Vision Sensor Market Research Report: By Type (Monochrome, Color), Application (Inspection, Gauging, Code Reading, Localization), Industry (Automotive, Food & Beverage, Electronics, Packaging, Pharmaceutical)
NEW YORK, Jan. 28, 2020 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the global vision sensor market share 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.
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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 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.
Browse report overview with 82 tables and 51 figures spread through 132 pages and detailed TOC on "Vision Sensor Market Research Report: Global Industry Trends and Growth Forecast to 2030" at: https://www.psmarketresearch.com/market-analysis/vision-sensor-market
The color category is expected to grow faster during the forecast period. This can be attributed to the growing demand for solutions including inspection of color of a particular product part and monitoring changes in color in various industrial applications. Further, color vision sensor helps to inspect the condition of the object and offers critical information that improves the reliability. Also, with growing demand for better quality of manufactured parts, the demand for vision sensors is expected to increase globally.
Inspection category held the largest share in terms of vision sensor applications in 2019. This is due to growing demand for vision sensors for inspection of finished products or components, primarily, in automotive, food & beverage, and electronics industries.
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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).
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.
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