The global machine vision and vision-guided robotics market size is expected to reach USD 21.39 billion by 2029 according to a new study by Polaris Market Research. The report “Machine Vision and Vision-Guided Robotics Market Share, Size, Trends, Industry Analysis Report, By Deployment (General Machine Vision, Robotics); By Product (PC-based, Smart Camera-based); By End-Use; By Region; Segment Forecast, 2021 - 2029” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The growing demand for machine vision and vision-guided robotics can be attributed to the increasing need for automation across the industrial sector and rising production capacities in the pharmaceutical, electronics, and automotive industries. The growing demand for efficient food packaging and food handling facilities is also expected to impact market growth positively.
The automotive industry is one of the significant contributors to the market growth owing to the rising demand for efficient automotive components to improve the consumer driving experience. In addition, as the technology reduces the flaws in the automotive parts irrespective of their dimensions, it is expected to drive technology demand over the forecast period.
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There is a growing demand for sophisticated consumer electronics with complex production processes. The introduction of machine vision and vision-guided robotics is likely to eliminate production flaws due to human error. As a result, the demand for technology in the electronics industry is expected to complement market growth over the coming years.
The leading players in the industry are heavily investing in new product development, which will reduce the lag time in manufacturing processes and identify issues with the production lines in a shorter period to reduce the overall product manufacturing time in the long term. In addition, the growing use of smart cameras across the industrial sector is also likely to boost the demand for machine vision and vision-guided robotics.
Polaris Market Research has segmented the machine vision and vision-guided robotics market report on the basis of deployment, product, end-use, and region:
Machine Vision and Vision-Guided, Product Outlook (Revenue, USD Billion, 2017 - 2029)
Machine Vision and Vision-Guided, Deployment Outlook (Revenue, USD Billion, 2017 - 2029)
Machine Vision and Vision-Guided, End-Use Outlook (Revenue, USD Billion, 2017 - 2029)
Machine Vision and Vision-Guided, Regional Outlook (Revenue, USD Billion, 2017 - 2029)