcare

The use of robotics has become more prevalent in various industries, including food & beverage, electronics, healthcare, and defense, among others. These industries are relying on robots to meet their specific needs and improve their efficiency. Customized robots are developed and deployed for these industries to meet their particular specifications. The increasing deployment of robotics in diverse applications has resulted in significant growth in the vision guided robotics market, and its impact is expected to continue increasing in the years ahead.

High Initial Investment

The high initial costs of setup and integration limit the use of robots primarily to heavy manufacturing organizations. Industries with high labor costs are more likely to adopt robotics to reduce labor costs and produce high-quality products. Industries where precision and accuracy are critical, such as automotive and electronics, use robots to meet international quality standards. However, with the emergence of new robotic technologies and growing competition in the market, the costs of vision guided robotic systems are expected to decrease in the future.

Rising Labor and Energy Costs

The cost of labor has increased globally, particularly in developed countries. To reduce labor and energy costs, organizations are adopting robotics solutions. While the initial cost of implementing these solutions may be high, they enable organizations to efficiently manage their processes and reduce overall operational expenditure. As robotics technology continues to advance, rising costs are expected to have a lower impact on the market in the future.

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Key Players

The following are the key players in the vision guided robotics market:

• ABB Ltd.
• Basler AG
• Cognex
• Denso Corporation
• Fanuc Corporation
• ISRA Vision
• Omron Corporation
• Pleora Technologies Inc.
• Universal Robots AS
• Yaskawa Electric Corporation

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Component Type

"Hardware segment dominated the market during the forecast period"

The market is segmented into three component types: Hardware, Software, and Services. In previous years, the hardware segment dominated the market, with the software segment coming in second. This trend is expected to continue over the forecast period.

By Industry Vertical Type

"Automobile industry had the largest market share during the forecast period"

In terms of Industry Vertical, the market is segmented into Automobile, Electrical and Electronics, Aerospace and Defense, Food and Beverage, Healthcare and Pharmaceutical, and Metal Processing. In previous years, the Automobile industry had the largest market share during the forecast period, it is expected to maintain its dominance in the vision-guided market. The Electrical and Electronics industry had the second-largest market share, and it is predicted to grow significantly throughout the forecast period.

Regional Analysis

"Asia Pacific market is the leading market during the forecast period"

The vision guided robotics market is categorized into North America, Europe, Asia Pacific, Middle East and Africa, and South America based on regional analysis. Currently, the Asia Pacific market is the leading market due to significant demand from the fast-developing industrial sector and the presence of some of the world's leading businesses conducting robotics research. The markets in North America and Europe follow due to the high rate of automation adoption in the industrial sectors, with each accounting for a significant share of the global market.

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Recent Developments

• In December 2022, OMRON, a factory automation solution provider, opened its 1st Automation Center exclusively catering the logistics industry in Singapore, Southeast Asia, and Oceania. The intralogistics solution includes 3D-vision guided robots and custom mobile robot solutions.
• In September 2022, onsemi, an intelligent power and sensing technologies provider, in collaboration with Leopard Imaging, demonstrated a Vision Guided Robotics solution that addresses depth accuracy with its popular AR0234CS image sensor.
• In September 2022, Solomon Technology entered into a partnership with Kawasaki Robotics. By leveraging each other’s strengths, the companies aim to provide top-of-the-line solutions for picking, depalletizing, inspection, path planning, and machine tending applications in a broad range of industries.

Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s vision guided robotics market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The vision guided robotics market is segmented into the following categories:

By Component Type 

• Hardware
• Software
• Services

By Industry Vertical Type 

• Automobile
• Electrical and Electronics
• Aerospace and Defense
• Food and Beverage
• Healthcare and Pharmaceutical
• Metal Processing 

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected]