Automated guided vehicle market size is predicted to observe substantial growth rate from 2019 to 2025
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Automated Guided Vehicle Market size is set to register high gains to 2025 driven by its growing use in the manufacturing sector for various operations such as raw material handling, progress movement, pallet handling, finish product handling, and hazardous material handling. Utilization of this equipment in the production & warehousing facilities offers reduced labor, production, warehousing cost, and low operational time. These machines are intelligent systems, which use different guidance techniques, such as wired, guided tape, and laser target, for transporting materials across the facility. It can be used for functions, such as repetitive movement of material over a distance, further reducing the labor load and need for human intervention. The robots are increasingly implemented in heavy material tracking and transporting operations across manufacturing units, further supporting the automated guided vehicle market growth.
A major factor concerning the AGV market is high initial investment associated with the vehicle’s deployment. It consists of various self-controlling & intelligent components, which increase the overall product cost. The efficient navigation systems integrated for fast load transportation add to the vehicle cost. These robots incur high maintenance cost due to the need for routine maintenance, occasional repairs, and ongoing servicing expenses. The equipment has less flexibility due to specific task-programming features, which is a drawback compared to human labors. In the automated guided vehicle (AGV) market, complex product manufacturing process and long prototype to final product conversion time may restrain the industry growth.
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The material handling equipment demand in the automated guided vehicle market is increasing to aid operational efficiency in the industrial processes and increasing labor costs. Work safety initiatives across various manufacturing industries and the need for higher productivity are expected to support the automated guided vehicle market growth. Flexible manufacturing technologies and high demand for smart & customized equipment are creating high product demand owing to reduced operational time benefits. Technical advancement in the manufacturing sector is leading to the adoption of highly automated products and solutions. These products are gaining popularity in the healthcare sector due to features such as high efficiency and full programmability.
In the AGV market, laser target navigation technique is expected to gain high traction owing to its implementation across application industries. This technique offers several benefits including quick installation and high flexibility for layout changes and expansion to other layouts. Laser target navigation provides better accuracy and reliability due to the use of continuous position verification technique over other options. This system uses area mapping and material tracking techniques for enhanced navigation. This navigation supports dynamic control of blocking and traffic management, further expanding the market offerings.
In the automated guided vehicle market, manufacturing application is growing rapidly due to the growing implementation of automation technologies in production, transportation, and warehousing processes. The manufacturing automation trend, limited availability, and high cost of labors for these activities are promoting industry development. This equipment is integrated with various sensors and tracking systems to avoid obstacles and support consistent work operations. Utility cost incurred during the manufacturing process is substantially reduced by the use of this equipment and results in gaining inventory efficiency. The increasing need for efficiency and reduced time for catering to the rising consumer demand led to the adoption of several automation products. Additionally, AGVs substantially reduce the time required for repetitive tasks and product handling jobs, further adding to automated guided vehicle (AGV) market growth prospects.
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The players operating in the automated guided vehicle market include Hyster-Yale Materials Handling, Toyota Industries Corporation, Oceaneering AGV Systems, Daifuku Co., Dematic Corp., JBT Corporation, and Bastian Solutions LLC. Several industry players have adopted growth strategies such as new product launches, innovating new technologies, developing application-specific solutions, mergers & acquisitions, etc. For instance, in January 2019, JBT Corporation announced that it has acquired LEKTRO, a manufacturer of electric aviation ground support equipment, which aids the company to offer technically-advanced material handling solutions. For instance, in June 2018, Hyster-Yale Materials Handling announced the acquisition of Zhejiang Maximal Forklift Co., Ltd. with an aim to expand its low-cost global manufacturing capabilities and to strengthen its product portfolio in the market.
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