According to a report published by
Grand View Research, Inc.; the global automated
guided vehicle (AGV) market is likely to reach USD 1.5 billion
by 2024. Growing demand for automated process in industries, distribution
facilities, automobile assembly centers, and material handling application in
warehouses can propel the market during the forecast period (2014 to 2024).
Growing labor cost is likely to
boost the market growth over the forecast period. The implementation of
automated guided vehicles can be a one-time investment as the operating and
maintenance costs would be less than paying labors. Industries across the world
are focusing on increasing productivity and minimizing overall costs. Hence,
most companies are implementing advanced automation techniques to improve
operational efficiency and to avoid material waste. AGVs assist companies to
optimize their processes and to reduce waste in whole manufacturing process.
These vehicles can offer several advantages including better workforce safety
and decrement in the production time and operational costs.
In automotive industry, the assembly
line automated guided vehicles are extensively used for auto part and
transmission assembly lines, where a product is moved from one manufacturing
cell to another. The companies operating in warehouse businesses are expected
to adopt these vehicles to improve their services and overall efficiency of
their operations. The healthcare industry is also expected to boost the global
market for automated guided vehicles due to rising demand for AGVs to move
medical equipment and patient supplies.
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Automated guided vehicles also
provide dynamic design solutions that can certainly replace the traditional
conveyer systems and the high implementing cost associated with them.
Development of novel technologies such as laser, natural guidance, and vision
guidance can create a positive outlook for the market over the forecast period.
Additionally, AGVs equipped with advanced wireless navigation can eliminate the
requirement of costly retrofitting. This is considered as one of the key
factors encouraging the growth of the global market.
The worldwide automated guided
vehicle market can be segmented on the basis of type, navigation technology,
application, end-use industry, and region. Based on type, the market can be
categorized into tow vehicle, pallet truck, forklift truck, unit load carrier,
and others. As per navigation technology, the market can be classified into magnetic
guidance, laser guidance, natural navigation and vision-guided. In 2015, the natural
navigation technology segment was estimated to be worth over USD 18.4 million.
Based on application, the market
can be segmented into logistics and assembly and packaging. The assembly and
packaging application segment is anticipated to grow at a CAGR of around 6.6%
from 2016 to 2024. As per, end-use industry, the market can be fragmented into
automotive, aerospace, food and beverage, retail, healthcare, and
pharmaceuticals.
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Geographically, the market for
automated guided vehicles can be divided into Europe, North America, Asia
Pacific, South America, and Middle East and Africa (MEA). Europe is anticipated
to hold a significant market share due to growing use of AGVs in manufacturing
companies. The automotive companies in the region are likely to increase the
adoption of AVGs in the forthcoming years. North America, on the other hand, is
projected to showcase substantial growth over the forecast period due to high
adoption of AGVs in food and beverage and aerospace industries.
Asia pacific is predicted to be
the fastest growing region in the global market for automated guided vehicles
and is anticipated to grow at a CAGR of 7.6% from 2016 to 2024. This growth can
be attributed to rise in manufacturing and logistics activities in developing
countries such as India and China. In addition, automotive and manufacturing
sectors in the region are projected to register a steady rise in demand for
AGVs. In addition, the demand for magnetic guidance navigation technology can
further propel the regional expansion. The rising retail industry due to growth
of e-commerce in the region is expected to bode well for the demand for AGVs for
bulk material handling without any downturn.
Some of the leading players
operating in the automated guided vehicle market include Bastian Solutions,
Inc.; Kollmorgen and KMH Systems, Inc.; Egemin Automation Inc.; JBT
Corporation; and Balyo Inc. The market is technology-driven, and the original
equipment manufacturers (OEMs) are concentrating on improving the capabilities
of their existing products by purchasing new automated storage and other
material handling equipment. The vendors are also making high investment in
research and development activities and for innovative solutions.
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Of This Research Report by Grand View: https://www.grandviewresearch.com/press-release/global-automated-guided-vehicle-agv-market
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