The automated
guided vehicle (AGV) market is expected to reach USD 1.5 billion by 2024,
according to a new study conducted by Grand View Research, Inc. The growing
focus on industrial automation, worldwide, is expected to contribute to the
revenue growth.
The manifold
advantages offered by AGVs, such as reduction in the operational cost,
decrement in the production time, and enhanced workforce safety, are
substantially energizing the industry growth prospects. These vehicles offer
dynamic design solutions that pertinently replace the conventional conveyor
systems and their associated high costs. Innovative technologies, such as
laser, vision, and natural guidance, are instrumental in creating a high
potential for the automated guided vehicle market growth. AGVs with such
advanced wireless navigation technologies help in eliminating the need for
expensive retrofitting, which is one of the primary factors behind their
adoption.
 |
| Asia Pacific AGV Market Revenue, By End-Use Industry, 2014 - 2024 (USD Million) |
This escalating demand for material handling equipment is projected to
drive the market growth over the forecast period. Firms, operating in the
warehouse businesses, are focusing on increasing spending on these vehicles to
meet the growing demand for their services and to improve the efficiency of
their operations.
In depth research report on Automated Guided Vehicle (AGV) Market
Further key findings from the study suggest:
·
The tow vehicles segment was valued at USD 297.3 million
in 2015 and is expected to grow at a CAGR of 7.6% over the forecast period.
Such vehicles have considerable demand due to their ability to move more loads
with multiple trailers than a single fork truck. This segment is expected to be
driven by its advantages such as planned computerized operations and increased
employee safety.
·
The AGV market is technology-driven and the OEMs are
focusing on enhancing the capabilities of their existing products. The natural
navigation technology segment is anticipated to show a high potential, owing to
its benefits, such as reduced infrastructure costs, as the natural navigation
eliminates the need of reflectors and markers. The natural navigation
technology segment was valued at over USD 18.4 million in 2015 and is expected
to be the key navigation technology segment in the near future.
·
Based on application, the market is segmented into
logistics, assembly and packaging. The assembly and packaging application
segment is estimated to be a key segment over the next 8 years and is estimated
to grow at a CAGR of 6.6% from 2016 to 2024.
·
The retail end-use industry is undergoing a rapid growth
phase and is presumed to offer remarkable growth opportunities for the AGV
market growth. The retail end-use industry is expected to reach USD 353.6 million
by 2024.
·
The Asia Pacific region is estimated to be the key region
and the market for AGV in this region was valued at over USD 320.6 million in
2015, and is expected to expand at a CAGR of 7.6% from 2016 to 2024. The
regional growth is supported by the increasing manufacturing and logistics
activities in the emerging countries such as China and India. For instance,
Amazon.com, Inc. has deployed several Kiva AGVs, at its Chinese warehouse, to
effectively manage its logistics activities.
·
The key vendors dominating the industry include Swisslog
Holding AG, Egemin Automation, Inc., Bastian Solutions, Inc., Daifuku Co.,
Ltd., Dematic Corp., JBT Corporation, Seegrid Corporation, Toyota Industries
Corporation, Hyster-Yale Group, Inc., Baylo, Inc., EK Automation, Kollmorgen,
and KMH Systems, Inc.
Grand View Research has segmented the AGVs market based on type,
navigation technology, application, end-use industry, and region:
AGVs Type Outlook
(Revenue, USD Million, 2014 - 2024)
·
Tow vehicle
·
Unit load career
·
Pallet truck
·
Forklift truck
·
Others
AGVs Navigation Technology
Outlook (Revenue, USD Million, 2014 - 2024)
·
Laser guidance
·
Magnetic guidance
·
Natural navigation
·
Vision guided
AGVs Application Outlook
(Revenue, USD Million, 2014 - 2024)
·
Logistics
·
Assembly and packaging
AGVs End-use Industry
Outlook (Revenue, USD Million, 2014 - 2024)
·
Automotive
·
Food and beverage
·
Aerospace
·
Healthcare
·
Retail
AGVs Region Outlook
(Revenue, USD Million, 2014 - 2024)
·
North America
o
U.S.
o
Canada
·
Europe
o
UK
o
Germany
·
Asia Pacific
o
China
o
India
o
Japan
·
Latin America
o
Brazil
·
The Middle East and Africa
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For more market analysis
reports, please visit: http://www.grandviewresearch.com/
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