Fresh Perspectives on the Global Automated Guided Vehicle Market to Get Your Business Strategy Ready
The global market for Automated Guided Vehicles (AGVs) is projected to reach US$2.6 billion by 2025 driven by the strong focus shed on automation and production efficiency in the era of smart factory and industry 4.0.
Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Automated Guided Vehicle market. Report segmentation include Type (Forklift Truck, Tow Vehicle, Pallet Truck, Other Types); Battery Type (Lead, Nickel, Lithium Ion, Other Battery Types); Navigation Technology (Laser Guidance, Vision Guidance, Other Navigation Technologies); Application (Transportation, Distribution, Storage, Other Applications); and Industry (Automotive, Food & Beverages, Logistics, Retail, Other Industries).
10 June 5:58 A.M., California/Marketwire/ - According to the new market research report, the global market for Automated Guided Vehicles (AGVs) is projected to reach US$2.6 billion by 2025 driven by the strong focus shed on automation and production efficiency in the era of smart factory and industry 4.0. The market is expected to decline in the year 2020 before recovering to reach a revised market size and reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Smart manufacturing is the new revolution that will mark the next generation of production. Self-aware, self-optimized, self-configured equipment with the ability to wirelessly communicate with each other; advanced networking; real-time controls; more closer alignment of business management and plant floor activities and supply chains; additive manufacturing are few of the disruptive smart factory trends currently underway. Among these, "automation" lies at the heart of the smart factory concept. Almost like the beating heart, automation provides the foundation for the creation of knowledge-embedded manufacturing operations. Automating labor intensive operations is the starting point for automation, and as the most labor intensive process in manufacturing and warehousing, material handling is at the bottom of the automation pyramid.
Defined as the movement of products and materials throughout the manufacturing process, material handling is labor intensive and expensive. Benefits of automating material handling include reduced human role in unproductive, repetitive and labor intensive tasks and the ensuing freeing up of resources for other core activities; greater throughput capability; better space utilization; increased production control; inventory control; improved stock rotation; reduced operation cost; improved worker safety; reduced losses from damage; and reduction in handling costs. The importance of production efficiency can be put into perspective by the fact that over 55% of factory operation managers earmark budgets for investing in resources that support achievement of higher production rates. Technology innovation in automation, in this regard, is a key factor to boost productivity. Benefiting from increased investments in factory automation are AGVs, the workhorse of every processing and manufacturing plant. AGVs help automate repetitive, labor intensive tasks such as carrying pallets, rolls, racks, carts, and containers. Modern AGVs have come a long way from simple materials handlers to the current intelligent autonomous robots that find their way across the plant floor using advanced auditory or visual or environmental stimulus. On the plant floor, these highly functional smart robots ensure on-time delivery of parts to the production/assembly line. Benefits offered by AGVs include round the clock transit of materials; traceability that ensures that the plant manager remains informed of the material movement around the facility; ability to time-stamp pick-up, transit and delivery of items which can help in route optimization and improvements; ability to integrate information generated by AGVs into enterprise resource planning (ERP) or materials resource planning (MRP) systems; among others. AGVs are moving from wired operation to wireless operations.
Benefits of wireless AGVs include enhanced plant safety; operational flexibility; superior delivery speeds as it eliminates bottlenecks and obstruction in movements commonly experienced with wired operation; ability to operate AGV fleets on the plant floor; overthrows the need to modify or reconstruct the factor environment which is often needed for wired AGVs; changes in route plans can be easily executed as wireless AGVs can record and store images, identify obstructions and calculate their position; ability to autonomously take decisions about the best route in a manner that avoids collisions. Inspired by Germany's "Industry 4.0", MIC 2025 will enhance adoption of automation, digital and IoT technologies. Faced with new and changing economic forces, the Chinese government through this initiative is stepping up investments in cutting edge robotics, automation and digital IT technologies to competitively integrate into the global manufacturing chain dominated by industrialized economies such as EU, Germany and the United States and move from being a low cost competitor to a direct added-value competitor.
Key Competitors Covered in the Report
Bastian Solutions Inc.
Daifuku Co. Ltd.
Hyster-Yale Materials Handling Inc.
John Bean Technologies Corporation
KION Group AG
Konecranes India Pvt. Ltd.
Swisslog Holding AG
Murata Machinery Ltd.
SSI Schaefer - Fritz Schaefer GmbH
Toyota Industries Corporation
Universal Robots A/S
Geographies Analyzed in the Report
Europe (France, Germany, Italy, United Kingdom, Spain, Russia, and Rest of Europe)
Asia-Pacific (Australia, India, South Korea, and Rest of Asia-Pacific)
Latin America (Argentina, Brazil, Mexico, and Rest of Latin America)
Middle East (Iran, Israel, Saudi Arabia, United Arab Emirates, and Rest of Middle East)
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. All analysis and findings published in the report are based on validated engagements from a total executive pool size of 822. Among this pool, 164 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 33 unique participations, a total of 16 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world's only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.
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Global Industry Analysts, Inc.