The global automated guided vehicles market size is expected to reach $7.3 billion by 2025, from the current size of more than $2 billion, according to a new report by Grand View Research, registering a 16.5 percent annual growth over the forecast period.
AGVs are transforming the way materials can be moved within manufacturing and distribution facilities.
In a production environment where several operations are carried out simultaneously, these vehicles can ensure predictable and reliable transfer of raw materials as well as manufactured products from one point to another within the facility, thereby eliminating any potential disruption in production.
These vehicles can operate safely around structures, machinery, and employees, as they are equipped with accessories such as camera vision and LiDAR sensors.
These can help in detecting junctions, identifying floor signs, and avoiding collisions with obstacles.
Manufacturing plants and warehouses are increasingly deploying material handling equipment for various activities, such as locating stock, picking orders, and moving products and raw materials.
Transportation and logistics firms are particularly under pressure to boost the efficiency of their operations in line with growing demand for their services.
They are hence heavily investing in such equipment. Increasing demand for material handling equipment is expected to boost the AGV market over the forecast period.
The market is witnessing a progressive switch from lead-acid batteries to lithium-ion batteries. Lithium-ion batteries offer several advantages over lead-acid variants. They tend to be lighter and compact.
Moreover, they can charge faster, offer longer runtimes, and support more charge cycles. Hence, they are considered to be ideal for AGVs, as they need not be charged frequently during operating shifts or in 24×7 operating environments.
AGVs running on lithium-ion batteries can also offer higher round-trip efficiencies.
Further key findings from the report suggest:
- Adoption of material handling equipment and automation solutions is growing significantly across several industries
- Rising adoption of AGVs by the automotive as well as automotive supply industry to move intermediate products within facilities is expected to drive the AGVs market
- The manufacturing industry is increasingly adopting AGVs in order to save on labor costs. While AGVs can operate on a 24×7 basis, costs associated with their procurement and maintenance tend to be lesser than costs incurred on salaries and employee benefits
- The logistics and warehousing segment is the largest user of AGVs and generated the highest revenue in 2017. It is expected to retain its dominance over the forecast period
- Europe dominated the global AGVs market in 2017. Asia Pacific is projected to exhibit the highest annual growth of 17.6 percent from 2018 to 2025
Key players in the market include:
- Egemin Automation;
- Bastian Solutions;
- JBT Corporation;
- Seegrid Corporation;
- Toyota Industries Corporation;
- Hyster-Yale Group;
- EK Automation;
- KMH Systems;
- Fetch Robotics;
- inVia Robotics;
- Locus Robotics;
- Schaefer Systems International;
- System Logistics; and