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Industrial Robots: Transforming Warehousing and Storage in 2024
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According to The Business Research Company's, The industrial robots(warehousing and storage robots) market size has grown rapidly in recent years. It will grow from $6.48 billion in 2023 to $7.5 billion in 2024 at a compound annual growth rate (CAGR) of 15.6%. The growth in the historic period can be attributed to e-commerce growth, labor shortages, automation and productivity, supply chain optimization, rising costs of labor, government support for automation and robotics.
The industrial robots(warehousing and storage robots) market size is expected to see rapid growth in the next few years. It will grow to $13.13 billion in 2028 at a compound annual growth rate (CAGR) of 15.0%. The growth in the forecast period can be attributed to customization and scalability, environmental and sustainability goals, need to improve operational efficiency, need to meet the demands of modern supply chain dynamics. Major trends in the forecast period include advanced technology integration, robotic picking and packing, autonomous mobile robots, real-time data and analytics, ai-driven decision making, collaborative robots, advancements in robotic technology.
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Market Drivers and Trends:
The accelerated movement of goods inside the warehouse drove the industrial robots in the warehouse and storage market. The increase in the movement of goods is due to the boom in the e-commerce industry and their commitment to shortest-time delivery. Industrial robots are used to speed up the process in the warehouse and storage industry. For instance, in 2022, Geodis signed an expanded agreement with Locus Robotics, an autonomous mobile robots (AMRs) supplier, to deploy 1,000 AMR robots at warehouses globally. The accelerated movement of goods inside the warehouse drove the industrial robots in the warehouse and storage market.
The picking process in the warehouse is increasingly being automated, with increased demand in the e-commerce industry, to reduce the pickup time of items. The automated robot gathers items and brings them to a central location, where an employee can fulfill orders quickly. For instance, Ocado, a British supermarket, started using a grid of picking robots in the warehouse that picks the ordered items and delivers them into crates, which are moved onto conveyors and carried to shelves where an employee picks the crate and delivers the order to the customer, helping to deliver the groceries fast.
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Major Key Players of the Market:
ABB Ltd., Yaskawa Electric Corp, KUKA AG (Keller und Knappich Augsburg), Fanuc Corp., Mitsubishi Electric Corporation, Amazon, Honeywell Intelligrated, Omron Corporation, Fetch Robotics Inc., Fanuc Corp, Bastian Solutions, Yamaha Robotics, Siemens AG., Locus Robotics, Daifuku Co. Ltd., Dematic, KNAPP AG, AGVE Group, BlueBotics SA, Clearpath Robotics, GreyOrange, IAM Robotics, inVia Robotics, Kardex Group, KION Group AG, Kiva Systems, Kollmorgen, Magazino GmbH, MiR (Mobile Industrial Robots), RightHand Robotics, SSI SCHAEFER, Swisslog Holding AG, Teradyne Inc., Vecna Robotics, Vanderlande Industries BV, Zebra Technologies Corp.
Industrial Robots (Warehousing and Storage Robots) Market 2024 Key Insights:
• The industrial robots(warehousing and storage robots) market size is expected to see rapid growth in the next few years. It will grow to $13.13 billion in 2028 at a compound annual growth rate (CAGR) of 15.0%.
• Accelerated Warehouse Operations Propel Growth In Industrial Robots Market
• Automation Revolutionizes Warehouse Picking Process For Faster E-Commerce Fulfillment
• Asia-Pacific was the largest region in the industrial robots market in 2023
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