MarketsandMarkets’ report, “Vision Sensor Market by Sensor Type (Less than 3D, 3D), Application (Inspection, Gauging, Code Reading & Localization), End-User Industry (Automotive, Electronics & Semiconductor, Pharmaceuticals, Food & Packaging), and Geography - Global Forecast to 2023”, indicates that the market is expected to grow from $2.5 billion in 2018 to $4.5 billion by 2023 at a CAGR of 12.2%. Factors driving demand for vision sensors include the use of machine vision technology in the automotive industry and the focus of manufacturing companies on cost and time savings.
- Automotive industry to account for largest size of vision sensor market from 2018 to 2023.
- Inspection and code reading applications will boost demand for less than 3D vision sensors during forecast period.
- APAC to hold largest share of vision sensor market from 2018 to 2023.
- Major players in the vision sensor market include Cognex (US), Keyence (Japan), Teledyne (US), Sick AG (Germany), and Baumer Holdings (Switzerland).
Thirsty for greater knowledge and illumination? Request a sample of the “Vision Sensor Market” report.