The vision sensor market generated revenue worth $2.5 billion in 2019 and is expected to reach $9.2 billion by 2030, while displaying a CAGR of 12.7% during the forecast period. The growth will be driven by the surging demand for vision sensors from the automobile industry, advent of Industry 4.0, and increasing adoption of smart vision sensors.
With the advent of Industry 4.0, the demand for industrial automation solutions is expected to increase in future. This will eventually propel the vision sensor market growth during the forecast period. The vision sensors play an imperative role in the making of intelligent and automatic products. For example, vision sensors are employed in the inspection of manufactured products in the food & beverage, electronics, and automobile industries. Therefore, the surging demand for industrial automation will create several opportunities for market players in the forecast years.
Moreover, the automotive industry is generating high demand for vision sensors for localization, identification, and inspection processes, thereby, propelling the vision sensor market growth. With the expansion of the automobile sector in countries, such as Thailand and Indonesia, the demand for vision sensors is projected to increase substantially during the forecast period. Additionally, the growth in the packaging sector is expected to have a positive impact on the market due to the increasing application of vision sensors for label positioning and label inspection in food and pharmaceutical packaging.
The industries are increasingly adopting smart vision sensors due to rapid developments in technologies, such as artificial intelligence (AI), cloud, and big data. Further, the adoption of the internet of things (IoT) in the vision sensors is projected to enhance the market growth during the forecast period. Moreover, the integration of deep learning and AI in the vision sensors helps the industries to automate the inspection process. These technologies assist in solving complex inspection challenges and curtailing their time and cost.
Additionally, the type segment of the vision sensor market is bifurcated into monochrome and color. During the forecast period, the color category is projected to dominate the market. This can be ascribed to the surging demand for solutions for monitoring changes in color in several industrial applications and inspection of color of a specific part of the product. Moreover, the color vision sensor assists in inspecting the condition of the object and offers important information to improve reliability. Besides, the increasing demand for the better quality of manufactured products will boost the market growth in this category in coming years.
During the forecast period, the Asia-Pacific (APAC) vision sensor market is expected to demonstrate the fastest growth, due to the surging population, booming automobile sector, and growing demand for consumer electronics in the region. Also, the increasing adoption of electric vehicles (EVs) in China and Japan will add significantly to the market size.
Due to the presence of several regional and global players, the vision sensor market is fragmented in nature. The market players, such as Pepperl+Fuchs AG, KEYENCE CORPORATION, Cognex Corporation, Teledyne Technologies Incorporated, Ifm electronic GmbH, Balluff GmbH, Baumer Holding AG, Wenglor Sensoric GmbH, and OMRON Corporation, are adopting measures like mergers & acquisitions, product launches, and partnerships, to strengthen their foothold in the market. For example, OMRON Corporation launched a 3D vision sensing technology for vision sensors, in November 2019, to identify the position and orientation of target products three-dimensionally.
Therefore, the demand for vision sensors is escalating due to their increasing implementation in the automotive and packaging industries.