SMEs to drive Automated Guided Vehicle Market
Arizton’s recent market research report on the global Automated Guided Vehicle Market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The study includes insights by Product (AGCs, tow vehicles, unit load vehicles, pallet trucks, forklift trucks, and other AGV vehicles), Application (automated, retail, food & beverage, healthcare, aerospace, and others), Navigations (natural guidance, laser guidance, inductive guidance, magnetic guidance, vision guidance, and others), and Geography (North America, Europe, APAC, Latin America, and MEA).
The global automated guided vehicle market is expected to grow at a CAGR of over 46% during the period 2019–2025.
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Automated guided vehicles (AGV) refers to transport systems, which are capable of performing driverless operations and functions. They are gaining prominence in several application segments as help to reduce the damage to inventories and make the production scheduling highly flexible. AGVs had usage in moving heavier and large products in factories and industrial segments. In today’s scenario, there are different types of AGVs, wherein, many of these AGVs are called as Autonomous Mobile Robots (AMRs), mobile robots, and carts. These diversified types of vehicles have different usage as well as strength in different industries as well as warehousing applications. They comprise large-scale sophisticated integrated solutions, which are engaged in optimization and adoption of flows with precision and accuracy. Europe and North America are the largest markets. The presence of manufacturers such as Dematic, Daifuku, JBT Corporation, Milvus Robotics, AGVE, KUKA Robotics, and Seegrid Corporation solidifies their position in the global market.
The leading drivers and trends driving the growth of the global automated guided vehicle market are discussed below:
Increase in Safety Regulation to increase AGV Adoption
Automation enhances safety. Moving goods and items in a controlled way in warehouses and manufacturing plants substantially reduces the number of injuries as well as damage. Moreover, the increasing number of workplace accidents is driving manufacturers to implement several safety protocols in production units and warehouses and checklists for inspections and training aids. The usage of AGVs in one of the safety measures used by manufacturers to assure a safe working environment for workers. Sensors help to detect humans at blind spot regions, thereby reducing the number of accidents. Therefore, the usage with laser and natural guidance helps to increase the safety standards at manufacturing facilities.
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Increasing demand for Artificial Intelligence in Manufacturing Sectors
Artificial intelligence (AI) is one of the latest trends in business segments. With the implementation of AI technologies, manufacturers are expected to improve flexibility, bolster efficiency, enable self-optimizing operational processes, and accelerate processes. The implementation of AI is expected to affect the performance of the supply chain. For instance, an AI can detect patterns for the product demand across geographies and socioeconomic segments while taking into account political developments and macroeconomic cycles. This projection will help in driving the decisions regarding inventory, maintenance of equipment, raw material sourcing, finance, staffing, and energy consumption. In the manufacturing sector, AI can detect maintenance time for robots and other machinery by tracking operating conditions and performance of factory tooling. This helps to reduce machine downtime, thereby improving the overall productivity. Advances in AI technology is expected to have a positive impact on the global automated guided vehicle industry during the forecast period.
Increased Adoption of AGV in SMEs
Sensing the high growth potential among SMEs, manufacturers have started to offer affordable automated guided vehicles capable to work in small production and distribution units. Automated guided vehicles manufactured for SMEs are small and carry lighter loads between storage racks. These automated guided vehicles can handle payloads up to 110 pounds, which make them safe. The track guidance system used in these automated guided vehicles ensures a fast ROI for SMEs. The use of route markers and transponders further reduces the costs associated with laying the guide wires. A tight integration of software and hardware offers the flexibility of control through a tablet. Therefore, several cost savings and productivity benefits will boost the guided vehicle market during the forecast period.
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Daifuku, JBT Corporation, Kion Group, and Toyota Industries are identified as prominent vendors in the global automated guided vehicle market.
The complete overview of the latest market research report on the global automated guided vehicle market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges and provides market sizing and forecast for major geographical regions and key countries.
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