The global market for robot sensors is forecast to reach $4.5 billion by 2024.
This is according to a new report on the robot sensor market by Global Market Insights which features the key industry trends across the product, robot type, application, and regional landscape.
GMI says Industry 4.0 or the fourth industrial revolution is the major driving factor fueling robot sensor industry demand.
The increasing use of robots in the production plants coupled with the rapid adoption of autonomous technology in the manufacturing sector, to ensure precision as well as safety, will further boost the robot sensor demand graph.
The laser range sensor technology or LiDAR, in the product landscape, will witness sharp uptick in its demand in the coming years, owing to its rising use in navigation services.
The laser range robot sensor market registered a revenue of $390 million in 2017, according to the study.
The key players profiled in the report are:
- ATI Automation;
- Bionic Robotics;
- Baumer Group;
- Carlo Gavazzi;
- Captron Electronic;
- IFM Electronic;
- Infineon Technologies;
- Rockwell Automation;
- Schneider Electric;
- Turck; and
The companies have been profiled in terms of their product portfolio, SWOT assessment, and strategic outlook.
Force-torque robot sensor market is forecast to record a year-on-year growth rate of 12.5 percent over 2018-2024.
Robot sensors market demand from logistics application is poised to witness lucrative gains over the coming six years, driven by the need to enhance the operational efficiency in the warehouses.
Asia Pacific robot sensor market is estimated to record the fastest growth with an anticipated CAGR of 15 percent over 2018-2024.
China, Taiwan, and South Korea are expected to drive the regional trends.