Robot Sensor Market Size By Product (Force Torque, Vision, Ultrasonic, Acoustical, Tactile, Laser Range, Proximity), By Robot Type (Industrial, Service, Collaborative), By Application (Manufacturing, Logistics, Defense, Agriculture, Medical, Domestic, Entertainment), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Denmark, China, India, Japan, Australia, Taiwan, South Korea, Thailand, Brazil, Mexico), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2018 - 2024
Robot Sensors Market is anticipated to exceed USD 4.5 billion by 2024. Factors such as declining prices, the growing penetration for collaborative robot, and the industrial revolution 4.0 are driving the robot sensors market. There is a growing demand for these components across the manufacturing and logistics industry owing to the escalating applications for pick and place, assembly, and other tasks.
Technological advancements in sensor technology, such as miniaturization and the advent of 3D imaging sensors, are contributing significantly toward the robot sensors market. 3D technology assist robots in pick and place applications in industries as well as they are imparting vision to domestic automation technology. These applications are being automated in the industrial sector globally, augmenting the robot sensors market. Key players in the ecosystem are launching low-cost components for industrial and collaborative robots owing to the increasing shift of manufacturing toward more sophisticated technology.
Moreover, the demand for robot sensors market in collaborative segment is projected to grow extensively to impart machines with senses to work collaboratively with humans and ensuring safety. The need for presence sensing in collaborative systems is creating an industry for different sensors that can be integrated into a robot for more productive and efficient automation. For instance, ultrasonic sensor demand has grown as these components are now installed on the end-of-arm tools together with safety gates zone monitoring and other safety devices around the robot installation. The force-torque and vision sensor segment are projected to show a lucrative growth with the rise of collaborative systems.
North America and Europe are dominating the robot sensors market due to the demand for more sophisticated automation technology in the service robotics market. These systems are being deployed in households and medical industry as lawn mowers, window washers, and surgical operators. The service robot sensors market is driven by the demands from logistics, defense, agriculture, cleaning, and construction. The demand for these components for industrial sector is primarily from Asia Pacific. The is the major market for industrial robots with significant contributions from countries including Taiwan, South Korea, and China. These countries are among the top countries with the highest robot density. For instance, Taiwan has 129 such system per 10,000 workers in manufacturing plants and South Korea has 339 per 10,000 workers. This increasing replacement of people by this automation technology in Asia is one of the significant factors for the growth of the robot sensors market. Deploying automation technology in the manufacturing sector saves human labor cost and offers higher precision and productivity.
ATI Automation, Robotiq, SICK AG, Velodyne, OptoForce, and OMRON are the major companies in the robot sensors market landscape. The players are adopting the strategy of price competitiveness. Axia80 was launched in September 2017 by ATI Automation and was an addition to its force torque sensor product line at a low cost. Many companies are also investing in LiDAR technology and are developing cost-effective sensor solutions to expand the product share in the robot sensors market. Additionally, companies are focusing on Asia Pacific for a higher revenue growth as it is leading the industrial robots market.