The global vision sensor market revenue stood at $2.5 billion in 2019, and it is predicted to rise to $9.2 billion by 2030. According to the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 12.7% from 2020 to 2030 (forecast period). The expansion of the automotive and packaging industries is the biggest factor propelling the sales of vision sensors across the world. In the automotive sector, vision sensors are required for localization, identification, and inspection applications.
Due to the soaring automobile manufacturing, especially in emerging economies, such as Thailand and Indonesia, the demand for vision sensors is rising sharply, as these sensors are used for making automobile manufacturing processes faster. Additionally, the surging number of automakers in developing nations is also pushing up the requirement for vision sensors. Besides this, the soaring need for industrial automation solutions is also creating immense growth opportunities for the players operating in the vision sensor market.
Access Report Summary - Vision Sensor Market Segmentation Analysis Report
With increasing adoption of Industry 4.0 standards, the requirement for automation in various industrial processes is predicted to shoot up in the forthcoming years. In addition, manufacturing companies are increasingly incorporating automation in manufacturing processes in order to improve productivity and efficiency. In industrial automation, sensors play a crucial role in making the products intelligent and automatic. For example, vision sensors are heavily used for the inspection of manufactured items in electronics, food and beverages, and automotive industries.
Depending on type, the vision sensor market is categorized into color and monochrome categories. Of these, the color category is predicted to register faster growth in the coming years. This is ascribed to the mushrooming need for solutions including the inspection of the color of a particular product component and tracking changes in color in several industrial applications. Furthermore, color vision sensors assist in inspecting the condition of the object and provides critical information that massively improves the reliability.