Diminishing fertility rates and longer lifespans are the significant factors contributing to this growth.
Vision-guided robotics technology includes robots built-in with cameras and sensors to provide response signals to the robot controller to move accurately to the target position.
The global vision guided robotics market was valued at $3,834 million in 2015 and is projected to reach $7,718 million by 2022, growing at a CAGR of 10.7% from 2016 to 2022.
The vision-guided robotics market is driven by the increasing need for automation & safety, high labor cost, a dearth of skilled labor, and a rise in investments in R&D activities. However, high initial cost and lack of awareness among small- and medium enterprises (SMEs) are expected to marginally hamper the global vision-guided robotics market size during the forecast period.
The automobile segment dominated the global vision guided robotics market size with around 32% share in 2014, followed by the electrical & electronics segment. Furthermore, the electrical & electronics segment is estimated to grow at the highest CAGR of 12.5% owing to an upsurge in need for inspection and testing of electronics to ensure the proper functioning of processes.
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The vision-guided robotics market is categorized based on geography into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific region was the highest revenue contributor to the global market in 2014, accounting for around 36% share. It is projected to grow at the highest CAGR of 11.9% during the forecast period on account of growing advancements in the automobile and electrical industry in countries such as India, China, Japan, and Australia.
The hardware segment dominated the market in 2014 with around 66% revenue share of the global market, owing to advancements in processing capabilities and the development of smart cameras and new interfaces. Furthermore, the services segment is anticipated to witness the highest CAGR of 13.7%, as services are provided after the installation of software and hardware. In addition, services ensure flexible and efficient mechanization between vision systems and robotics.
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Profiling Key Players: Pleora Technologies, Inc., DENSO Robotics, Allied Vision Technologies, GmbH, OMRON Corporation, Cognex Corporation, ISRA VISION AG, Basler AG, BitFlow, Inc., FANUC America Corporation, and Yaskawa America, Inc.
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