Vision Guided Robotics Market size is set to grow by USD 5.76 billion from 2024-2028, decline in electronic component prices boost the market, Technavio

NEW YORK, June 19, 2024 /PRNewswire/ — The global vision guided robotics market size is estimated to grow by USD 5.76 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of about 12.14%  during the forecast period. Decline in electronic component prices is driving market growth, with a trend towards 3d-multi imaging and image scanning. However, battery life  poses a challenge. Key market players include ABB Ltd., Acieta LLC, Atlas Copco AB, Basler AG, Cognex Corp., Cross Co., DENSO Corp., FANUC Corp., GECKO ROBOTICS INC., General Electric Co., Invert Robotics Group Ltd., IPG Photonics Corp., Keyence Corp., OMRON Corp., Pleora Technologies Inc., Previan Technologies Inc., Qualitas Technologies Pvt. Ltd., Robotic Automation Systems, Teradyne Inc., and Yaskawa Electric Corp..


Technavio has announced its latest market research report titled Global vision guided robotics market 2024-2028

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Vision Guided Robotics Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 12.14%

Market growth 2024-2028

USD 5761.1 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

10.49

Regional analysis

APAC, North America, Europe, Middle East and Africa, and South America

Performing market contribution

APAC at 49%

Key countries

China, US, Japan, Germany, and South Korea

Key companies profiled

ABB Ltd., Acieta LLC, Atlas Copco AB, Basler AG, Cognex Corp., Cross Co., DENSO Corp., FANUC Corp., GECKO ROBOTICS INC., General Electric Co., Invert Robotics Group Ltd., IPG Photonics Corp., Keyence Corp., OMRON Corp., Pleora Technologies Inc., Previan Technologies Inc., Qualitas Technologies Pvt. Ltd., Robotic Automation Systems, Teradyne Inc., and Yaskawa Electric Corp.

Market Driver

ai_trending_factor_new 

Vision Guided Robotics Market: This market encompasses robots equipped with cameras and sensors, utilizing advanced vision systems for pathfinding and object identification. Industrial trends drive the shift towards more independent robots, with the evolution from 2D to 3D vision systems. Vision Guided Robotics systems enhance production efficiency and ensure product quality by accurately identifying objects, even those randomly placed. Flexible robots, powered by advanced controllers, are increasingly adopted across various industries, including Automobile, Electrical & electronics, Healthcare & pharmaceutical, Aerospace & defense, Food & beverage, due to the need for automation, rising labor costs, labor safety concerns, and the ability to operate in hazardous environments and rough terrains. The technology’s flexibility, components, and hardware & software solutions contribute to cost savings, reduced complexity, and the elimination of customized tooling and setup processes. However, the market faces challenges such as rising energy costs and operational expenditure. 

Research report provides comprehensive data on impact of trend. For more details- Download a Sample Report

Market Challenges

  • ai_dominating_segment_factor_new
  • Vision guided robotics are a significant advancement in industrial automation, reducing operational costs, enhancing work efficiency, and ensuring higher precision in various industry verticals, including automobile, electrical & electronics, healthcare & pharmaceutical, aerospace & defense, food & beverage, and more. These robots, which are mostly battery-powered, offer flexibility and autonomy, making them ideal for warehousing and logistics. However, the need for longer battery life to support increased flexibility and diverse applications remains a challenge. This market trend is driven by rising labor costs, labor safety concerns, and the need for automation in hazardous environments and rough terrains. Additionally, customized robots are increasingly being adopted to address specific industry needs. Despite the rising energy costs and operational expenditure, investment pockets exist in this market due to the benefits offered.

For more insights on driver and challenges – Request a sample report!

Segment Overview 

This vision guided robotics market report extensively covers market segmentation by  

  1. Application 
    • 1.1 Logistics
    • 1.2 Welding
    • 1.3 Inspection and cleaning
    • 1.4 Painting
  2. Type 
    • 2.1 2D-Vision
    • 2.2 3D-Vision
  3. Geography 
    • 3.1 APAC
    • 3.2 North America
    • 3.3 Europe
    • 3.4 Middle East and Africa
    • 3.5 South America

1.1 Logistics-  In the diverse industries of food and beverage, warehouse and logistics, and others, the rising costs and energy consumption have necessitated increased investment in advanced technologies to enhance production efficiency and reduce human errors. Vision Guided Robotics (VGR) Market has emerged as a promising solution, integrating cameras, sensors, feedback indication, and robot controllers to enable robots to identify target locations and navigate complex production processes. VGR systems, utilizing vision-guided robotics technology, facilitate flexible robots in understanding the shape, size, and position of objects, thereby minimizing wastage of resources and improving quality. The integration of hardware components like cameras, actuators, and software solutions in VGR systems offers significant benefits to various industry verticals, including automobile manufacturing, by streamlining production processes and reducing the need for fixed tooling and design set up. Despite the initial cost and complexity, the long-term benefits of VGR systems make them a valuable investment for industries seeking to optimize their production processes and minimize human intervention.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Research Analysis

In the dynamic and evolving landscape of robotics technology, Vision Guided Robotics (VGR) has emerged as a significant trend, revolutionizing industrial automation. VGR systems integrate advanced cameras and sensors, providing robots with the ability to identify and navigate towards target locations with precision. Feedback indication and robot controllers ensure seamless operation. VGR finds extensive applications in various industry verticals, including Automobile, Electrical & electronics, Healthcare & pharmaceutical, Aerospace & defense, and others. Robots equipped with VGR technology address labor safety concerns, operate in hazardous environments, and traverse rough terrains. However, rising costs, particularly energy costs, necessitate the optimization of resources and the utilization of efficient Software solutions.

Market Research Overview

The Vision Guided Robotics market refers to the use of computer vision technology in robotic systems to enhance their capabilities and improve precision in various industries. These robots utilize cameras and artificial intelligence algorithms to identify objects, navigate environments, and perform tasks autonomously. The market for Vision Guided Robotics is growing rapidly due to the increasing demand for automation and the need for higher productivity in manufacturing, logistics, and other sectors. The technology offers benefits such as flexibility, improved accuracy, and reduced human intervention, making it an essential component of modern industrial processes. Applications of Vision Guided Robotics include pick-and-place operations, assembly, inspection, and quality control. The future of this market looks promising, with advancements in AI and machine learning expected to drive further innovation and growth.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

  • Application
  • Logistics
  • Welding
  • Inspection And Cleaning
  • Painting
  • Type
    • 2D-Vision
    • 3D-Vision
  • Geography
    • APAC
    • North America
    • Europe
    • Middle East And Africa
    • South America

    7 Customer Landscape
    8 Geographic Landscape
    9 Drivers, Challenges, and Trends
    10 Company Landscape
    11 Company Analysis
    12 Appendix

    About Technavio

    Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

    With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

    Contacts

    Technavio Research
    Jesse Maida
    Media & Marketing Executive
    US: +1 844 364 1100
    UK: +44 203 893 3200
    Email: [email protected]
    Website: www.technavio.com/

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/vision-guided-robotics-market-size-is-set-to-grow-by-usd-5-76-billion-from-2024-2028–decline-in-electronic-component-prices-boost-the-market-technavio-302176475.html

    SOURCE Technavio