The global bin picking systems market is anticipated to be valued at $1.7 billion in 2023 and it is anticipated to grow at a compound annual growth rate of 12.5 percent to reach $5.6 billion by the end of 2033, according to a report by Fact.MR.
A bin picking system is a technology in which a robot is incorporated with a 3D, camera, optical sensor (3D or 2D) and an end effector (magnet gripper, and others) to remove parts from a container full of disorganized, irregularly shaped pieces.
Robotic arm receives command based on the analysis done by the computer vision system and the vision system examine the target area and recognize the position of the pieces.
Market share analysis of bin picking system based on application and region is provided in a nutshell in the above image. Under the application segment, the automotive sub-segment dominates with a 24.7 percent market share in 2023.
Making any type of robotics require a heavy capital investment in setting up of manufacturing facility. Also on end of users / industries deploying robotics in their automation processes, involves a huge cost involved affecting the overall profitability for a short term period. Also the need for skilled labour and proper training in using these automation processes is still lacking.
Further, for the development of bin picking system, multiple sensors, computer vision, robotic arm and others are required which are quite expensive. Hence, availability of these technologies is quite challenging.
In addition, technical failures lead to slow down the process and as a result it may take times to reinstall the process.
Prominent bin picking system manufacturers are Apera AI, Dobot, Liebherr, Mech-Mind Robotics, Photoneo, PICK IT 3D, SCAPE Bin Picking, Zivid, Solomon, Teqram, Universal Robots, VISIO NERF, ZIVID, and other players.
Fact.MR has provided detailed information about the price points of key manufacturers of bin picking system positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Manufacturers of bin picking systems are focusing on entering emerging markets specially Asian countries where they are targeting the industries with their innovative and customized product offerings to earn higher profit margins.
Hence, collaborating with and acquiring the other industry players are preferred ongoing strategies deployed by market titans who are willing to expand their business.