Vision Guided Robotics Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component Type, Type, and Industry Vertical
NEW YORK, Sept. 15, 2020 /PRNewswire/ -- In terms of revenue, the global vision guided robotics market was valued at US$ 4,616.6 million in 2019 and is projected to reach US$ 12,958.9 million by 2027; it is expected to grow at a CAGR of 13.8% during the forecast period.
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The penetration of vision guided robotics is gaining pace in diverse industries other than automotive and electronics, such as logistics, food & beverages, and machine tending among others.In the recent past, the non-automotive industries were very underpenetrated in comparison to automotive industry in the adoption of vision guided robotics.
With the increasing functionality of equipment such as vision guided robots, it is anticipated that the non-automotive industries will further accelerate the adoption of vision guided robots.Apart from industries, the penetration is also increasing among countries.
Developed markets including China, US and Japan has higher penetration however, there is still a lot of opportunity available for the industrial market to grow further even in the developed markets.
The prospective for further robot installations is remarkable in many of these countries, particularly in non-automotive industry, but also in automotive industries in developing markets.This growth is attributed to the necessary modernization and transformation required in these markets.
These statistics are promising for vision guided robotics manufacturers as it signifies the huge scope for further increase in adoption. It is expected that the low penetration will propel considerable growth during the forecast period, as long as there is a considerable support from the government to the manufacturers.
The vision guided robotics is becoming increasingly entangled with Artificial Intelligence, big data as well as other such technologies.It is predicted that soon, robots will not only boost productivity but will also provide advanced smart assistance to humans.
The players are significantly investing in the development of vision guided robots integrated with artificial intelligence.Further, the Chinese government expanding its efforts to integrate artificial intelligence technologies into vision guided robots.
The integration of artificial intelligence in vision guided robots will further reduce the intervention of humans, which will be beneficial for countries with the inadequate and expensive labor force. However, this may also result in loss of employment in the labor-intensive economies.
Key players operating in the vision guided robotics market include ABB Ltd., Fanuc Corporation, Basler AG, Cognex, ISRA Vision, Yaskawa Electric Corporation, Universal Robots AS, Denso Corporation, and Omron Corporation.
Impact of COVID-19 Pandemic on Vision Guided Robotics Market
The COVID-19 outbreak began in Wuhan, China, in December 2019, and since then, it has spread at a fast pace around the globe.As of August 2020, the US, India, Russia, Spain, Germany, China, France, Iran, and UK are some of the worst affected countries in terms of confirmed cases and reported deaths.
In the wake of strong lockdown regulations imposed by the majority of the countries across the globe, the automotive and electronics sector is experiencing a significantly lower demand in respective regions. The North America region especially the U.S. witnessed an unprecedented rise in number of confirmed cases resulting in large-scale lockdown across different regions. Moreover, the retailers and brands are facing various short-term challenges regarding maintaining the supply chain activities through retailers, distributors, and suppliers of vision guided robotics across the North American countries. As a result, countries such as the US and Canada limited the production of automobiles and electronics owing to the outbreak of virus. However, owing to the ease of lockdown restrictions along with emphasis towards effective restoration of automotive industry related supply chain operations has mitigated the negative influence of the COVID over the market growth.
The global vision guided robotics market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the vision guided robotics market with respect to all the segments.It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the vision guided robotics market.
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