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Robot Sensor Market in Asia Pacific is Expected to Grow At A CAGR of 15% by 2024

Author : Ronak Bora | Published Date : 2019-06-06 

Asia Pacific is the fastest growing region with a CAGR of around 15% in the robot sensor market. This is attributed to the massive demands from China, South Korea, and Taiwan. South Korea’s robot density is 347 per 10,000 persons in manufacturing, Japan’s robot density is 339 and that of Taiwan is 129. This increasing replacement of people with robots across industries is one of the major drivers for the robot sensor market in the region. In addition, the declining cost of sensors is propelling the demand in the conventional systems of manufacturing industries.

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Owing to diverse industrial applications and improved operational efficiency provided by robots, the robot sensor market has developed rapidly and boasts of an extensive product base, with estimated earnings of over USD 2 billion in 2017. Robots have been used in basic functions and primary support for many years, but technological revolutions have brought about an obvious change in the way they are applied to different processes. Constant innovations in sensory technology and increased efforts of forward-thinking industry specialists to promote the adoption of robotics in manufacturing have boosted the robot sensor market.

Laser range sensor technology in the robot sensor market which was estimated to be over USD 390 million in 2017 is expected to grow over the forecast timeline owing to the emerging cheaper LiDAR sensors. For instance, Velodyne HDL-64E LiDAR was valued at an enormous price of USD 75,000. Velodyne has introduced a low-cost LiDAR sensor, LiDAR Puck which is valued at USD 8,000 and is working on cheaper "solid state" LiDAR solutions, which do not offer a 360-degree view. Moreover, Google’s Waymo is also investing in the LiDAR technology to cut down on the sensor costs.

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Moreover, robot sensor market is gaining traction as these are being integrated into the legs and torsos of robots, whereas it was integrated only into robotic arms in the past. The market for force torque sensors will witness a significant growth in the Asia Pacific region due to the increasing deployment of industrial robots in South Korea and China. These sensors are also working collectively with other technologies such as LiDAR, ultrasonic, and vision sensors for efficiency.

Major vendors in the robot sensor market space are SICK AG, ATI Automation, Robotiq, OptoForce, and OMRON. The industry is characterized by diverse solutions from various manufacturers with a broad price range of products. To sustain competition, players have been focusing on developing technologically-advanced products ensuring low-cost solutions.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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