Global Vision Sensor Market Study, 2020-2030 Featuring Cognex, SICK, OMRON, Teledyne Technologies, Keyence, Balluff, Baumer, IFM Electronic, Pepperl+Fuchs, and Wenglor Sensoric
DUBLIN, April 8, 2020 /PRNewswire/ -- The "Vision Sensor Market Research Report: By Type, Application, Industry - Global Industry Trends and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
In 2017-2018, automobile production in Indonesia recorded an increase of 10.3%. Seeing the burgeoning demand for vehicles in the country, Toyota Group plans to invest $2 billion between 2019 and 2024 to expand its business here.
The automotive sector of several other developing countries shows a similar trend of vehicle manufacturers expanding their production capacity. With the surge in the number of vehicles being produced around the world, the sale of vision sensors will also increase, as such devices are used for localization, inspection, and identification.
Thus, the vision sensor market would witness a robust growth in its revenue, from $2.5 billion in 2019 to $9.2 billion by 2030, at a 12.7% CAGR during 2020-2030 (forecast period).
Apart from automobile manufacturing, vision sensors are also widely integrated in product packaging lines. Here, these devices perform the all-important function of inspecting the text, logo, and code on labels, foil wrapping seams, checking bottles in the packaging box, and detecting the position of the label to determine if it is correctly placed. The packaging sector is expanding swiftly in developing countries, including China and India. This is a direct result of the growth in the pharmaceutical and food and beverages sectors. Further, the export of products requires sturdy and resilient packaging, which is another reason for the sector's prosperity.
Two kinds of vision sensors are used in industries: monochrome and color. Of these, monochrome sensors are more preferred among manufacturers and packaging firms, as they are technically better than the color variants. Further, monochromatic vision sensors consume less electricity, which results in their higher adoption. In the coming years though, the adoption of color sensors would witness a rapid surge, as the visual appeal of products is becoming increasingly important for marketing purposes, which is why determining that the color is just right is becoming the need of the hour.
Around the world, the largest vision sensor market is Asia-Pacific (APAC), with the escalating demand of the booming population for consumer electronics and automobiles. Additionally, with the strong government support for electric vehicles in the region, in the form of tax rebates and purchase subsidies, the usage of vision sensors would continue surging. In several regional nations, such as India, Thailand, and China, manufacturers are automating their processes to meet the rising demand for various products. Vision sensors are an important aspect of industrial automation, as they remove the requirement for human product inspectors.
With the rapid advancements in the cloud, big data, and artificial intelligence technologies, smart vision sensors have made it to the manufacturing process of several firms. Another reason for the growing popularity of smart sensors is the quick adoption of internet of things (IoT). By equipping these instruments with deep learning, a reference data picture set can be studied for defects. The Industrial Technology Research Institute (ITRI) of Taiwan has begun using smart vision sensors in garment production, to automatically inspect the color, shape, quality, and location of the wearables.
Thus, with manufacturers focusing on product quality and process automation, vision sensors will witness an even wider application in the coming years
Key Topics Covered
Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.3.1 Market Segmentation by Type
1.3.2 Market Segmentation by Application
1.3.3 Market Segmentation by Industry
1.3.4 Market Segmentation by Region
1.3.5 Analysis Period
1.3.6 Market Data Reporting Unit
1.3.6.1 Value
1.3.6.2 Volume
1.4 Key Stakeholders
Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.2.1 Breakdown of Primary Research Respondents
2.2.1.1 By Region
2.2.1.2 By Industry Participant
2.2.1.3 By Company Type
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Assumptions for the Study
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 by Type
4.1.1.1 Monochrome
4.1.1.2 Color
4.1.2 by Application
4.1.2.1 Inspection
4.1.2.2 Gauging
4.1.2.3 Code Reading
4.1.2.4 Localization
4.1.2.5 Others
4.1.3 by Industry
4.1.3.1 Automotive
4.1.3.2 Food & Beverage
4.1.3.3 Electronics
4.1.3.4 Packaging
4.1.3.5 Pharmaceutical
4.1.3.6 Others
4.2 Value Chain Analysis
4.3 Market Dynamics
4.3.1 Trends
4.3.1.1 Increasing Demand for Smart Vision Sensor
4.3.2 Drivers
4.3.2.1 Growing Packaging Industry
4.3.2.2 Growing Demand from Automotive Industry
4.3.2.3 Impact Analysis of Drivers on Market Forecast
4.3.3 Restraints
4.3.3.1 High Installation Cost
4.3.3.2 Impact Analysis of Restraints on Market Forecast
4.3.4 Opportunities
4.3.4.1 Surging Demand for Industrial Automation Solution
4.4 Porter's Five Forces Analysis
Chapter 5. Global Market Size and Forecast
5.1 By Type
5.2 By Application
5.3 By Industry
5.4 By Region
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. LATAM Market Size and Forecast
Chapter 10. MEA Market Size and Forecast
Chapter 11. Competitive Landscape
11.1 List of Players and Their Offerings
11.2 Competitive Analysis of Key Players
11.3 Competitive Benchmarking of Key Players
11.4 Recent Activities of Market Players
11.5 Strategic Developments of Market Players
11.5.1 Mergers and Acquisitions
11.5.2 Product Launches
11.5.3 Partnerships
Chapter 12. Company Profiles
12.1 Cognex Corporation
12.1.1 Business Overview
12.1.2 Product & Service Offerings
12.1.3 Key Financial Summary
12.2 SICK AG
12.3 OMRON Corporation
12.4 Teledyne Technologies Incorporated
12.5 Keyence Corporation
12.6 Balluff GmbH
12.7 Baumer Holding AG
12.8 IFM Electronic GmbH
12.9 Pepperl+Fuchs AG
12.10 Wenglor Sensoric GmbH
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