Jul 29, 2020 9:03 PM ET

iCrowd Newswire Jul 29, 2020

Robotic Vision Market

The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Robotic Vision Market. The growth sectors of the Robotic Vision Market are identified with precision for a better growth perspective.

Robotic Vision is gaining more demand in manufacturing companies in recent time and it will keep growing. Looking at this ultimatum, Market Research Future recently released the market insights till 2023. According to this MRFR analysis, the global robotic vision market is expected to reach USD $9 billion and set to grow at CAGR of 12% during the forecast period.

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The robotic vision is simple process of analyzing, extracting and defining with the help of the camera mounted on it and pre-loaded algorithm. It can be installed for number of applications such as welding & cutting with accuracy, precision, quality in the manufacturing process and inspection & testing, material handling, and packaging.

The vision takes pictures of each a portion of material that the robot will interact with. If the portion matches with the portion of algorithm, then material is accepted and robot will proceed further. The robot vision can also perform different task such as visual feedback for object tracking & administration, navigation, object recognition and segmentation, surveillance, and decision-making.

Drivers:

Robotic vision is among the trending innovations in various industries. Earlier there where blind robots who perform the pickup and place task. The only drawback was every time robots has to reprogram then only task was completed. But with change of time and advancement in industry automation, the 3D vision was introduced the main advantage was they can perform same work without reprogramming.

The new 3D vision robots can avoid any blocks in front of them, and they can take decisions on their own or according to situations. This helps most of industries with better ROI, and time & cost effective. Thus, technology advancement contribute in development of this industry.

The other factors driving the market demand such as inspecting for defects, surface inspection, great flexibility, multi-tasking and others. Even, the consumer and healthcare sectors are approaching this technology and use on daily basis of work.

Segmentation

The industry for robotic vision is fragmented into by components, by technology, by applications, by verticals and by regions. The components is divided as- hardware and software. Hardware segment further consists of cameras, optics, filters, lenses and sensors.

Software segment further consists of tracking and image processing. Technology is segment in 2d and 3d. Applications segment by welding, manufacturing, inspection & testing painting and packaging & palletizing. Finally, verticals are divided as industries, consumer, healthcare, military & defense, and government among others.

The regions are categorized on the basis of Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. Asia-Pacific is emerging as the fastest growing market and expected to be the biggest market by the end of forecast period due to the rise in demand for industrial robots in manufacturing and automation industries in this region.

Currently North America holds second position in the market due to deployment of vision guided robots in food & beverages and manufacturing industries.

Trend

November 2017 Collaborative Robots and Advanced Vision (CRAV), hold the conferences in San Jose, California. The conferences conducted from November 15th to 16th 2017. The aim behind this meeting was to highlight the advantage of combing the robotics and vision focusing technology. The CRAV are one the leading players in robotics industry, they are known for software and end-of-arm tooling (EOAT), sensors with advance level, and now they are testing the collaborative robot capabilities and applications.

Industry Competitive Outlook

Key players are approaching new techniques in the robotic vision. The same would improve market performance. Heavy investments are made by major players in the R&D sector.

The prominent players in the market of Robotic Vision are- Kawasaki Heavy Industries Ltd., FANUC Corporation , Yaskawa Electric Corporation, OMRON Corporation , KUKA AG , Cognex Corporation , and ABB Group.

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Robotic Vision Market Key Players, Trends, Sales, Supply, Demand, Analysis & Forecast to 2023 (SARS-CoV-2, Covid-19 Analysis) - Reported Times