Machine Vision and Vision Guided Robotics Market to Witness Huge Growth by 2023

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In 2021, the global Machine Vision and Vision Guided Robotics market began its transformative journey with a valuation of USD 14,970.12 million. A promising future beckons, projecting a zenith of USD 29,705.23 million by 2030, riding the waves of a robust CAGR of 8.22%. The sale of 188,907 units of Machine Vision and Vision Guided Robots in 2021 lays the foundation for a dynamic trajectory ahead.

Machine Vision refers to the technology and methods used to enable computers or machines to extract and interpret information from visual data, such as images or videos. It involves the use of cameras, sensors, and specialized software to capture and analyze visual information, enabling machines to make decisions or perform tasks based on that information. Machine Vision systems are used in a wide range of applications, including quality control in manufacturing, automated inspections, object recognition, tracking, and more.

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Illuminating Growth Drivers:

The synergy of machine vision and vision guided robotics redefines industries by enhancing automation. The term encompasses machine vision and image processing systems that empower industrial robots with perception. The market thrives on the rising demand for quality inspection and automation. The sprawling applications across industries, particularly automotive, further invigorate the market’s expansion.

Factors that Ignite Growth:

1. Increasing Applications in Automotive Vertical: In the automotive realm, machine vision and vision guided robotics herald a new era of precision, ushering in applications like inspections and robotic guidance. Embedded vision sensors breathe life into 2D or 3D object detection, refining processes such as auto racking, bin picking, and assembly. The automotive sector’s embrace of these technologies fuels the market’s evolution.

Segments in the Spotlight:

1. Component Chronicles: The market’s components traverse hardware, software, and services. Lighting systems, optical systems, sensors, and more constitute the hardware realm, projected to flourish at an 8.35% CAGR. Within this, sensors surge ahead, predicted to reach USD 2,593.4 million by 2030, propelled by robust investments. Cloud-based software emerges as a formidable force, exhibiting a growth rate of 9.43%.

2. Platform Insights: The canvas of platforms encompasses PC-based, camera-based vision systems, and vision guided robotics. The latter’s ascent is pronounced, on the brink of crossing 100,000 units by 2030. Camera-based vision systems gradually carve a larger share, anticipated to reach 48% by 2030.

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3. Application Evolution: The tapestry of applications includes positioning, identification, inspection, gauging, soldering, material handling, assembling, and more. Gauging/measurement claims the throne with over 25% market share, driven by surging demand. The material handling sub-segment within the food and beverage industry is estimated to reach around 35,000 units by 2029, abetted by technological leaps.

Regional Landscape:

1. North America: With a market share of around 36%, North America assumes a pivotal role. The region thrives on the integration of robots across diverse industries and is home to several market players.

2. Asia Pacific: Asia Pacific claims the second-largest market share, poised for rapid growth at an impressive rate. Technological adoption in burgeoning economies like China, India, and Japan fuels this trajectory.

Competitive Canvas:

Industry leaders including Cognex Corporation, OMRON Corporation, and Hexagon AB shape the Machine Vision and Vision Guided Robotics market. Collaborations, acquisitions, and innovative product launches cement their dominance in the landscape.

Conclusion:

The global Machine Vision and Vision Guided Robotics market embarks on a transformative journey, revolutionizing industries with precision and automation. With steadfast growth, innovation, and a commitment to excellence, this market promises a future of heightened efficiency and accuracy for industries worldwide.

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Strategic Direction: This research report provides insightful analysis and strategic advice for senior executives, decision-makers, professionals, sales managers, and other market stakeholders working in this space. It aids in decision-making and offers strategic recommendations for product advancements.

Comprehensive Analysis: Both economic and non-economic aspects are taken into account in the report’s thorough qualitative and quantitative analysis of the market. For a complete knowledge of market dynamics, it contains a segment breakdown with market evaluations expressed in terms of value (USD Billion) for each segment.

Growth Opportunities: The research highlights the geographies and market categories predicted to expand at the highest rates, potentially positioning them to dominate their respective markets. It offers a thorough examination of consumption trends in various geographic areas and highlights the variables affecting regional market trends.

Competitive Landscape: The competitive landscape section lists the top market rivals and discusses current business expansions, collaborations, product launches, and acquisitions. This data makes it easier to evaluate significant players’ market positions.

Detailed Company Profiles: These include their company description, insights, product benchmarking, and SWOT analysis, providing a thorough picture of the major market participants. Stakeholders are able to assess the advantages and disadvantages of the leading market players due to these profiles.

Future Market Outlook: The study presents recent trends, growth prospects, drivers, challenges, and restraints in both emerging and developed regions. It also includes current and future market outlooks. It gives stakeholders knowledge of potential industry trends and aids in their prediction of upcoming market dynamics.

Industry Analysis: Using Porter’s Five Forces Analysis, the research provides a comprehensive analysis of the industry, looking at factors such as the bargaining power of customers and suppliers, rivalry among businesses, the threat of alternative products, and the threat of new entrants. This research helps to comprehend how fiercely the market is competitive.

Value Chain Insights: Through a thorough examination of the value chain, the research offers insightful information about the market. This aids stakeholders in comprehending the main processes and actors involved in the creation and supply of the good or service.

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