Report : Europe Vision Sensor Market Forecast to 2030 - Regional Analysis - by Type (Less than 3D and 3D), Application (Inspection, Gauging, Code Reading, and Others), and Industry Vertical (Automotive, Electronics, Industrial Manufacturing, Food & Beverages, and Others)
At 11.6% CAGR, Europe Vision Sensor Market is Projected to be worth US$ 1,815.59 million by 2030, says Business Market Insights
According to Business Market Insights’ research, the Europe vision sensor market was valued at US$ 753.63 million in 2022 and is expected to reach US$ 1,815.59 million by 2030, registering a CAGR of 11.6% from 2022 to 2030. Adoption of AI-based vision sensors and high adoption of vision sensors in consumer electronics industry are among the critical factors attributed to drive the Europe vision sensor market growth.
Growing adoption associated with significant benefits offered by AI technology to the industries is creating opportunities in the vision sensor market growth. The demand for AI-based vision sensors has surged in recent years. AI-based vision sensors are revolutionizing different applications and industries. This encourages manufacturers to develop AI-based vision sensors that optimize quality control by identifying defects, improving production efficiency, and reducing waste, which is expected to create lucrative opportunities in the vision sensor market. For instance:
- In October 2023, PROPHESEE S.A. launched the GenX320 Event-based Metavision sensor for AI applications. This fifth generation Metavision sensor is available in a tiny 3×4 mm die size, specifically developed for integration into ultra-low-power Edge AI vision devices. This vision sensor provides numerous benefits and expertise to the users by delivering low latency, speed, power efficiency, privacy, and dynamic range for diverse applications.
- In October 2021, KEYENCE CORPORATION launched the IV2 Series Vision Sensor to solve issues with conventional vision sensors and smart cameras that face troubles while finding individual differences in products, ambient light, and changes in the positions of parts. The IV2 Series was developed by utilizing AI to automatically detect the presence/absence of differences between registered images in acceptable and unacceptable products.
- In 2023, two new ISOCELL Vizion sensors were announced by Samsung Electronics, a global pioneer in innovative semiconductor technology: the ISOCELL Vizion 931, a global shutter sensor, and the ISOCELL Vizion 63D, a time-of-flight (ToF) sensor. With a focus on providing visual capabilities for a broad range of next-gen mobile, commercial, and industrial use cases, Samsung's ISOCELL Vizion series, which was first unveiled in 2020, features ToF and global shutter sensors.
On the contrary, high costs associated with vision sensors hampers the growth of Europe vision sensor market.
Based on type, the Europe vision sensor market is bifurcated into less than 3D and 3D. The less than 3D segment held 75.8% market share in 2022, amassing US$ 571.35 million. It is projected to garner US$ 1,339.41 million by 2030 to register 11.2% CAGR during 2022–2030.
In terms of application, the Europe vision sensor market is categorized into inspection, gauging, code reading, and others. The code reading segment held 47.0% share of Europe vision sensor market in 2022, amassing US$ 353.93 million. It is anticipated to garner US$ 915.60 million by 2030 to expand at 12.6% CAGR during 2022–2030.
By industry vertical, the Europe vision sensor market is segmented into automotive, electronics, industrial manufacturing, food & beverages, and others. The automotive segment held 44.4% share of Europe vision sensor market in 2022, amassing US$ 334.43 million. It is projected to garner US$ 884.63 million by 2030 to expand at 12.9% CAGR from 2022 to 2030.
Based on country, the Europe vision sensor market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 26.9% share of Europe vision sensor market in 2022. It was assessed at US$ 203.03 million in 2022 and is likely to hit US$ 531.20 million by 2030, registering a CAGR of 12.8% during 2022–2030.
Key players operating in the Europe 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 October 2023, SICK, a German sensor company, and Endress+Hauser, a Swiss measurement and automation technology specialist, announced their intention to enhance their collaboration. The companies aim to establish a strategic partnership focused on SICK's process automation business segment, as evidenced by the signing of a joint memorandum of understanding. Through this partnership, the companies seek to leverage their respective capabilities and expertise to offer enhanced customer support in critical areas such as energy and resource efficiency, as well as environmental sustainability and climate protection.
- 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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