Increased Productivity and Low Production Cost to Lead Global Machine Vision and Vision Guided Robotics Market with a CAGR of 9.8%

The machine vision and vision-guided robotics market is expected to grow at a compound annual growth rate of 9.8% for the forecast period. The increasing need for automation and safety, high labor costs, a shortage of qualified workforce, and increased investment in research and development activities are driving the vision-guided robotics market. Increased applications of machine vision are a major factor driving market expansion. Automobile manufacturers, on the other hand, are investing in vision systems to improve their quality. The atomization of human seeing can be defined as machine vision. It must not only collect a picture (like our eyes do) but also process these images and provide results (the function of the brain). A vision-guided robot (VGR) system is a robot having one or more cameras used to supply the robot controller with a second feedback signal, to move more accurately to a variable destination. Machine guidance systems employ 2D and 3D machine vision systems to increase the precision and speed of assembly robots and automated material handling equipment.

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According to the Manufacturers Alliance for Productivity and Innovation, industrial production in the United States is expected to rise by 2.8% from 2018 to 2021, boosting robotic vision technology adoption in the country. In the automotive industry, vision-guided robot systems are utilized to increase productivity while reducing complexity, production costs, and human errors. Machine vision market demand has been driven by recent breakthroughs in machine vision technology, such as smart cameras, increased compatibility with diverse systems, and vision-guided robotics. It has several benefits, including high quality, increased productivity, less machine downtime and setup time, lower equipment costs, and inventory control. However, on other hand, the high cost required in the early phase of integration and installation is one of the obstacles faced by the machine vision and vision-guided robotics sector. Other problems restricting market expansion include camera failure, a scarcity of experienced personnel, and a low return on investment. There is a dearth of understanding regarding the importance of machine vision systems.

Based on regional segmentation, the machine vision and vision-guided robotics market is segmented into North America, Latin America, Europe, Asia Pacific, the Middle East and Africa, and the rest of the globe. Robots are utilized in a range of industries in North America, which has the world's largest market. The federal government is heavily investing in boosting the production of machine vision systems, which will propel the market forward over the forecast period. The vision-guided robotics market in the Asia Pacific is likely to grow at a rapid pace during the forecast period. Markets for machine vision and vision-guided robots are expanding as manufacturing industries in Asia Pacific's emerging nations adopt novel technology. Price deflation, rising disposable income, growing urbanization, and the adoption of novel technologies are all driving demand for consumer electronics, which will boost the market. Furthermore, the expenditure, operational benefits, and efforts undertaken by the governments of growing countries such as South Korea, India, Taiwan, and Singapore are responsible for the increase in investments and the establishment of many industry participants in the Asia Pacific region.

Qualcomm Technologies, Keyence Corporation, FANUC Corporation, ABB Group, Sick AG, Teledyne Dalsa Inc., Cognex Corporation, Omron Adept Technology, National Instruments Corporation, and Hexagon AB are major players in the machine vision and vision-guided robotics market. To remain competitive in the global machine vision and vision-guided robotics market, players have employed a variety of marketing strategies, including new product launches, expansion, joint ventures, and acquisitions.

Key Market Movements

Increased Productivity and Low Production Costare the key factors driving the market.
High initial cost is a major challenge impeding the market growth.
Smart camera-based machine vision systems dominate the machine vision and vision-guided robotics market.
North America is the leading market, however, Asia Pacific is growing significantly.
The key players include Qualcomm Technologies, Keyence Corporation, FANUC Corporation, ABB Group, Sick AG, Teledyne Dalsa, Cognex Corporation, Omron Adept Technology, National Instruments Corporation, and Hexagon AB
The key strategy of these companies includes research and development, mergers, acquisition, and product launches.

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