The robotic vision market size is expected to advance at a CAGR of 9.50% during 2022–2030, to reach USD 4,971 million by 2030. This can be ascribed to the surging use of smart cameras and quality products in all industries.
In various industries, the trend of quality control of products is rising, which, in turn, increases the use of these systems because of their several features such as high repeatability, relatively low cost, and non-contact inspection. The existing ways of quality control of products are basically dependent on humans. Moreover, due to repetition and fatigue, human inspection performance can be decreased when the pressure increases during prolonged work shifts.
Due to this, the chances of major and minor errors increase, and sometimes, they remain undetected, which further leads to non-trivial errors as well as an expensive process. Presently, because of increasing technological advancements, the world is shifting its focus to machine automation rather than tedious inspection work from humans. It also saves time as automated machines are able to perform quickly; whereas, humans may take longer time. Various technological advancements are also made in software and hardware that aid in displacing most of the quality control inspection work to machines.
Governments across various countries have started focusing on ways to enhance technologies so as to develop these systems as well as support the adoption of various automation solutions for the structural development of manufacturing companies, because of their large numbers and their requirement for such systems in abundance. This is expected to boost the penetration of industrial robots, which, in turn, will drive the demand for robotic vision as well.
Furthermore, these systems in industrial automation aid in mass production at manufacturing sites coupled with superior quality and reduction in defects, which lead to better productivity and higher output. For instance, in 2020, the Government of India increased the outlay for ‘Digital India’ to USD 477 million to drive the demand for IoT, AI, big data, machine learning, cybersecurity, and robotics.
The European market is expected to witness considerable growth over the coming years. This can be attributed to the faster adoption of novel technologies and the rising demand for these types of products in the region. Moreover, the implementation of stringent regulations proposed by regulatory bodies in regard to the quality and hygiene of several processed items is expected to propel the growth of the industry.
In addition, the rising security concerns and the increasing number of smart cities are leading to the surging adoption of advanced technologies. With the integration of such advanced systems, the painting application became easy as robots are able to inspect and analyze an object, recognize patterns, find the location of edges, evaluate the size, and do a variety of other tasks. The system is a combination of sensors, camera software, and algorithms, which is connected to a robot and is able to guide it through a specified process. Moreover, to overcome several challenges, specialized robots can work side-by-side with humans in the same workspace.
The most-significant robotic vision market players are Cognex Corporation, Basler AG, QUALCOMM Incorporated, Keyence Corporation, FANUC Corporation, ABB Ltd., Sick AG, Omron Corporation, Hexagon AB, and Advantech Co., Ltd.