Automated Guided Vehicle Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Automated Guided Vehicle Market: Snapshot
The professional intelligence studies predict that the global automated guided vehicle market will expand at an outstanding annual compound growth rate of 16.6 % over the forecast period of 2020 to 2027.
It also informs the readers that the initial evaluation of the global automated guided vehicle market was placed at US$ 5.21 billion at the base year of the study i.e. 2019.
Furthermore, the report also projects that the global automated guided vehicle market will surpass the evaluation of US$ 13.52 billion by the end of the forecast period i.e. 2027.
The products and solutions in the global automated guided vehicle market are considered to be self-guided systems for material handling. These vehicles can travel, on their own, across various distribution centres, omitting the requirement for human operators or drivers.
The products in the global automated guided vehicle market offer significant benefits and advantages, including increased safety in the workplaces and warehouses, enhancements in productivity as well as precision, and the reduction in the cost associated with labour.
Global Automated Guided Vehicle Market: Overview
Automated guided vehicles (AGVs) are fully automated transport systems that function with unmanned vehicles.
They are used for the safe transport of goods in production, warehouse, logistics, and distribution environments without human intervention. AGVs are employed to reduce costs and to enhance efficiency and profitability.
Automated guided vehicles operate on a multitude of navigation technologies such as magnetic, laser, inductive, and optical tape within production facilities.
The type of AGV deployed is dependent on the application such as transportation, storage, distribution, assembly, and packaging.
Global Automated Guided Vehicle Market: Key Trends
The increasing demand for automated solutions from a host of industries is primarily driving the automated guided vehicles market. Automated guided vehicles offer a multitude of advantages such as reduction in operational cost, enhanced workforce safety, and decrement in production time.
These vehicles extend dynamic design solutions and offer cost advantages that conventional conveyor systems lack. Innovative technologies such as laser and vision are instrumental in creating growth opportunities for the automated guided vehicle market.
Growing implementation of mobile robots across the world and measures to enhance workplace safety and productivity are some other factors leading to the adoption of AGVs.
AGVs that are equipped with wireless navigation technologies help eliminate the need of expensive retrofitting, thereby leading to their increased adoption.
Moreover, preference for lithium-ion based batteries in place of conventional batteries and need to reduce dependency on labor for cost and productivity reasons are furthering the adoption of AGVs in industrial operations.
However, factors such as high initial investment for AGVs and high cost involved in switching manual operations to automated solutions is slowing this market’s growth.
The emergence of flexible manufacturing system and high demand for intelligent and customized AGVs is expected to present opportunities to the AGV market in the coming years.
In addition, the rising demand for frozen food in Asia Pacific that needs efficient handling is also leading to the adoption of AGVs. The rising demand for material handling equipment is also anticipated to have a positive bearing on the market’s growth in the future.
Global Automated Guided Vehicle Market: Market Potential
Industrial robotic automation is spreading wings from traditional automotive and electronics industries to food and agriculture to attain new levels of efficiency and workplace safety.
The use of automation in the food processing plants lies in eliminating contamination that directly translates into revenue. Moreover, automation saves labor cost issues and medical bills due to repetitive, dangerous, and exhausting jobs.
Industrial robots can easily pick and place food items without risk of introducing bacteria and at a faster rate than human worker. Not only this, advanced vision systems even have the capability to detect external as well as internal defects in food products.
Global Automated Guided Vehicle Market: Regional Outlook
Europe is expected to be the leading regional market for automated guided vehicle over the forecast period. However, Asia Pacific is expected to display the leading growth rate for the same period.
The growth of the Asia Pacific market is attributed to the surge in manufacturing and production plants along with expansion of manufacturing plant capacities in countries such as China, Japan, and Australia.
Global Automated Guided Vehicle Market: Competitive Landscape
The leading players in the global guided automated vehicle market include Daifuku Co. Ltd., KION Group, Toyota Industrial Corporation, Kollmorgen, Seegrid Corporation, SSI Schaefer AG, Dematic GmbH & Co. Ltd., JBT Corporation, KUKA AG, Hyster-Yale Materials Handling Inc., E&K Automation Gmbh, and Egemin International NV.
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