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 projected to grow from USD 2.5 billion in 2018 to USD 4.5 billion by 2023-growing at a CAGR of 12.2%. Key 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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The automotive industry is estimated to be the main end-user industry for vison sensors owing to the growing 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, which 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.
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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