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 centres, 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.
Browse full research report on Automated Guided Vehicle Market: https://www.grandviewresearch.com/industry-analysis/automated-guided-vehicle-agv-market
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.
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by Grand View Research: https://www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
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.
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.
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com
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