Robot sensor market growth expected
Demand for robot vision sensors are very high all over the world and will keep the global robot sensor market strong for the next several years.
The robot sensor market is expected to perform quite well over the coming years thanks developments with robot technology and vision sensors, according to Graphical Research. Robot sensors that can detect several aspects such as light, distance, color, touch, speed, motion, and collision are in high demand across the world. There are a few regional trends that are likely to impact robot sensor industry outlook through the forthcoming years:
Constant upgrades to maximize deployment in APAC
As several key competitors in the market are regularly coming up new technologies, the APAC robot sensor market will receive substantial impetus. Automation is a prominent trend in the manufacturing and logistics industries in this region. Due to this trend, the APAC market for robot sensors will amp up its revenue as increasing number of robots are deployed across these sectors.
Efficient operations, higher productivity, increased safety for labor force, and smoother workflow have encouraged several companies to embrace automation, thereby boosting the requirement for robot sensors. Advanced technologies such as 3D vision, tactile sensor, and neuromorphic sensor are making their presence felt in the regional industries, which would provide a positive impetus to APAC robot sensor market.
The Asia-Pacific robot sensor industry size may surpass $1.5 billion by 2024.
North America to lead owing to high cost of labor
The North America industry was valued at $680 million and is estimated to expand at a compound annual growth rate (CAGR) of 11% between 2018 and 2024. The key driver of the North America market is the increasing deployment of robots in logistics and manufacturing industries. Numerous companies in the U.S. have been adopting automation, pushing the robot sensor market share in this region.
The number of robots shipped to North America in the first quarter of 2018 was as high as 8,161, registering a revenue worth more than $437 million, as per the Robotic Industries Association (RIA). As compared to other regions, the labor cost in North America is significantly high. The continuously rising demand for increased labor wages can proffer substantial demand for automation, boosting the growth of North America market.
The North America robot sensor industry share might cross $1.4 billion by 2024.
Collaborative robots to drive demand in APAC
Collaborative robots are gaining traction especially in the countries such as Japan and India. These robots are designed to collaborate with humans in a production unit in a safe and efficient manner, ensuring high productivity. Multiple software tools and sensors such as robot collision sensor and robot distance sensor are required to deploy these collaborative robots which are capable of detecting discrepancies in the work environment. Collaborative robots are trainable and are generally appointed to perform monotonous tasks that humans find tedious. Reduced workspace coupled with heightened functionality will push the demand for robot sensors in the APAC segment.
China, India and Japan present considerable opportunities for growth of the APAC robot sensor market. China particularly has been on the upfront with nearly 630 robots per 10,000 employees, according to the International Federation of Robots. The APAC region is expected to flourish at a CAGR of 16% between 2018 and 2024 and was estimated to be worth $670 million in 2017.
Manufacturing and logistics segment growth in Europe
The Europe robot sensor market share is also expected to rise substantially. Home to the topmost countries to demonstrate pervasive adoption of robots across numerous domains, the Europe robot sensor market held a valuation of $620 million in 2017. It is projected to increase at a CAGR of 10.5% between 2018 and 2024.
The International Federation of Robotics notes that Germany ranks fifth in the global market in terms of market share in the robot industry whereas Italy is the seventh largest supplier of industrial robots on an annual basis. It also estimated that domestic robots will bring in a revenue worth more than $11 billion by the end of 2020. The massive revenue can be attributed to the large scale deployment of automation across manufacturing units as well as logistics operations.
As the global demand for robotic technology goes up, the demand for components required to manufacture them such as vision sensors is also expected to soar in the European market for robot sensors. Capable of detecting and measuring objects by capturing images on a camera, vision sensors are an integral part of robotic technology. Object detection and accuracy of machinery parts are to be ensured in manufacturing processes. Vision sensors can perform such tasks with ease and accuracy.
Furthermore, the integration of electronic components has brought about a significant reduction in the size of vision sensors. These compact vision sensors are used in quality control. The production of compact robot sensors will have a positive impact on the Europe robot sensor market.