Product innovation and central planning by the European Commission are factors helping to boost the robotic sensors market, according to a report by BCC Research.
The industry expects to see a compound annual growth rate (CAGR) of 12.0% through 2023, when it is expected to reach nearly $222.9 million, according to the report “Sensors for Robotics: Technologies and European Markets.”
Major players in the market mentioned in this report include Accel, Balluff, City Technology, Delphi Automotive, Elmos Semiconductor, Fingerprint Cards, Hans Turck, Idex, Jumo, LTI Holding, Meggitt, Omron Scientific Technologies and Philips Photonics, and several more.
- By type, the market is led in size and growth by movement technology, which has a CAGR through the period of 13.4% and an estimated 2023 value of $92.9 million, followed by vision technology, with a CAGR of 12.5%.
- End use is growing fastest among consumers, with a CAGR through 2023 of 15.5%, followed by governments at 13.2% and commercial at 11.7%.
- By application, the agriculture sector leads growth in the market with a CAGR of 19.0% through 2023, followed by the automotive sector at 15.7% and the military sector at 13.2%.
“Sensors for robotics in Europe is becoming an increasingly important area as robotics becomes more ubiquitous in small-and large-scale applications ranging from domestic appliances to self-driving cars,” said BCC Research analyst Abhijit Dey. “Robotics on the factory floor, in the supply chain and even on the farm are undergoing significant innovation with the aid of sensors.”
R&D Costs, Import Tariffs Top List of Market Restraints
While the market is strong, several factors offer points of concern, the report adds. Among these, the primary concern is the high research and development costs associated with incorporating sensors. Complete robotics manufacturing requires expensive machinery as well as extensive technological research and development. An increase in tariffs, meanwhile, is affecting products used by the industry, including metals and electronics. A rise in trade barriers could lead to a significant drop in export numbers.
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Sensors for Robotics: Technologies and European Markets
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Original Source: European Robotics Sensors Market to See 12.0% Annual Growth Through 2023