Transportation applications are to account for more than 50 percent of the overall AGV market, according to a report by Future Market Insights.
A new market research study on the global automated guided vehicle market contains global industry analysis 2014-2018 and opportunity assessment 2019-2029.
The report investigates the automated guided vehicle market and provides critical insights for the forecast period of 2019-2029.
As per the findings of the report, the global automated guided vehicle market is anticipated to experience significant growth over the forecast period, owing to the increasing demand from the logistic industry which is currently witnessing robust development in automation and related technologies.
The global automated guided vehicle market was valued at $1 billion in 2018 and is estimated to increase at annual growth rates of approximately 9 percent during the projected period of 2019-2029.
This growth is significantly driven by the expansion of logistics, manufacturing, healthcare, and other end-use industries.
Significant opportunities exist in the automated guided vehicle market for stakeholders centered on the development of innovative products.
The material handling industry in Western Europe, North America, and APAC is advancing at a high pace.
Innovation in automation has witnessed significant growth over the recent past, and the trend is likely to continue throughout the forecast period.
With the advancement of technology, telematics services are being introduced in automatic guided vehicles.
In the current scenario, wireless communication is famous among automation industries, increasing the accuracy in tracking position of the automated guided vehicle. This feature is trending in the global automated guided vehicle market.
Material handling technology advancement
The global automated guided vehicle market is segmented based on navigation technology, application, vehicle, end-use, and regions, such as North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa (MEA).
In recent years, automated guided vehicles have garnered significant traction as viable material handling solution, which also results in increased production capacity of the industry.
These material handling solutions are used to decrease physical damage to the material, increase efficiency of transportation, and reduce overheads by limiting the number of employees required to complete the job, which in turn, lower the cost of production.
Automated guided vehicles are used in almost all end-use industries, such as automotive, logistics, healthcare, food & beverages, manufacturing, and others.
Surge in employment in the manufacturing sector, particularly in developing regions, along with the increase in the production output are the key factors leading to the rising adoption of industrial equipment, such as automated guided vehicles in the manufacturing and metal fabrication sectors.
The demand for automatic guided vehicles is expected to rise, owing to the increasing industrialization. Industries, such as automotive, oil and gas, transportation, and construction are in continuous need of customized material handling solutions for better work and fuel efficiency.
In such cases, automatic guided vehicles are the best solutions, owing to their easily customizable features.
The report highlights some of the prominent market players, who have established themselves as leaders in the global automated guided vehicle market.
Few examples of significant players in the market are:
- JBT Corporation;
- Omron Adept Technologies;
- Kion Group;
- Oceaneering International;
- AGVE Group;
- Murata Machinery;
- AVT Europe;
- SSI Schaefer;
- Toyota Industries;
- Bastian Solutions; and
- E&K Automation, among others.
The global automated guided vehicle market is considerably dominated by some key players holding major shares of the market.
Tier-1 players are collaborating with regional / local companies to increase their automated guided vehicle product portfolio, gaining a competitive edge over their peers.