Dublin, June 29, 2021 (GLOBE NEWSWIRE) -- The "Robotic Vision Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The global robotic vision market is evaluated at US$3.306 billion for the year 2019 and is projected to grow at a CAGR of 9.54% during 2021-2026.
Robotic vision is among the latest innovations in robotics and automation which is used in robots for better identification of things, navigation, finding objects, and inspection among others. Robotic vision technology is useful for cost-cutting and creating a straightforward solution for all types of automation.
Robotic vision has various applications across various industries. Robotics vision makes the manufacturing and packaging process easy by ensuring the quality of the products, checking product safety, preventing defective products or damaged products from entering the market, and tracing the products. Some common examples of the application of robotic vision include bar code reader, scanner, autonomous vehicles, facial recognition, and others.
Furthermore, the technological developments taking place in several sectors have given way to newer applications of robotic vision. The rise of automation in manufacturing continues to drive the adoption and evolution of machine vision technologies. Over the last decade and a half, these technologies have matured into a critical tool for advanced manufacturing automation, with primary applications being automated inspection and industrial robot guidance.
A key characteristic of the factory of the future, or smart factory, is automation via the interoperability of machines, devices, sensors, and people-also known as Industry 4.0. As such, advancements in machine vision will be integral to future manufacturing success.
The technology of robotic vision poses some of the key features which have led to increased adoption of the technology. The technology now enables robots to freely move and perform a variety of tasks without operator intervention and reprogramming. With advanced object detection, recognition, and grasping technology, these newly empowered robots are well-suited to manufacturing the customized products that are in high demand.
By using advanced vision systems to adjust coordinates to specific locations, today's robots can pick up parts and items of varying consistency-a task that is impossible for traditional assembly robots. Now, robots with vision capabilities can recognize a changing environment and adapt to it.
Manufacturing companies across the world are realizing the benefits of these robotic vision systems, particularly in areas where redundant tasks, like inspection, should be performed with precision. They are playing an essential role in high-speed production lines and hazardous environments. Some of the significant benefits offered by these systems include increased productivity, reduced machine downtime, and tighter process control.
The advent of COVID-19 hurt the global robotic vision market. The market witnessed a slow growth rate during the year as several projects in the sector came to a withstand. The ongoing investments being done at that time were slowed down as the demand for this technology in various sectors fell during the initial months as the pandemic resulted in a substantial shift of focus to curb the spread of the disease.
The demand for the technology witnessed a slight increase during the second half of the year as it came in handy while maintaining the social distancing protocols imposed by the government such as for the bar code scanner application. The demand for the technology is expected to witness a significant rise in the coming years as the pandemic has fuelled the use of bar code readers, scanners, autonomous vehicles, facial recognition, and others.
The growth of the robotic vision market is highly dependent on technological advancements and declining prices of chips and sensors. Some countries have stringent rules in place for worker's safety for which robotic vision is the optimal solution. The share of the automotive Industry as an end-user of the robotic vision market is expected to be significant because it requires automation in most of its processes, such as inspection, assembling, welding, among others.
Recent developments with regards to self-driving cars would be leveraging the potential of robotic vision. The food and drink industry, an end-user of Robotic Vision, has already capitalized on robotic vision to avoid human involvement which is susceptible to commit errors and hence, achieve operational and cost-efficiency.
Rising technological investments have given rise to an increased rate of adoption of newer technologies which is further expected to fuel the demand for robotic vision during the forecast period.
The demand for robotic vision is on a rise due to its increasing number of applications and growing demand for the products which work using this technology. Rising incomes of the people due to urbanization have led fuelled the demand for offering from the automotive and food industries.
The latest application of robotic vision is occurring in Smart Homes, wherein robotic vision is assisting the technology to work and evolve. Humanoid robots are also deploying robotic vision to equip them with the cognitive capability to perform tasks like humans. Industry 4.0 will bring a plethora of applications of Robotic Vision in industries. Synergies created by Robotic Vision and Machine learning in image processing will be a great opportunity for the Robotic Vision Market to propel its growth but the challenge lies in bringing human-like abilities to it.
Restraints to this market would be in terms of technical abilities of Robotic Vision. Identifying moving objects and partially visible objects with utmost accuracy is a difficult task. Also, the understanding 3D orientation of objects can be a challenging task when it comes to color, shape, background, etc.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Robotic Vision Market Analysis, by Component
5.2. Software AG
6. Robotic Vision Market Analysis, by Application
6.2. Packaging & Palletizing
6.3. Material Handling
7. Robotic Vision Market Analysis, by Industry vertical
7.2. Electrical and Electronics
7.4. Metal Processing
7.5. Food Processing
8. Robotic Vision Market Analysis, by Geography
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/x3zavn
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