The global vision guided robotics market was valued at approximately US$ 4,616.6 million in 2019 and is anticipated to grow to US$ 12,958.9 million by 2027, reflecting a compound annual growth rate (CAGR) of 13.8% throughout the forecast period.
Vision guided robotics is increasingly being adopted across various sectors beyond just automotive and electronics, including logistics, food and beverages, and machine tending, among others. Historically, the adoption of vision guided robotics in non-automotive sectors has lagged behind that of the automotive industry. However, as the capabilities of vision guided robots continue to expand, it is expected that industries outside of automotive will accelerate their adoption rates. Additionally, the uptake of these technologies is rising in various countries. While developed markets such as China, the United States, and Japan currently exhibit higher penetration rates, there remains significant potential for growth in the industrial sector even within these established markets.
The potential for further installations of robots is substantial in many of these nations, particularly within non-automotive sectors, as well as in automotive industries in emerging markets. This anticipated growth is driven by the pressing need for modernization and transformation in these sectors. Such statistics are encouraging for manufacturers of vision guided robotics, indicating a vast opportunity for increased adoption. It is projected that the currently low penetration rates will lead to significant growth during the forecast period, provided there is adequate governmental support for manufacturers.
Vision guided robotics is becoming increasingly integrated with technologies such as Artificial Intelligence (AI) and big data. It is expected that in the near future, robots will not only enhance productivity but also offer sophisticated smart assistance to human workers. Companies are making substantial investments in the development of vision guided robots that incorporate AI. Furthermore, the Chinese government is intensifying its efforts to embed AI technologies into vision guided robotics. This integration is likely to minimize the need for human intervention, which could be advantageous for countries facing labor shortages or high labor costs. However, this trend may also lead to job losses in economies that rely heavily on labor-intensive work.
Prominent players in the vision guided robotics market include ABB Ltd., Fanuc Corporation, Basler AG, Cognex, ISRA Vision, Yaskawa Electric Corporation, Universal Robots AS, Denso Corporation, and Omron Corporation.
Effects of the COVID-19 Pandemic on the Vision Guided Robotics Market
The COVID-19 pandemic, which originated in Wuhan, China, in December 2019, has rapidly spread worldwide. By August 2020, countries such as the United States, India, Russia, Spain, Germany, China, France, Iran, and the United Kingdom were among the hardest hit in terms of confirmed cases and fatalities. The stringent lockdown measures implemented by many nations have led to a significant decline in demand within the automotive and electronics sectors. In North America, particularly in the U.S., there was an unprecedented surge in confirmed COVID-19 cases, resulting in widespread lockdowns across various regions. Additionally, retailers and brands faced numerous short-term challenges in maintaining supply chain operations involving distributors and suppliers of vision guided robotics throughout North America. Consequently, production of automobiles and electronics was curtailed in countries like the U.S. and Canada due to the pandemic. Nevertheless, the gradual easing of lockdown restrictions, coupled with a focus on effectively restoring supply chain operations related to the automotive industry, has helped to alleviate some of the negative impacts of COVID-19 on market growth.
The size of the global vision guided robotics market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. This approach also aims to provide an overview and forecast for the vision guided robotics market across all segments. Furthermore, it offers insights and forecasts based on various segments across five major regions: North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Additionally, numerous primary interviews have been conducted with industry participants and experts to validate the data and gain deeper analytical insights into the subject. Participants typically include industry professionals such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the vision guided robotics market.