According to a report by Grand View Research, Inc., global vision positioning system market is anticipated to value USD 9.68 billion by 2025. Growing requirement for devices equipped with advanced technologies such as artificial intelligence (AI) to perform various tasks conveniently and efficiently is anticipated to propel demand for vision positioning systems. Such systems are likely to offer AI enabled optical sensors and cameras that can capture images of an area or track positions to feed input data into the system. In addition, optical sensors can captured images to determine presence, orientation, and accuracy of components captured.
High demand for AGVs and UAVs in commercial and industrial spaces is expected to influence growth of market. Increasing use of automated devices coupled with shifting focus on cost-effective manufacturing is anticipated to spur market growth. Continual technological advancements to enhance efficiency of vision positioning systems can augment market growth during the forecast period (2014 to 2025).
The vision positioning system market can be segregated on the basis of component, location, platform, application, and region. Based on component, the market can be categorized into camera, sensor, and market.
Based on location, the market can be bifurcated into outdoor and indoor. In 2016, outdoor location tracking systems dominated the market and accounted for largest revenue share. It is predicted to continue its dominance during the forecast period. Rising demand for AGVs and UAVs in commercial, defense, retail, and industrial segments can stimulate segment growth.
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In addition, indoor systems are also expected to witness significant growth during the forecast period. Growing need to determine accurate positions in indoor navigation where satellite operated systems such as global positioning system (GPS) is not effective can influence growth.
Based on platform, the market can be classified into space vehicle, industrial robot, automated guided vehicle (AGV), unmanned aerial vehicle (UAV), and others. In 2016, UAV segment dominated the market and accounted for maximum revenue share. It is likely to exhibit growth at remarkable CAGR of 13% during the forecast period. In United States, AGVs and UAV’s accounted for 65% of overall revenue share in 2016. Wide range of applications in several industrial verticals including military, agriculture, retail, and homeland security. Rising demand for UAVs is exceptionally higher in military applications as compared to commercial ones. Growing use of UAVs by government organizations for infrastructure, environmental studies, research and development, disaster management activities can boost demand over the forecast period.
AGVs are mobile robots that can follow markers, magnets, and wires laid on the floor or can use lasers and vision sensors for navigation. Such vehicles can navigate easily without any human intervention by locating objects in the surroundings using cameras and optical or ultrasonic sensors. Demand for AVG’s is expected to grow at moderate rate during the forecast period.
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Based on application, the market can be divided into healthcare, retail, defense, industrial, transportation & logistics, hospitality, and others. In 2016, defense segment dominated the market and accounted for 40% market share. It is expected to witness substantial growth during the forecast period. Increasing use of AGVs and UAVs in defense sector can fuel growth of market. In addition, drones can be used for patrolling, mapping, and in-war zones for aerial attacks.
Similarly, healthcare sector is anticipated to grow at significant CAGR of 13.5% from 2017 to 2025. High demand form Asian countries such as Japan and China is estimated to fuel growth. In addition, vision sensors and infrared light emitting diodes (LEDs) used as markers can be attached to therapeutic, diagnostic, or surgical equipment, and others demanding motion tracking in healthcare sector. Drones can be used widely in entertainment and media sector for commercial photography, news reporting, and crowd management where helicopters cannot be used.
Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East & Africa. In 2016, North America region dominated the market and accounted for 35% revenue share. It is anticipated to grow well during the forecast period. United States (U.S.) is likely to contribute for major market share attributed to growing adoption of industrial robots, USV’s, AGV’s and space vehicles. In addition, high prevalence of major companies engaged in offering such solutions can further fuel market growth in the region.
In Middle East Asia and Asia Pacific, the market is expected to witness significant growth during the forecast period. Growing penetration of foreign investors in Chinese drone market is anticipated to influence growth of market.
Some of the leading companies offering vision positioning system are Cognex Corporation, Omron Corporation, Dettwiler and Associates Limited, Fanuc Corporation, and DJI Innovations.
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