MARKET ANALYSIS Global vision sensor market on strong growth trajectory
Research by Global Market Insights has predicted that the global machine vision sensor market will grow to a value exceeding US$10 billion by 2032, representing a CAGR of 7.5 %.
The global machine vision sensor market is set to exceed US$10 billion by 2032. This is according to a recent report by Global Market Insights, which estimates that the market will register an average compound annual growth rate (CAGR) of 7.5 % between 2023 and 2032, propelled by the increasing need for quality inspection and control.
Increasing automation demand
The report points to automation as one of the major drivers of the market’s growth trajectory. Automation is in high demand across various industries and sectors, with vision sensors having emerged as a critical part of automated systems by enabling efficient quality control, inspection, and process monitoring.
Manufacturers are also under more pressure to deliver high-quality products in pursuit of both satisfying customer expectations and complying with increasingly stringent regulations. Vision sensors provide a highly reliable and cost-effective solution for inspecting products and identifying defects, deviations, or other problems that mean that they don’t meet desired specifications—problems such as cracks, scratches, and variations can all be detected with current sensor technology.
As quality control becomes a key differentiating factor for businesses, the adoption of vision sensors is expected to witness a significant upsurge.
Advancements in self-driving cars
Outside of industry, vision sensors help to power emerging technologies such as self-driving cars. Here, vision sensors and computer vision technologies enable self-driving cars to classify and detect different objects through LiDAR and cameras that combine data with 3D maps and spaces to measure distances, spot traffic lights, and avoid other cars and pedestrians.
With autonomous driving expected to create US$300 to $400 billion in revenue by 2035, OEMs and suppliers will need to develop new sales and business strategies, acquire new technological capabilities, and address concerns about safety — this, of course, will involve further implementation of vision sensors in vehicles.
3D vs. non-3D vision
The vision sensor market is divided into two areas: 3D and non-3D (or “less than” 3D). The vision sensor market share from the non-3D segment, which includes sensors used for applications that require 2D inspection, is expected to witness the most growth through 2032.
These sensors are compact, cost-effective, and offer high-speed image processing capabilities. The less than 3D type segment is expected to witness significant growth due to its suitability for a wide range of industries, including automotive, consumer electronics, pharmaceuticals, and logistics. With the increasing implementation of automated systems in these sectors, product adoption will rise in the coming years, according to Global Market Insights.