At 13.7% CAGR, Asia Pacific Vision Sensor Market is Projected to be Worth US$ 3,291.23 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific vision sensor market was valued at US$ 1,176.79 million in 2022 and is expected to reach US$ 3,291.23 million by 2030, registering a CAGR of 13.7% from 2022 to 2030. Growing funding and investment in developing and advancing vision sensors and evolution of industry 4.0 are among the critical factors attributed to drive the Asia Pacific vision sensor market growth.

The collaboration among the market players supports the development of cutting-edge technologies by accelerating innovation in the market. Key players in the vision sensor 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 worldwide. For instance, in 2023, VoxelSensors, a firm focused on perception and sensor technologies, completed a seed fundraising round, raising US$ 5.4 million. The company intends to employ people, expand business relationships with clients in Asia and the US, and further develop its corporate roadmap with the help of funds. 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. Additionally, 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. Increasing funding helps market players develop efficient, cost-effective, smaller-sized, and customized vision sensors based on their customers' demands. Therefore, growing funding and investment in developing and advancing vision sensors and a rising number of startups are factors driving the vision sensor market growth.

On the contrary, high costs associated with vision sensors hamper the growth of Asia Pacific vision sensor market.

Based on type, the Asia Pacific vision sensor market is bifurcated into less than 3D and 3D. The less than 3D segment held 77.8% market share in 2022, amassing US$ 915.36 million. It is projected to garner US$ 2,498.70 million by 2030 to register 13.4% CAGR during 2022-2030.

In terms of application, the Asia Pacific vision sensor market is categorized into inspection, gauging, code reading, and others. The code reading segment held 47.9% share of Asia Pacific vision sensor market in 2022, amassing US$ 563.93 million. It is anticipated to garner US$ 1,693.95 million by 2030 to expand at 14.7% CAGR during 2022-2030.

By industry vertical, the Asia Pacific vision sensor market is segmented into automotive, electronics, industrial manufacturing, food & beverages, and others. The automotive segment held 44.8% share of Asia Pacific vision sensor market in 2022, amassing US$ 526.85 million. It is projected to garner US$ 1,593.03 million by 2030 to expand at 14.8% CAGR from 2022 to 2030.

Based on country, the Asia Pacific vision sensor market is segmented into Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 30.3% share of Asia Pacific vision sensor market in 2022. It was assessed at US$ 356.10 million in 2022 and is likely to hit US$ 1,113.09 million by 2030, registering a CAGR of 15.3% during 2022-2030.

Key players operating in the Asia Pacific vision sensor market are Cognex Corp, Teledyne Technologies Inc, Keyence Corp, Sick AG, Balluff GmbH, Baumer Holding AG, Pepperl+Fuchs SE, Ifm Electronic GmbH, Hans Turck GmbH & Co.KG, and Leuze Electronic GmbH & Co KG, among others.

• In May 2021, Pepperl+Fuchs Drehgeber GmbH merged with Pepperl+Fuchs SE with effect from May 20, 2021. The location in Neuhausen ob Eck will be continued as an operating site of Pepperl+Fuchs SE. All contractual, delivery, and service relationships existing with Pepperl+Fuchs Drehgeber GmbH at the time of the merger remain unchanged and transferred to Pepperl+Fuchs SE in accordance with the law without your involvement being required.

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