Vision Sensor Market by Sensor Type (Less than 3D, 3D), Application (Inspection, Gauging, Code Reading & Localization), End-User Industry (Automotive, Electronics & Semiconductor, Pharmaceuticals, Food & Packaging), and Geography – Global Forecast to 2023
The overall vision sensors market is expected to grow from USD 2.5 billion in 2018 to USD 4.5 billion by 2023—growing at a CAGR of 12.20%. Factors propelling the demand for vision sensors are the growth of the electronics and electrical industry, the use of machine vision technology in the automotive industry, and the focus of manufacturing companies on cost and time savings. Leading players adopt strategies such as product launches and developments, acquisitions agreements, contracts, joint ventures, and expansions to consolidate their market position.
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The market for 3D vision sensors will grow at the highest CAGR during the forecast period. 3D sensors are increasingly used in the automotive industry to test machine parts and components, as well as in the packaging industry to determine and analyze the contents of a crate. These sensors can determine the dimension of the object they are mapping. The market for 3D sensors will grow rapidly owing to the increased adoption of coders and scanners in the automotive, logistics, and material handling industries for code reading applications.
The vision sensor market for the code reading application will grow at the highest CAGR during the forecast period. Code readers can be used to read various types of codes and texts printed on different surfaces. These sensors are in demand to read various types of 1D and 2D codes on printed circuits, manufactured parts and components, and packaging boxes. For industrial applications, the demand for visions sensors for code reading will be high from the food & beverages, packaging, and logistics industries, which is likely to have a positive impact on the growth of the vision sensor market for the code reading application in the coming years.
Vision sensors are increasingly used in the automotive, electronics & semiconductor, consumer electronics, food & packaging, and other industries (metals and machinery). The vision sensor market growth is driven by the rising demand for vision sensors in the automotive industry in Europe, North America, and APAC. The food & packaging industry is leading the demand for vision sensors in North America, Europe, and APAC. The consumer electronics, semiconductor manufacturing, and pharmaceuticals industries in APAC are boosting the vision sensor market growth in the region.
The vision sensor market in Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Increasing adoption of automation in manufacturing sectors to reduce manufacturing costs and improve product quality and standards, the rapid growth of the consumer electronics and semiconductor industries are a few major factors driving the demand for vision sensors in APAC. Leading players are focussing on product launches and developments, and acquisitions to enhance their product offerings and enter the previously untapped markets.