Evolving Perspective: Vision Sensor Market Set to Attain $4.5 Billion by 2023

The Vision Sensor Market is expected to grow from USD 2.5 billion in 2018 to USD 4.5 billion by 2023-growing at a compound annual growth rate (CAGR) of 12.2%.

Factors driving the demand for these sensors include the growth of the electronics and electrical industry, the use of machine vision technology in the automotive industry, and the focus of manufacturing companies on cost and time savings.

In end-user industries, automotive industry will hold largest share during forecast period.

The automotive industry is expected to be the leading end-user industry for vison sensors owing to the increasing demand for these sensors in inspection, identification, and localization applications. Inspection of various parts and components, identification of faulty components, misalignment of parts and components, and guiding robotic arms to perform complex tasks on the assembly line will be some of the key applications that will boost the demand for vision sensors from this industry. Increasing adoption of factory automation to reduce manufacturing time and cost spent on inspection will boost the demand for these sensors from North America, APAC, and Europe.

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