(MENAFN- iCrowdNewsWire) Nov 18, 2019
The global vision guided robotics market accounted to US$ 4.12 Bn in 2018 and is expected to grow at a CAGR of 13.8% during the forecast period 2019 2027, to account to US$ 12.99 Bn by 2027.
The global manufacturing industry is rapidly expanding as more and newer regions are investing in adopting manufacturing plants in their localities. As per the China Federation of Logistics and Purchasing (CFLP), the global manufacturing purchasing managers' index (PMI) accounted 55.1 in October 2017, which was down from 55.9 in September 2017 however, still at a comparatively high level. The PMI index remained above 53.5 since the beginning of 2017, signifying a substantial recovery of the manufacturing sector in developed countries, increasing industrial advancement in emerging market economies and intensifying commodities prices on the global market. This expansion in the manufacturing industry is expected to embrace technological advancements to enhance the plant productivity, maintain an edge with the customers, and gain competitive advantage. The expansion in the manufacturing industry is further highly driven by economic growth worldwide. Also, the industry is presently in the middle of a technological renaissance, which is changing the outlook, systems, and processes of the modern factory. This technological revolution in the factories has been encouraging the manufacturing industries to further invest in these emerging technologies to enhance their productivity and production cycle. Thus, the rapid expansion in the manufacturing industry is expected to drive the demand for vision guided robotics globally.
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The major players operating in the market for vision guided robotics market include ABB Ltd., Fanuc Corporation, Basler AG, Cognex, ISRA Vision, Yaskawa Electric Corporation, Universal Robots AS, Denso Corporation, and Omron Corporation among others.
The vision guided robotics market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, Middle East, and Africa, and South America. APAC is expected to be the fastest growing region in the global vision guided robotics market. Whereas, APAC followed by Europe and North America hold the highest market share in the vision guided robotics market. Vision guided robotics market is expected to experience significant growth in the coming years to meet the increasing demand for automation.
The manufacturing industry in the developing countries of Asia Pacific has experienced a seismic shift over the years, as they have established themselves as serious players, which has subsequently created a threat for the established manufacturers with their firm foothold in the developed nations. The Asian manufacturing sector is known to rapidly adopt the innovation accelerators that includes robotics along with the emerging vision guidance technology. Over the years, the manufacturing spending of the region has grown significantly and is further anticipated to grow at the highest estimated growth rate. This dramatic growth in the manufacturing spends, and adoption of novel technologies are the key factors fueling the demand for vision guided robots. Furthermore, the demand for consumer electronic products in this region, which is majorly driven by the price deflation, rising disposable incomes, and innovation, particularly in the emerging Asian markets is anticipated to encourage the manufacturing industries in the Asia Pacific region to adopt more newer technologies in order to synchronize with the consumers' expectations. Another key factor driving the industrial robotics market growth is the constantly aging population of countries in APAC such as Japan and China.
The report segments the global vision guided robotics market as follows:
Global Vision Guided Robotics Market By Component Type
- Hardware
- Software
- Services
Global Vision Guided Robotics Market By Type
- 2D-Vision System Robots
- 3D-Vision System Robots
Global Vision Guided Robotics Market By Industry Vertical
- Automotive
- Electrical & Electronics
- Aerospace & Defense
- Food & Beverages
- Healthcare & Pharmaceutical
- Metal Processing
Global Vision Guided Robotics Market By Geography
- North America
- Europe
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
- Asia Pacific (APAC)
- South Korea
- China
- India
- Japan
- Taiwan
- Rest of APAC
- Middle East and Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East and Africa
- South America
- Brazil
- Argentina
- Rest of South America
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