Vision Sensor Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2026)

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The vision sensor market is expected to register a CAGR of 12% over the forecast period (2021 - 2026). These sensors are different from other general-purpose sensors and are deployed in numerous enterprises and factories for determining the existence and overall orientation with the help of captured camera images. These are installed with specific systems or applications that guide in deciding a product's operation or failure status.

- The vision sensor market is proliferating, owing to the rising product demand by various enterprises and the industrial sector. The factors responsible for the growth of the vision sensors market are growing electronics and electrical industry along with rising demand for consumer electronics.
- There is a high demand for vision sensors for part detection as well as measurement in the automotive industry.
- Furthermore, rapidly growing advanced automation technology, owing to the significant usage of vision for automation in the products manufacturing over the forecast period.
- There is high product innovation in vision sensors, such as working capabilities in harsh conditions. ...
... Retail and consumer goods industry is on significant growth wherein the demand for vision sensors for bar code scanning is increasing rapidly.
- However, higher development, installation cost, and high labor cost might negatively impact the market growth.

Key Market Trends

Automotive Expected to Hold Significant Growth

- The automotive industry is expected to have significant demand for vision sensors owing to the increasing demand for these sensors in identification, inspection, and localization applications. Examination 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 critical applications that will boost the demand for vision sensors from this industry.

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- Industrial digitalization is considered as one of the essential criteria for optimizing the manufacturing processes of robots, industrial machines, and processing set-ups.
- DENSO Corporation, a global automotive components manufacturer, headquartered in the city of Kariya, Japan, has developed a small stereo vision sensor which improves the safety of compact vehicles. The sensor is the world's smallest automotive stereo vision sensor and is used in Smart Assist III, a crash avoidance system designed for the new Daihatsu Tanto.
- Robust yet easy-to-use self-contained vision sensors perform automated inspections that previously required costly and complex vision systems. The most popular vision sensors will be in smart cameras, which are often used in vehicle recognition technologies. However, vision sensors are also used across various industrial sectors to monitor processes and ensure product quality.

Asia-Pacific Expected to Witness Significant Growth

- Asia-Pacific region is expected to hold significant growth for vision sensors. Major factors driving the growth of the vision sensors in Asia-Pacific region include the increase in spending on industry 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.
- The pharmaceuticals, automotive, food & packaging industries in the region are having significant growth in the past few years. These have been fueled by the huge population shift and an increase of disposable income, which has prompted a higher demand for products in the region.
- Manufacturers are looking to adopt automation techniques in manufacturing to reduce costs, save time, and improve product quality. These factors will continue to push the demand for vision sensors in these industries in the APAC region during the forecast period.

Competitive Landscape

The vision sensor market is fragmented with several sensor manufacturers, as they strive to maintain a competitive edge in the market, thereby intensifying the competition in the market. Various innovations are taking place in the market, thus enhancing the growth of the vision sensor market.

- Oct 2018 - Baumer launched its new CMOS-based GigE and USB 3.0 CX series of polarization cameras which exploit the polarization properties of light, enabling a variety of new industrial image processing applications, such as quality control of glass, carbon fiber fabric (CFRP), or reflective surfaces.

- Sept 2018 - Sick AG introduced its Visionary-T DT sensor. It is a 3D vision sensor that uses single-snapshot time-of-flight (TOF) technology to detect the presence or absence of 3D objects. With a sensing range of up to 50 by 45 meters at 40 meters distance, Visionary-T DT is ideal for collision warning systems on forklifts, automated guided vehicles (AGV), and carts (AGC).

- Jul 2018 - Keyence launched a new IV-H series of vision sensors that increases the stability and functionality of visual inspection. The new IV-H series of vision sensors are expected to typically replace multiple sensors for an all-in-one solution for applications with various parts to detect.

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