The global vision guided robotics market accounted for US$ 4.12 Bn in 2018 and is expected to grow at a CAGR of 13.8% over the forecast period 2019- 2027, to account for US$ 12.99 Bn by 2027.
Growth in recent years in the vision guided robotics market is primarily driven by the growing popularity of automation across different industry vertical. Asia-Pacific region is observed to garner the highest market share in the vision guided robotics market.
The penetration of vision guided robotics is gaining pace in diverse industries other than automotive and electronics, such as logistics, food & beverages, and machine tending, among others. In the recent past, the non-automotive industries were very underpenetrated in comparison to the automotive industry in the adoption of vision guided robotics. Developed markets including China, US, and Japan have higher penetration; however, there is still a lot of opportunities available for the industrial market to grow further even in the developed markets. The prospective for further robot installations is remarkable in many of these countries, particularly in the non-automotive industry, but also in automotive industries in developing markets. This growth is attributed to the necessary modernization and transformation required in these markets. These statistics are promising for vision guided robotics manufacturers as it signifies the huge scope for further increase in adoption. It is expected that the low penetration will propel considerable growth during the forecast period, as long as there is considerable support from the government to the manufacturers.
The government of several nations worldwide are taking initiatives to support and promote the development and adoption of vision guided robotics in their respective countries. For instance, the government of Singapore, under its Industry Transformation Programme, has announced several measures to facilitate companies and industries innovate, automate, and expand overseas and obtain financing. The Singapore government, in 2015, introduced 'National Robotics Programme' for the development and deployment of robotics in various sectors including, healthcare, manufacturing, construction, and logistics. The supporting government initiatives are expected to drive the growth of vision guided robotics market in the coming years.
The overall vision guided robotics market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the vision guided robotics market. It also provides the overview and forecast for the global vision guided robotics market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the vision guided robotics industry. Some of the players present in the vision guided robotics market are ABB Ltd., Fanuc Corporation, Basler AG, Cognex, ISRA Vision, Yaskawa Electric Corporation, Universal Robots AS, Denso Corporation, and Omron Corporation among others.