The global vision sensor market generated a revenue of $2.5 billion in 2019, and is expected to reach around $9.2 billion by 2030, registering a CAGR of 12.7% during the forecast period (2020–2030). Inspection category held the largest share in the vision sensor market in 2019. This is attributed to the growing demand for vision sensors in applications including inspection of defective components and metal parts pertaining to automotive and electronics industries. Moreover, rising demand for inspection of products in food & beverage as well as pharmaceutical industries is further driving the vision sensor market across the globe.
Growing Demand for Smart Vision Sensors a Major Market Trend
Growing demand for smart vision sensors is a key trend observed in the market. Due to rapid advancements in technologies including artificial intelligence (AI), big data and cloud; and growing adoption of internet of things (IoT), the demand for smart vision sensor is increasing globally. With the integration of deep learning and AI, the vision sensor assists industries to easily automate the inspection process, thereby solving the complex inspection challenges and reducing their cost, time, and money. For instance, EVT Eye Vision Technology GmbH developed EyeSens vision sensors that helps users to address issues pertaining to pick and place application with a universal robot.
Growing Packaging Industry is Supporting the Demand for Vision Sensors
Growing packaging industry across the globe, mainly in developing countries such as China and India, is a key driver witnessed in the vision sensor market. For instance, according to The Federation of Indian Chambers of Commerce and Industry, the plastic packaging industry in India has grew at a CAGR of over 14% over the period 2010-17. With rising food and pharmaceutical packaging industries, coupled with rapid rise in exports that requires superior packaging standards for the international market, demand for vision sensors in label inspection and label positioning applications is increasing YoY. Hence, growing packaging industry is proliferating the demand for vision sensors across the globe.
Segmentation Analysis of Vision Sensor Market
Geographical Analysis of Vision Sensor Market
Among the major countries, the U.S., and China holds the major vision sensor market shares in 2019. This is due to large dominance of the two countries in terms of manufacturing industries. Further, due to growing advancements in the packaging industry, demand for vision sensors in applications including label inspection and label position checking is increasing positively year-over-year (YoY).
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Competitive Landscape of Vision Sensor Market
The vision sensor market is fragmented in nature with the presence of several key players. These key companies include OMRON Corporation, KEYENCE CORPORATION, Teledyne Technologies Incorporated, SICK AG, Cognex Corporation, Balluff GmbH, Baumer Holding AG, ifm electronic gmbh, Pepperl+Fuchs AG, wenglor sensoric GmbH.