Growing funding and investment in developing and advancing vision sensors and a rising number of startups are factors driving the vision sensor market growth. For instance, in July 2022, AlpsenTek, founded in 2019, a Chinese vision sensor startup, raised US$ 30 million in funding from Xunxing Investment to expand its R&D activities. AlpsenTek is continuously engaged in the development of machine vision sensors and algorithms. Also, the company has started collaborating with prominent players in the vision sensor industry. The collaboration among the market players supports the development of cutting-edge technologies by accelerating innovation in the market. Key players in the market are engaged in developing high-resolution sensors, artificial intelligence (AI), machine learning (ML), and image processing algorithm-based vision sensors to ease the manufacturing process and industrial automation activities.
Market players increase their funding to develop smart and AI-based vision sensors to attract customers across the globe. For instance, in March 2023, Chengdu SynSense Technology Co., Ltd. raised US$ 10 million from Ausvic Capital to accelerate the mass production of the ‘Speck’ smart vision sensor. The Speck smart vision sensor mass production supports Chengdu SynSense Technology Co., Ltd. to expand its offering to ultra-low-power AI applications. Increasing funding helps market players develop efficient, cost-effective, smaller-sized, and customized vision sensors based on their customers’ demands.
US Dominates Vision Sensor Market in North America
The market in North America is anticipated to expand during the forecast period due to the growing demand for advanced technologies such as AL, ML, IoT, and IIoT. Cognex Corporation and Teledyne Digital Imaging Inc are among key players in North America engaged in developing vision sensors by expanding their current portfolio. For instance, in November 2022, Cognex Corporation launched the DataMan 8700LX Handheld Barcode Reader to meet the demand from manufacturing industries. DataMan 8700LX is a high-performance, handheld barcode reader integrated with vision sensor, enabling it to operate efficiently in any facility. This handheld barcode reader is designed with a liquid lens for reading the most challenging label-based codes and supports a broad range of industrial applications. The expansion of numerous industries including automotive, electronics, and industrial manufacturing, are also creating opportunities for the market in the region.
The market in the US is projected to grow during the forecast period due to the high rate of technological adoption across all industries. Gowing demand for industrial automation and increasing adoption of IoT in the manufacturing sector are creating opportunities in the market during the forecast period. Favourable initiatives taken by government to develop automotive and electronics industries is fueling the market in the country. The automotive and electronics industries in the country play a significant role in the US economy. For instance, according to Cox Automotive Industry Insight Data of Q3, 2023, new vehicle sales volume reached 1.3 million units in September 2023, an increase of 13% from 2022. The US automotive industry’s growth is creating opportunities for the vision sensor market growth. Vision sensors are integrated into the automotive industry’s light detection and ranging (LiDAR), advanced driver-assistance systems (ADAS), and radar to enhance safety and overall driving experiences. These factors are projected to support the vision sensor market growth in the US during the anticipated period.
Segmental Overview
Based on type, the vision sensor market is segmented into less than 3D and 3D. The less than 3D segment recorded a larger vision sensor market share in 2022 and is anticipated to hold a significant revenue share during the forecast period. Based on application, the vision sensor market is segmented into inspection, gauging, code reading, and others. The code reading segment held the largest vision sensor market share in 2022, and the inspection segment is anticipated to record the highest CAGR during the forecast period. Based on industry vertical, the vision sensor market is segmented into automotive, electronics, industrial manufacturing, food & beverages, and others. The automotive segment held the largest vision sensor market share in 2022, and the consumer electronics segment is anticipated to record the highest CAGR during the forecast period.
Market Analysis: Competitive Landscape and Key Developments
Cognex Corporation, Teledyne Digital Imaging Inc., Keyence Corporation, Sick AG, Balluff GmbH, Baumer Holding AG, Pepperl+Fuchs, ifm electronic GmBH, Hans Turck GmbH & Co. KG, and Leuze electronic GmbH & Co. KG. are among the key vision sensor market players that are profiled in the report. Several other essential vision sensor market players were also analyzed for a holistic view of the market and its ecosystem. The market report provides detailed market insights to help major players strategize their growth.
- In September 2023, Cognex Corporation launched the In-Sight SnAPP Vision Sensor, which provides simplicity and accuracy by quickly improving the efficiency of manufacturing processes. In-Sight SnAPP Vision Sensor expanded its capabilities by adding US$ 1 billion to its served markets.
- In April 2023, Newsight Imaging Ltd. launched MT LiDAR 3.1 to expand its Multi-Triangulation (MT) LiDAR series for short-distance measurement applications. MT LiDAR 3.1 is designed on the NSI9000 image sensor with 1024X480 pixel resolution. It features on-chip peak detection that offers ultra-high accuracy and is specially used in short-distance measurement applications.
- In October 2022, SensoPart Industriesensorik GmbH launched VISOR UV to evaluate markings, codes, and inscriptions that are invisible to the human eye. VISOR UV is integrated with UV illumination and has two resolutions: V50: 2560 x 1936 pixels and V20: 1440 x 1080 pixels.