The Global Vision Positioning System Market size was valued at USD 9.25 Billion in 2022 and is expected to surpass USD 23 Billion by 2031, expanding at a CAGR of 10.65% during the forecast period, 2023 – 2031. The growth of the market is attributed to growing application of automated guided vehicles for various defence and commercial uses.
Unmanned Aerial Vehicles (UAVs), Automated Guided Vehicles (AGVs), spacecraft, industrial robots, and other automated equipment all have vision positioning systems attached. The system uses data collected by sensors and vision cameras to locate the location of these automated devices.
The COVID-19 pandemic has forced several governments around the world to impose emergency lockdown and close down offices, schools, and colleges. As a result, major technological research & development activities related to vision positioning systems got halted and delayed.
Market Drivers, Restraints and Opportunities
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Global demand for smart drones is a major driving factor for market.
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Increasing usage of automated guided vehicles is expected to drive market over the forecasted period.
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Lack of funding and halting of several technological projects due to Covid-19, act as a major restraint factor for growth.
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High cost of systems and subsequent deployment cost of vision positioning systems, hampers the market growth.
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Increasing demand for drones, unmanned vehicles is expected to create lucrative opportunities for the market players.
Scope of Vision Positioning System Market Report
The report on the global vision positioning system market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Vision Positioning System Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Applications (Healthcare, Industrial, Hospitality, Retail, Defence, Transportation & Logistics), Components (Markers, Sensors, Camera), Platforms (Automated Guided Vehicle, Industrial Robot, Unmanned Aerial Vehicle, Space Vehicle, and Others), Locations (Outdoor, and Indoor)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Omron Corporation, Dettwiler and Associates Ltd., DJI, Fanuc Corporation, and Cognex Corporation.
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Vision Positioning System Market Segment Insights
The visual marketing to hold major market share
Based on applications, the market is divided into healthcare, industrial, hospitality, retail, defence, and transportation & logistics. The defence segment accounted for over 42% of the general revenue in 2020 and is projected to dominate the segment, during the forecast period attributed, to growing usage of UAVs and AGVs, within the defence sector. Drones are used for patrolling, mapping, and in-war zones for aerial strikes. Drones also are used for photography, at occasions such as festivals and weddings. During the projected period, demand for high-precision locating devices in drones is expected to expand rapidly.
The camera segment is estimated to hold major market share
On the basis of components, the market is fragmented into markers, sensors, and cameras. The camera segment dominated the market, with a revenue share of over 67% in 2020. The camera segment is estimated to hold major market share over the forecast period. Cameras are an important component of positioning systems because they capture images of a section or track the location of an autonomous device to feed data into the system.
The unmanned aerial vehicle (UAV) segment is expected to grow at a robust rate
In terms of platforms, the market is segmented into automated guided vehicle (AGV), industrial robot, unmanned aerial vehicle (UAV), space vehicle, and others. The UAV segment held major market share in 2020, and is expected to exhibit a CAGR of over 15% over the forecast period. In the U.S., UAVs and AGVs, both accounted for over 67% of the overall revenue in 2020. Growth of the UAV segment is characterised by its varied range of applications, in varied business verticals, together with, military, retail, and agriculture.
The outdoor segment is projected to hold major market share
Based on locations, the market is bifurcated into outdoor and indoor. The outdoor segment accounted for the major market share in 2020, and is projected to continue its dominance throughout the forecast period. This is often attributed to growing demand, for UAVs and outdoor AGVs, particularly within the defence, retail, commercial, and industrial segments.
North America is anticipated to dominate the market
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during forecast period. The U.S. accounts for a significant revenue share within the region, owing to high adoption of UAVs, AGVs, industrial robots, and space vehicles. Moreover, a number of the key corporations, engaged in providing these solutions, are primarily based in North America.
Segments
The global vision positioning market has been segmented on the basis of
Applications
- Healthcare
- Industrial
- Hospitality
- Retail
- Defence
- Transportation & Logistics
Components
Platforms
- Automated Guided Vehicle
- Industrial Robot
- Unmanned Aerial Vehicle
- Space Vehicle
- Others
Locations
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the vision positioning system market include Omron Corporation, Dettwiler and Associates Ltd., DJI, Fanuc Corporation, and Cognex Corporation. Most players are actively working on collaborations, strategic alliances and developing new solutions, for the vision positioning systems industry.
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