At 9.3% CAGR, South & Central America Vision Sensor Market is Projected to be Worth US$ 266.22 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the South & Central America vision sensor market was valued at US$ 130.35 million in 2022 and is expected to reach US$ 266.22 million by 2030, registering a CAGR of 9.3% from 2022 to 2030. Evolution of industry 4.0 and high adoption of vision sensors in consumer electronics industry are among the critical factors attributed to drive the South & Central America vision sensor market growth.

The introduction of Industry 4.0 brings several advances in the efficiency and productivity of industrial processes. Various industries use vision sensors for generating real-time visual information used in quality control processes. Industries use this information to enhance productivity, automation, and quality control in their processes, which further leads to a reduction in downtime. Vision sensors are used to detect defects or inconsistencies in product lines and enable businesses to produce high-quality products. Vision sensors are crucial for smart factories and Industry 4.0 for enabling advanced automation, smart manufacturing, and data-driven decision-making activities. They are essential for automating assembly lines, quality control, mitigating risks, and supporting businesses to produce high-quality products by minimizing errors. Thus, vision sensors help improve the overall effectiveness of equipment and minimize downtime by ensuring efficient operations and automation within modern industrial facilities.

On the contrary, high costs associated with vision sensors hamper the growth of South & Central America vision sensor market.

Based on type, the South & Central America vision sensor market is bifurcated into less than 3D and 3D. The less than 3D segment held 80.8% market share in 2022, amassing US$ 105.36 million. It is projected to garner US$ 210.93 million by 2030 to register 9.1% CAGR during 2022-2030.

In terms of application, the South & Central America vision sensor market is categorized into inspection, gauging, code reading, and others. The code reading segment held 49.9% share of South & Central America vision sensor market in 2022, amassing US$ 65.03 million. It is anticipated to garner US$ 142.66 million by 2030 to expand at 10.3% CAGR during 2022-2030.

By industry vertical, the South & Central America vision sensor market is segmented into automotive, electronics, industrial manufacturing, food & beverages, and others. The automotive segment held 47.4% share of South & Central America vision sensor market in 2022, amassing US$ 61.75 million. It is projected to garner US$ 134.60 million by 2030 to expand at 10.2% CAGR from 2022 to 2030.

Based on country, the South & Central America vision sensor market is segmented into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 69.0% share of South & Central America vision sensor market in 2022. It was assessed at US$ 89.92 million in 2022 and is likely to hit US$ 189.69 million by 2030, registering a CAGR of 9.8% during 2022-2030.

Key players operating in the South & Central America 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, Teledyne Technologies Incorporated (NYSE: TDY) announced the successful completion of the acquisition of FLIR Systems, Inc. At each of the respective company's special meetings of stockholders held on May 13, 2021, the stockholders approved and adopted merger proposals related to the Agreement and Plan of Merger dated January 4, 2021.
  
  
• In April 2021, The Baumer inductive distance sensor family IF08 was enlarged with small cubic designs in stainless steel housings, a wide measuring range of up to 3 mm, and exceptional and unrivaled market-leading configuration options via the IO-Link interface. The sensors have two advantages: their compact size of only 24.6 x 8.8 x 7.8 mm allows them to be installed in areas with limited installation space or mounting options.

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