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.
Asia-Pacific was the leading geographic market, and it is anticipated to be the rapid adoption of robotics in various industry verticals. Technological advancements, and high robot density in the manufacturing industry are the factors supporting the growth of vision guided robotics market in Asia-Pacific.
The global vision guided robotics market is segmented on industry vertical as automotive, electrical & electronics, aerospace & defense, food & beverages, healthcare & pharmaceutical, and metal processing. Automotive sector held the largest market in 2018 and are anticipated to continue dominating the vision guided market shares during the forecast period from 2019 – 2027. The electrical and electronics held the second largest market share and is expected to grow significantly in he forecast period.
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- ABB Ltd.
- Basler AG
- Denso Corporation
- Fanuc Corporation
- ISRA Vision
- Omron Corporation
- Pleora Technologies Inc
- Universal Robots AS
- Yaskawa Electric Corporation
Rise in aging population is resulting in the labor shortage which is driving the vision guided robotics market
There has been a rapid growth in the aging population worldwide. Almost every country across the globe is witnessing an increase in the number of older people in their community. Population aging is set to become one of the considerable social transformations of the 21st century, with a connection to almost all sectors of society, which includes labor and financial markets. However, certain countries such as Japan and Italy are the top two countries in the list of the aging population proportion, as a considerable percentage of their population is over 65 years. As per WHO, approximately 2 Mn people globally are anticipated to be more than 60 years old by 2050, which is over triple of what it was in 2000. Diminishing fertility rates and longer lifespans are the significant factors contributing to this growth.
Integration of advanced technologies such as artificial intelligence and big data
The vision guided robotics is becoming increasingly entangled with Artificial Intelligence, big data as well as other such technologies. It is predicted that soon, robots will not only boost productivity but will also provide advanced smart assistance to humans. The players are significantly investing in the development of vision guided robots integrated with artificial intelligence. Further, the Chinese government expanding its efforts to integrate artificial intelligence technologies into vision guided robots. The integration of artificial intelligence in vision guided robots will further reduce the intervention of humans, which will be beneficial for countries with the inadequate and expensive labor force. However, this may also result in loss of employment in the labor-intensive economies.
Component Type Insights
The global vision guided robotics market by component type was led by hardware segment. The other systems for vision guided robotics market include software and service. Software held the second largest market in 2018 and is anticipated to maintain its position in the forecast period from 2019 – 2027.
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