Vision guided robotics technology includes robots built-in with cameras and sensors to provide response signal to the robot controller to move accurately to the target position.
The automobile segment dominated the global vision guided robotics market size with around 32% share in 2014, followed by the electrical & electronics segment. Furthermore, the electrical & electronics segment is estimated to grow at the highest CAGR of 12.5% owing to upsurge in need for inspection and testing of electronics to ensure proper functioning of processes.
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The vision guided robotics market is driven by increasing need for automation & safety, high labor cost, dearth of skilled labor, and rise in investments in R&D activities. However, high initial cost and lack of awareness among small- and medium-enterprises (SMEs) are expected to marginally hamper the global vision guided robotics market size during the forecast period.
The hardware segment dominated the market in 2014 with around 66% revenue share of the global market, owing to advancements in processing capabilities and development of smart cameras and new interfaces. Furthermore, the services segment is anticipated to witness the highest CAGR of 13.7%, as services are provided after the installation of software and hardware. In addition, services ensure flexible and efficient mechanization between vision system and robotics.
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The vision guided robotics market is categorized based on geography into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific region was the highest revenue contributor to the global market in 2014, accounting for around 36% share. It is projected to grow at the highest CAGR of 11.9% during the forecast period on account of growing advancements in the automobile and electrical industry in countries such as India, China, Japan, and Australia.
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Key Findings of the Vision Guided Robotics Market :
- The hardware segment dominated the global vision guided robotics market in 2014, and the services segment is expected to grow at the highest CAGR.
- The electrical and electronics segment is estimated to present significant growth opportunities to prominent players operating in the global market.
- The Asia-Pacific vision guided robotics market is expected to have a dominant presence both in terms of market size and growth rate, during the forecast period.
- U.S. was leading region in terms of expenditure on vision guided robotics in 2014, followed by China.
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