Automated Guided Vehicle (AGV) Market Report Up to 2031
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Automated guided vehicle (AGV) system is an intelligent mobile & portable robot which are assist to move & transport items in manufacturing facilities, warehouses, and distribution centers. In addition, it uses radio waves, vision cameras, magnets, or lasers for navigation and do not required any permanent conveying system or manual intervention. Furthermore, it follows configurable guide paths for optimization of storage, transport, and picking functions across several industry vertical.
Factors such as several benefits provided by automated guided vehicle and surge in demand for automation in material handling across industries are some of the major factors driving the market growth. Conversely, increased incorporation of Industry 4.0 with robotics and untapped potential in emerging economies are becoming major factors expected to create lucrative opportunities to the market in the upcoming years.
COVID-19 Impact on Automated Guided Vehicle Market
With becoming large scale implementation across numerous industries, automated guided vehicle market has severely impacted due to COVID-19 outbreak. Due to lockdowns imposed by governments, halt of manufacturing operations, unavailability of workforce, has significantly impacted the automated guided vehicle market. However, due to increase in demand for contact less & operative logistics infrastructure, the automated guided vehicle is anticipated to prosper significant growth rate in the upcoming years.
Several benefits provided by automated guided vehicle
Reduction in labor costs, increases workplace safety, and enhances inventory efficiency & accuracy are some of the major benefits provided by implementation of automated guided vehicle. Therefore, due to these major benefits & features provides by AGV solution, the key players are adopting & investing in AGV technology, which is fuelling the market growth.
Surge in demand for automation in material handling across industries
Several industrial verticals are aiming at implementing AGV technology, due to increasing production units and expansion of trading globally are accelerating the need for AGV technology across several industries. Moreover, increased investment in development of existing production processes are becoming major driving factors to the market.
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Increased incorporation of Industry 4.0 with robotics
Industries are developing & transforming operations into connected, smart, and highly efficient automated facilities by integrating Industry 4.0 with automation systems. In addition, Industry 4.0 is changing the functioning of warehouses and is capable of adapting an industrial facility into an independent plant. Therefore, with these advance features provided by an implementation of Industry 4.0 is expected to provide lucrative opportunities to the market in the upcoming years.
Untapped potential in emerging economies
Emerging economies are continuously expanding & establishing partnership for industrial expansions globally. Therefore, the need for AGV technology is expected to rise at a tremendous growth rate across the developing countries. As a result, increasing need for AGV technology and developing industries in the emerging economies is expected to boost the market growth.
Some of the companies profiled in the report include Daifuku, E&K Automation, Hyster-Yale, JBT, KION, KUKA, Murata Machinery, Oceaneering, SSI Schaefer, and Toyota Industries.
In In March 2020, Seegrid is one of the leading provider of automated guided vehicles has launched the GT10 Series 7Plus vision guided vehicle (VGV). It features automated tow tracker features and facilities with height restrictions. In addition, this new product provides with auto-hitch capabilities and features reverse sensing for added functionality.
In October 2019, Hit Robot Group (HRG) which is a technology company has launched an automated guided vehicle. This new product launch helps in simultaneous localization & mapping of production process across industries.
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