The Vision Sensor Market size is projected to reach US$ 8.33 billion by 2030 from US$ 3.28 billion in 2022. The market is expected to register a CAGR of 12.4% in 2022–2030. Evolution of Industry 4.0 are likely to remain key vision sensor market trends.
The vision sensor market growth is driven by rising demand for automotive, electronics, and robotics; increasing investments in R&D activities; and growing adoption of cloud technology. The evolution of Industry 4.0 and government investment in industrial automation are likely to add impetus to the market growth during the forecast period. Moreover, the expansion of the electrical and electronics industry is propelling the market growth. However, the high cost associated with installing and maintaining 3D vision sensors is hindering the market expansion. Technological advancement and the development of AI-based vision sensors are creating lucrative opportunities in the market.
Vision sensor is a device integrated with a camera or imaging system to capture visual information. Vision sensors use images or visual data a camera captures to determine parts' orientation, presence, and accuracy. These sensors simplify construction and operation using a single unit's camera, light, and controller. Vision sensors are mainly used to detect defective objects, character recognition, sorting objects, and measurement of the size of objects, among others. A network of vision sensors can be easily linked to plant and enterprise networks, which allows factories to view images, results, and data for process control. Vision sensors offer Significant benefits such as quickly integrating into larger systems, offering built-in ethernet communications, requiring programming, and exchanging data with other systems to communicate results by triggering subsequent stages of an inspection.
Vision sensors help drivers detect pedestrians, other cars, and obstacles by alerting them to slow down or stop the vehicle quickly. The expansion of the automotive industry associated with increasing investment is fueling the vision sensor market. According to the European Union (EU) Industrial R&D Investment Scoreboard Edition 2023, the EU continues to lead the automotive R&D investments by 42.2% worldwide, followed by Japan and the US at 19.5% each, and China at 12.8% over the past decade. Growing investment in R&D encourages manufacturers to develop advanced solutions for their customers, boosting the vision sensor market. Some crucial applications that increase the demand for vision sensors in the automotive industry are inspecting various parts and components, identifying faulty parts and misaligning parts and components, and guiding robotic arms to conduct complex jobs on the assembly line.
Key segments that contributed to the derivation of the vision sensor market analysis are type, application, and industry vertical.
The geographic scope of the vision sensor Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
Europe is projected to expand at a significant rate during the forecast period. The Europe vision sensor market is segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The region contributes a noteworthy share to the global vision sensor market owing to high adoption and investments in vision sensors in the region. The rising use of smart vision sensors in several industries is driving the market in the region. For instance, in July 2023, Datasensing, an Italian manufacturer, extended its Smart-VS (vision sensor) series to improve detection performance. The company introduced The Smart-VS+ to support numerous industries, including automotive, industrial manufacturing, food & beverages, pharma, packaging, cosmetics, and general manufacturing. Smart-VS+ provides significant benefits to the user, such as increasing the total number of learning dataset images up to 20 and improving accuracy and speed for object detection. The smart vision sensors are also used to check the presence/absence and correct orientations of various objects, including labels or prints and caps, regardless of materials, sizes or formats, and colors. Further, the significant benefit of smart vision sensors and increasing investment in R&D activities are among the other factors driving the market in the region.
The regional trends and factors influencing the Vision Sensor Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Vision Sensor Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 3.28 Billion |
| Market Size by 2030 | US$ 8.33 Billion |
| Global CAGR (2022 - 2030) | 12.4% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Vision Sensor Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Vision Sensor Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The vision sensor market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for vision sensor and strategies:
The “vision sensor Market Size and Forecast (2022–2030)” report provides a detailed analysis of the market covering below areas:
The List of Companies - Vision Sensor Market
China, Japan, India, and Germany are expected to register high growth rate during the forecast period
Introduction of IIoT in Manufacturing
The estimated global market size for the vision sensors market in 2022 is expected to be around US$ 3.28 billion
Cognex Corporation, Teledyne Digital Imaging Inc., Keyence Corporation, Sick AG, Balluff GmbH, Baumer Holding AG, Pepperl+Fuchs, ifm electronic gmbh, Hans Turck GmbH & Co. KG, and Leuze electronic GmbH & Co. KG. are the key market players expected to hold a major market share of vision sensors market in 2022
The global market size of vision sensors market by 2030 will be around US$ 8.33 billion
Asia Pacific is expected to register highest CAGR in the vision sensors market during the forecast period (2022-2030)
The vision sensors market is expected to register an incremental growth value of US$ 5.05 billion during the forecast period
The US is expected to hold a major market share of vision sensors market in 2022
1. Growing Importance of Component Identification and Inspection Devices in Automotive Industry 2. Government Investment in Industrial Automation
Code reading segment is expected to hold a major market share of vision sensors market in 2022