Market Research Future (MRFR)’s latest analysis reveals that the global visual positioning system market is expected to mark a CAGR of 10.87% during the projection period 2017 to 2023. The market is presumed to reach a valuation of USD 13.32 Bn towards the end of the assessment period. The developments in the optical sensor technology have led to the penetration of major industry verticals such as automotive, BFSI, etc. This, in conjunction with growing industrial applications, is projected to catalyze the growth of the market over the next couple of years.
The growth trajectory of the Vision Positioning System Market Size is dictated by its increasing use in the defense sector. The increasing investments by the ministries in unmanned aerial vehicles are likely to augment the market in the foreseeable future. Also, the introduction of industrial automation is expected to revolutionize the growth pattern of the market. The rising adoption of robotics for the completion of the industrial processes has intensified the demand for visual positioning systems. The trend is presumed to perpetuate across the review period.
Visual positioning solutions are being highly implemented for obstacle detection which is poised to accelerate revenue creation for market participants. On the contrary, the risks involved in the deployment of these systems is far too high. In case of malfunctioning, it can cause major damages to the organization which is restricting the growth of the visual positioning systems market.
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The prominent players in the Vision Positioning System Market Size are – DJI (China), Omron Corporation (Japan), Cognex Corporation (U.S.), Sick AG (Germany), ABB (Switzerland), Parrot SA (France), Pepperl+Fuchs GmbH (Europe), Senion AB (Europe), Seegrid Corporation (U.S) among others
- By component, the global vision positioning system market has been segmented into sensors, camera systems, markers, and others.
- By solution, the vision positioning system market has been segmented into tracking solutions, navigation solutions, analytics solutions, industrial solutions, and others.
- By location, the global vision positioning system market has been segmented into indoor positioning system, outdoor positioning system, and others.
- By platform, the vision positioning system market has been segmented into unmanned aerial vehicle – drones, automated guided vehicles, robotics, space vehicles, and others.
- By type, the global vision positioning system market has been segmented into 1D, 2D, and 3D.
- By end-user, the vision positioning system market has been segmented into BFSI, automotive, healthcare, government & defense, industrial, commercial, and others.
By region, the global Vision Positioning System Market Size has been segmented into Asia Pacific, North America, Europe and the Rest of the World (RoW). North America is currently placed at the pole position of the marketplace and is projected to retain its position over the assessment period. The rising demand for small drones, UAVs, robotics, etc. in the region is anticipated to expedite the growth of the market over the next few years. Europe is also an important growth pocket and is forecasted to exhibit healthy growth in the years to come. Visual positioning system market in Asia Pacific is likely to scale a decent growth rate across the forecast period. Its growth is primarily attributable to the thriving commercial market for visual positioning systems in China and India.
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