Market Highlights
The global vision sensor market was valued at USD 1.86 billion in 2018; it is expected to reach USD 3.87 billion by the end of the forecast period with a CAGR of 13.43%. Vision sensors are used in factories and aid operators to gain insights into the manufacturing process in real-time images for smooth process flow. Vision sensors are often integrated with specific applications or systems which support human-machine interface (HMI) development, can make object pass/fail decisions, and communicate with the factory floor. Vision sensors are easily integrated with larger systems, offer built-in Ethernet communications, and enable single-point and multiple-point inspections with dedicated processing.
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Key Players
The key players profiled in the vision sensor market are Cognex (US), Keyence (Japan), Sick AG (Germany), Omron (Japan), Teledyne (US), Baumer (Switzerland), Datalogic S.p.A. (Italy), IFM Electronic (Germany), Balluff GmbH (Germany), and Basler AG (Germany). These players contribute a major share to the growth of the vision sensor market. The other prominent companies in the vision sensor market include Hans Turck GmbH Co. KG (Germany), Leuze electronic GmbH+Co. KG (Germany), Pepperl+Fuchs GmbH (UK), and SensoPart (Germany) among others.
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Segmentation
By type, the market has been classified into contour sensors, pixel counter sensors, 3D sensors, monochrome sensors, color sensors, and code readers. The code reader segment was the largest revenue-contributing segment in 2018; it is expected to continue its dominance throughout the forecast period. The 3D sensor segment is expected to grow at a high CAGR during the forecast period.
By application, the vision sensor market has been segmented into inspection, code reading, object recognition, localization, gauging, and others. The localization segment is expected to grow at a significant CAGR during the forecast period. The inspection segment dominated the vision sensor market in 2018; it is expected to contribute a significant revenue share to the market during the forecast period due to its extensive use in smart factories.
By end-user, the market has been segmented into automotive, electronics semiconductor, consumer electronics, pharmaceutical, food packaging, and others. The automotive industry contributed to the largest revenue in 2018; it is expected to continue its dominance during the forecast period. The consumer electronics segment is expected to grow at a high CAGR during the forecast period.
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Regional Analysis
The global market for vision sensors is estimated to grow at a significant rate during the forecast period from 2019 to 2024. The geographical analysis of the vision sensor market has been done for North America, Europe, Asia-Pacific, and the rest of the world.
North America dominated the market in 2018; it is expected to dominate the vision sensor market throughout the forecast period. Machine vision systems are extensively implemented in the automotive and food and packaging industries, creating a high demand for vision sensors. The adoption of Industry 4.0 and smart factory projects in the region are some of the factors leading to the growth of the vision sensors market. Asia-Pacific is expected to grow at the highest CAGR during the forecast period. Manufacturers in China and Japan are rapidly adopting automation in manufacturing plants which are leading to the growth of the product.