How Need for Industrial Automation Drives Vision Sensor Market?
In 2017–2018, automobile production in Indonesia recorded an increase of 10.3%. Seeing the burgeoning demand for vehicles in the country, Toyota Group plans to invest $2 billion between 2019 and 2024 to expand its business here.
The automotive sector of several other developing countries shows a similar trend of vehicle manufacturers expanding their production capacity. With the surge in the number of vehicles being produced around the world, the sale of vision sensors will also increase, as such devices are used for localization, inspection, and identification.
Thus, the vision sensor market would witness a robust growth in its revenue, from $2.5 billion in 2019 to $9.2 billion by 2030, at a 12.7% CAGR during 2020–2030 (forecast period).
Such devices are widely used for gauging, inspection, localization, and code reading applications, which are of high importance in numerous industries. Other applications of such components in the automotive sector are detection of a hole in a camshaft, differentiation of cylinder blocks, checking for faulty components in a car stereo, detection of missing balls in a bearing, differentiation of various types of tires and gear types, and verification of correct nut assembly.
Apart from automobile manufacturing, vision sensors are also widely integrated in product packaging lines. Here, these devices perform the all-important function of inspecting the text, logo, and code on labels, foil wrapping seams, checking bottles in the packaging box, and detecting the position of the label to determine if it is correctly placed.
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The packaging sector is expanding swiftly in developing countries, including China and India. This is a direct result of the growth in the pharmaceutical and food and beverages sectors. Further, the export of products requires sturdy and resilient packaging, which is another reason for the sector’s prosperity.