The global automated guided vehicles (AGV) market was valued at US$ 3,310.8 million in 2020 and is projected to reach US$ 9,077.3 million by 2028; it is expected to grow at a CAGR of 14.59% during 2021–2028.
The adoption of automated guided vehicle (AGVs) has increased drastically as they are effective and reliable solutions for material handling, which, in turn, increases the production capacity of the industry.These material handling solutions reduce physical damages to goods and boost the efficiency of operations.
The overall need for high efficiency in the automotive, healthcare, e-commerce, and food & beverage industries propels the demand for automated material handling.It has enabled the industries to have connected factories with big data and machine learning, resulting in increased automation in the industries.
The AGV-enabled automation in industrial facilities can help meet the requirements related to material handling capacity and reduced production time.Moreover, this automation facilitates improved labor management, enhanced safety, high production volumes, and increased accuracy and repeatability by enhancing quality control with flexible manufacturing processes.
AGVs enable just-in-time (JIT) delivery of raw material, computerized control of received assembled parts, and tracking of shipped articles. At present, the automotive industries are rapidly adopting automation and AGVs, especially in their production floors. For instance, in Martorell, Spain, the SEAT plant is moving toward digital and smart factory, with which the manufacturers are adopting AGVs with SLAM navigation, 4G connection, and induction battery charging. Till date, the facility adopted eight AGVs for outdoor operation and has over 200 AGVs that deliver parts inside the assembly workshops at the Martorell and Barcelona factories. Thus, growing demand for automation in material handling across industries is likely to increase the adoption of automated guided vehicles during the forecast period.
According to latest report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst affected countries due to COVID-19 outbreak.The crisis is hindering the industries worldwide and the global economy is also witnessing a downturn.
Due to lockdown, the production volume is decreasing for many sectors. Thus, decline in the operations of industries is restraining the development of AGV technologies and systems.
The overall automated guided vehicles (AGV) market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the automated guided vehicles (AGV) market with respect to all the segments.It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic.The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the automated guided vehicles (AGV) market.
A few major players operating in the market are Balyo SA; Bastian Solutions, Inc.; Daifuku Co., Ltd.; Dematic Group; Hyster-Yale Group, Inc.; SSI SCHAEFER Group; Konecranes Oyj; Kuka AG; and Lodamaster Group.
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