Cognex Corporation (US) and Keyence Corporation (Japan) are leading players in Robotic Vision Market
The global robotic vision market size is expected to grow from USD 2.4 billion in 2022 to USD 3.8 billion by 2027, at a CAGR of 9.6%. The growth in the need for quality inspection with automated robotic vision system and rising demand for safety and quality products in the industrial sector are the key factors driving market growth.
The key players operating in the robotic vision market include the major players which operates in different stages in the entire value chain of robotic vision; these players are Cognex Corporation (US), Basler AG (Germany), OMRON Corporation (Japan), National Instruments Corporation (US), Keyence Corporation (Japan). These players have adopted various growth strategies such as partnerships, merger, acquisition, agreements, collaborations, and new product launches to increase their presence in the global market.
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Cognex Corporation is one of the leading providers of robotic vision systems. It holds a strong position in the global robotic vision market. The company offers a variety of vision system components such as cameras, smart cameras, sensors, and software and sells these products to multiple industries. However, the automotive, logistics, and consumer electronics industries are the largest end users of the company’s robotic vision products, which accounted for about 70% of its total revenue in 2021. The company invests heavily in R&D to maintain its position as a technology leader in the robotic vision market. Cognex Corporation’s growth strategies are centered around mergers and acquisitions in order to expand its existing product portfolio and remain competitive in the market. The company acquired SUALAB (South Korea) in October 2019 to expand its portfolio of deep learning technologies. The company holds the largest share of robotic vision market in 2021.
Keyence Corporation holds the second largest share of robotic vision market in 2021. The company has mainly adopted the strategy of product launches and developments to grow in the robotic vision market. Extensive experience in engineering and product development in vision systems is the major factor for the company’s success in the robotic vision market. For instance, in September 2021, the company launched 64-megapixel cameras, which improve accuracy in conventional inspections.
Another important player in robotic vision market is Basler AG (Germany). The key strategy adopted by the company is the early recognition of technological trends and their fast integration into product development. Therefore, the company invests more than ~15% in research & development.
Related Reports:
Robotic Vision Market by Type (2D Vision Systems, 3D Vision Systems), Component (Cameras, Lighting, Optics, Processors & Controllers, Frame Grabbers, Deep Learning Software), Deployment (Robotic Guidance Systems, Robotic Cells) - Global Forecast to 2027
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