With 14.0% CAGR, Warehouse Robotics Market Growth to Surpass USD 9.1 billion

Warehouse Robotics market size is expected to grow from USD 4.7 billion in 2021 to USD 9.1 billion by 2026, at a CAGR of 14.0%. Expanding e-commerce industry, increasing funding from venture capitalists, rising need for enhancing the quality and reliability of warehouse operations, and growing adoption of warehouse robotics by SMEs are some of the factors driving the growth of warehouse robotics in the market. However, the high installation cost and lack of a skilled workforce are expected to restrain the market growth. The integration of Industry 4.0 with warehouse robots and technological advancements in AMRs are expected to create lucrative opportunities for the players operating in the warehouse robotics market.

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As a result of the COVID-19 outbreak, businesses worldwide have been impacted by revenue losses and disrupted supply chains as factory shutdowns and quarantine measures have been implemented across the globe, restricting movement and business activities. The economic impact is increasing, and the world's top economies are likely to enter a global recession.

Automated guided vehicles (AGVs) segment is expected to hold the largest market share during the forecast period

The Automated guided vehicles (AGVs) segment captures the largest share of the warehouse robotics market. AGVs are robots designed to follow predetermined programming commands. Warehouses equipped with AGVs are installed with navigation aided strips such as filoguiding, optoguided, and laserguiding so that they can travel through a dedicated path and avoid collisions. Typical AGV applications include transportation of raw materials, work-in-process and finished goods in support of manufacturing production lines, and storage/retrieval or other movements supporting picking in warehousing and distribution applications. AGVs similar to collaborative mobile robots assist in the picking process by guiding warehouse associates through tasks and transporting picked orders to packaging and shipping workstations. One of the drawbacks of these vehicles is that they cannot go around the obstacles and have to wait till the obstacle is removed

Transportation function is estimated to be the dominating market during the forecast period

The warehouse robotics market for the transportation function accounts for the largest market share of warehouse robotics. Manufacturing companies, third-party logistics providers, and independent warehouse operators are increasingly relying on efficient inbound and outbound transportation to remain competitive in the market. In a demanding warehouse and distribution environment, the internal transportation of goods and products needs to be done efficiently and cost-effectively. Thus, warehouse operators are widely using robots for performing automated transportation of goods between different locations within a warehouse. Warehouse robot helps minimize the risk of accidents by reducing labor intervention, ensuring timely delivery of goods, and reducing inventory cost thereby increasing the productivity of warehouse operations.

The Asia Pacific is expected to grow at the highest rate

The rising investments in the deployment of robotics in various industries is one of the key factors driving the growth of the market in APAC. The expanding e-commerce industry in APAC, mainly in China, is also supporting regional market growth. The e-commerce industry in China has evolved rapidly over the last 5 years supported by the high internet and smartphone penetration, increasing consumer confidence in online shopping, emergence of various e-commerce platforms, and availability of several payment solutions, such as Alipay and WeChat Pay. The COVID-19 pandemic has further accelerated the growth of the industry as consumers are preferring online channels for shopping.

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Major players in the warehouse robotics market include ABB Ltd. (Switzerland), KUKA AG (Germany), KION GROUP AG (Germany), Daifuku (Japan), FANUC Corporation (Japan), Geekplus Technology (China), GreyOrange Pte. Ltd. (US), Murata Machinery Ltd. (Japan), Omron Corporation (Japan), Toyota Industries Corporation (Japan), Shopify, Inc. (Canada), Hikrobot (China), IAM Robotics (US), inVia Robotics, Inc. (US), JBT (US), Knapp AG (Austria), Locus Robotics (US), Magazino GmbH (Germany), Scallog (France), Shanghai Quicktron Intelligent Technology Co. Ltd. (China), SSI Schaefer AG (Germany), Teradyne, Inc. (US), Vecna Robotics (US), Yaskawa Electric Corporation (Japan), and Zebra Technologies Corp. (US) among others.

News also Covered: https://www.prnewswire.com/news-releases/warehouse-robotics-market-worth-9-1-billion-by-2026--exclusive-report-by-marketsandmarkets-301377268.html

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This release was published on openPR.