The report "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 vision sensor market is expected to grow from USD 2.5 billion in 2018 to USD 4.5 billion by 2023-growing at a CAGR of 12.2%. Major factors surging the demand for vision sensors include the growth of the electronic and electrical industry, the use of machine vision technology in the automotive industry, and the focus of manufacturing companies on cost and time savings.
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Increased inspection and code reading applications will boost market for less than 3D sensors during forecast period
For the vision sensor market by sensor type, less than 3D vision sensors will hold the largest market share during the forecast period. 1D and 2D vision sensors for inspection, gauging, code reading, and localization applications across end-user industries such as automotive, electronics & semiconductor, pharmaceuticals, food & packaging will propel the demand for these sensors. These sensors will be in demand from APAC, Europe, and North America during the forecast period.
In application, tracking of products for safety and quicker transition will drive market for code readers during forecast period
The vision sensor market for code reading will grow at the highest CAGR during the forecast period. Code reading will be a crucial activity in industries such as food & beverages, packaging, and logistics in the coming years. 1D or 2D code readers, fixed or handheld code readers will play an important role in marking and identifying products and tracking products on a conveyer belt or during transit to the intended location. The increased demand for visions sensors from automotive industry, and food & packaging industry is likely to have a positive impact on the growth of the vision sensor market for code reading applications during the forecast period.
In end-user industries, automotive industry will hold largest share during forecast period.
The automotive industry is expected to be the leading end-user industry for vison sensors owing to the increasing demand for these sensors in inspection, identification, and localization applications. Inspection of various parts and components, identification of faulty components, misalignment of parts and components, and guiding robotic arms to perform complex tasks on the assembly line will be some of the key applications that will boost the demand for vision sensors from this industry. Increasing adoption of factory automation to reduce manufacturing time and cost spent on inspection will boost the demand for these sensors from North America, APAC, and Europe.
Inspection and code reading applications will boost demand for less than 3D vision sensors during forecast period
Less than 3D sensors will hold the largest share of the vision sensor market during the forecast period. The use of these sensors in line scan, area scan, and inspection, gauging, code reading, and localization applications across end-user industries such as automotive, electronics & semiconductor, pharmaceuticals, food & packaging will drive the market for these sensors. The demand from these sensors will be high in APAC, Europe, and North America during the forecast period.
APAC to hold largest share of vision sensor market from 2018 to 2023
Asia Pacific (APAC) is expected to account for the largest share of the overall vision sensor market in 2018 and is likely to exhibit the highest CAGR during the forecast period. Major factors driving the growth of the vision sensor market in APAC include the increased spending on industrial automation to reduce manufacturing costs, minimize time to market, and improve quality standards across different end-user industries such as automotive, electronics, food & beverages, and packaging.
Cognex (US), Keyence (Japan), Teledyne (US), Sick AG (Germany), and Baumer Holdings (Switzerland) are among a few major players in the vision sensor market.
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