Vision Guided Robotics Market Growth Report by 2031
The vision guided robotics market size is projected to reach US$ 10.23 billion by 2031 from US$ 5.16 billion in 2023. The market is expected to register a CAGR of 8.9% in 2023–2031. The introduction of the Industry 4.0 concept and the growing need for industrial automation across industries is likely to remain a key vision guided robotics market trend.
Vision Guided Robotics Market Analysis
The vision guided robotics market is growing at a rapid pace due to the growing concern related to labor safety, increased demand for quality inspection and control among industries, and rising adoption of vision guided robotics in SMEs. The market is expanding steadily, driven by the growing use of collaborative robots in collaborative manufacturing settings. Moreover, the evolution of advanced technologies and developments in machine vision technology is providing lucrative opportunities for market growth.
Vision Guided Robotics Market Overview
Vision guided robotics is a robotics system that employs computer vision algorithms and cameras to allow robots to accomplish tasks requiring visual perception and interpretation. The primary idea behind vision guided robotics is to give robots the ability to see and understand their surroundings, allowing them to navigate, interact with things, and perform tasks more accurately and efficiently. Vision guided robots often use high-resolution cameras, modern image processing, and machine learning algorithms to assess visual data and make judgments based on it. Vision-guided robotics is commonly used for pick-and-place activities, assembly and inspection, packaging, and quality control. The growing adoption of vision guided robotics in numerous industries, such as automotive, aerospace & defense, food & beverages, electrical & electronic, healthcare & pharmaceutical, metal processing, and others, is driving the market.
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Vision Guided Robotics Market: Strategic Insights
Market Size Value in US$ 4,616.6 Million in 2019 Market Size Value by US$ 12,958.9 Million by 2027 Growth rate CAGR of 13.8% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Vision Guided Robotics Market: Strategic Insights
| Market Size Value in | US$ 4,616.6 Million in 2019 |
| Market Size Value by | US$ 12,958.9 Million by 2027 |
| Growth rate | CAGR of 13.8% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Vision Guided Robotics Market Drivers and Opportunities
Growing Consern Related to Labour Safety is Driving the Market
As international labor safety requirements become more stringent, industries across the globe are shifting their preference toward the adoption of robots by replacing human workers in dangerous areas. Robots can perform tasks that are harmful and unsafe for humans, which increases their demand in hazardous areas, including operating in harsh terrains and managing hazardous substances. Industries can reduce risks, and the number of workplace accidents by using robots in certain risky environments is fueling the vision guided robotics market during the forecast period.
Evolution of Advanced Technologies – An Opportunity in the Vision Guided Robotics Market
The introduction of new technology has resulted in the development of more effective and efficient robotics in the market. These technologically advanced robots can do tasks with higher accuracy and precision, which leads to lower costs. Hence, creating opportunities in the market growth during the forecast period.
Technological advancements have made robotics systems more compact and modular, resulting in higher-quality, more versatile robots. The growing usage of augmented and modular robots is generating significant growth opportunities for the market in the near future.
Vision Guided Robotics Market Report Segmentation Analysis
Key segments that contributed to the derivation of the vision guided robotics market analysis are component type, type, and industry vertical.
- Based on component type, the vision guided robotics market is divided into software, hardware, and services. The hardware segment held a larger market share in 2023.
- On the basis of type, the market is segmented into 2D-vision system robot and 3D-vision system robot. The 3D-vision system robot segment held a larger market share in 2023.
- In terms of industry vertical, the market is categorized as automotive, aerospace & defense, food & beverages, healthcare & pharmaceutical, electrical & electronic, metal processing, and others. The automotive segment held a larger market share in 2023.
Vision Guided Robotics Market Share Analysis by Geography
The geographic scope of the vision guided robotics market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
In terms of revenue, Asia Pacific accounted for the largest vision guided robotics market share, due to the emerging technologies and high volume of manufacturing capabilities. Furthermore, the growing deployment of the Industry 4.0 concept and increasing investment from businesses to set up manufacturing facilities are expected to fuel demand throughout the projection period.
Vision Guided Robotics Market News and Recent Developments
The vision guided robotics 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 guided robotics and strategies:
- In March 2023, Smart Vision Lights co-sponsors Quality Magazine’s webinar that looks into the recent evolution of vision-guided robotics and helps guide companies looking for new automation solutions. The webinar will service everyone interested in vision-guided robotics technology including company, quality, and plant management and engineering and operations regardless of marketplace. (Source: Smart Vision Lights, Press Release, 2023)
Vision Guided Robotics Market Report Coverage and Deliverables
The “Vision Guided Robotics Market Size and Forecast (2023–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component Type , Type , and Industry Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Africa, Argentina, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Middle East, Russian Federation, South Korea, Taiwan, United Kingdom, United States
Frequently Asked Questions
The global vision guided robotics market was estimated to be US$ 5.16 billion in 2023 and is expected to grow at a CAGR of 8.9% during the forecast period 2023 - 2031.
The growing concern related to labor safety, increased demand for quality inspection and control among industries, and rising adoption of vision guided robotics in SMEs are the major factors that propel the global vision guided robotics market.
The introduction of the Industry 4.0 concept and the growing need for industrial automation across industries will play a significant role in the global vision guided robotics market in the coming years.
The key players holding majority shares in the global vision guided robotics market are ABB Ltd., Basler AG, Cognex, Denso Corporation, and Fanuc Corporation.
The global vision guided robotics market is expected to reach US$ 10.23 billion by 2031.
The incremental growth expected to be recorded for the global vision guided robotics market during the forecast period is US$ 5.07 billion.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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