Market Research Future Insights

According to MRFR analysis, The global robotic vision market will touch USD 9 billion at a 12% CAGR by 2027, states the new Market Research Future (MRFR) report. The rising need for safety, improved quality, and efficiency of industrial automated process will boost market growth over the forecast period. The need for intelligent homes that is constantly on the rise owing to increase in ageing population will offer robust opportunities for the market over the forecast period.

Compatibility issues that are experienced while integrating vision systems to robot coupled with the lower penetration of robotics in the dynamic small scale industries may act as market restraints over the forecast period. The high initial investment coupled with lack of global standards for robotic implementation may act as market challenges over the forecast period. 

Industry/ Innovation/ Related News

October 08, 2020 ----- Omron Corporation (Japan), an electronics industrial automation company, launched the world’s first robotic integrated controller – NJ501-R. New fully automated production system offers real-time synchronization between all automation equipment, including robots, vision components, drives, and safety equipment. 

With the integrated controller, it would be possible to automate advanced and complex manual work, simulate the design modification of production facilities in a virtual environment, and conduct maintenance remotely.

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Key Players

Eminent industry players profiled in the global robotic vision market report include FANUC Corporation (Japan), Yaskawa Electric Corporation (Japan), OMRON Corporation (Japan), KUKA AG (Germany), Cognex Corporation (U.S), ABB Group (Switzerland), Kawasaki Heavy Industries Ltd. (Japan), Keyence Corporation (Japan), SICK AG (Germany), and Basler AG (Germany).

Introduction:

In today's rapidly evolving world, robotics has become an integral part of various industries. With advancements in technology, robots are becoming more intelligent and capable of performing complex tasks. One crucial aspect that has contributed to the advancement of robotics is robotic vision. Robotic vision refers to the ability of robots to see and interpret visual data, enabling them to interact with the environment more effectively. In this blog post, we will delve into the exciting realm of the robotic vision market and explore its potential implications across industries.

The Growing Significance of Robotic Vision:

Robotic vision holds immense potential for transforming industries by enhancing automation, efficiency, and safety. With the help of cameras, sensors, and sophisticated algorithms, robots can perceive and understand their surroundings. This enables them to perform tasks such as object recognition, navigation, quality control, and even complex operations like surgical procedures. The integration of robotic vision systems empowers robots to adapt to dynamic environments, making them more versatile and valuable across industries.

Market Trends and Growth Prospects:

1. Industrial Automation: The manufacturing sector has been one of the early adopters of robotic vision systems. Industries are leveraging robotic vision to streamline processes, improve quality control, and increase productivity. The demand for automation in industries such as automotive, electronics, and pharmaceuticals is fueling the growth of the robotic vision market.
2. Advancements in Artificial Intelligence (AI): The synergy between AI and robotic vision is driving innovation in the field. AI algorithms enable robots to interpret visual data more accurately and make intelligent decisions in real-time. As AI continues to advance, the capabilities of robotic vision systems will expand, opening doors to new applications and opportunities.
3. Healthcare and Medical Robotics: The healthcare industry is witnessing a paradigm shift with the integration of robotic vision. Surgical robots equipped with advanced imaging systems provide surgeons with enhanced precision, visualization, and control during procedures. Robotic vision is also being used for diagnostics, patient monitoring, and rehabilitation purposes, contributing to the growth of the market.
4. Consumer Electronics and Service Robots: The adoption of robots in everyday life is on the rise. From smart home assistants to delivery robots, robotic vision is crucial for enabling these robots to navigate their environment, recognize objects, and interact with humans. The demand for consumer electronics and service robots is driving the market's expansion.

Challenges and Opportunities:

While the robotic vision market presents promising opportunities, there are challenges that need to be addressed. Some of these include:

1. Cost: Implementing robotic vision systems can be expensive, particularly for small and medium-sized enterprises. Reducing the cost of hardware and software components will be crucial to ensure wider adoption across industries.
2. Standardization: Establishing industry standards for robotic vision systems will facilitate interoperability and collaboration. This will enable the development of more comprehensive and integrated solutions.
3. Ethical Considerations: As robots become more capable, ethical concerns regarding privacy, data security, and the impact on human employment need to be addressed. A balance must be struck between technological advancements and societal implications.

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Conclusion:

Robotic vision is revolutionizing the way robots interact with the world, driving automation and efficiency across industries. The market is poised for remarkable growth as advancements in AI, increasing automation needs, and the emergence of new applications continue to propel the industry forward. The integration of robotic vision systems will not only enhance productivity but also pave the way for safer and more intelligent robots. As we embrace this transformative technology, it is crucial to navigate the associated challenges and ensure responsible and ethical implementation. The future of robotics looks incredibly promising, and robotic vision is at the forefront of this revolution.