Material Handling Requirements and Growing Emphasis on Factory Automation to Propel Market Growth
The past couple of decades has witnessed significant progress in robotic technologies. Industrial ecosystems are evolving at a rapid pace, and leaning toward automated systems to boost and enhance productivity levels, streamline logistics, and improve transportation & logistics systems. The advent of Industry 4.0 has set led to data exchange and automation in the manufacturing sector across the world. With growing interest and a shift toward automated systems and technologies, automated guided vehicle market has witnessed growth in the past few years. Technological advancements, particularly in the navigation space, have played a key role in the growing adoption of automated guided vehicles in the manufacturing sector.
Evolving material handling requirements, growing demand for precision, and high adoption of robots in factory setting are some of the key factors that are expected to boost the growth of the automated guided vehicle market during the forecast period (2019-2027). During the course of the forecast period, the demand for automated guided vehicles that are in-sync with manufacturing execution systems (MESs) and enterprise resource planning (ERP) is expected to witness considerable growth, owing to a shift toward make-to-order manufacturing. Thus, the global automated guided vehicle market is expected to reach a market value of ~US$ 4 Bn by the end of 2027.
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Automated Guided Vehicles Fulfil Demands of Industry 4.0
Advancements in navigation technologies in recent times have played an imperative role in the development of cutting-edge automated guided vehicles. Due to these advancements in technologies and innovations, stakeholders in the automated guided vehicle market have a plethora of navigation technologies to choose from. However, as per the current trends, key participants in the automated guided vehicle market are primarily interested in four major navigation technologies: magnetic navigation, vision-guided vehicles, laser-guided navigation, and natural navigation.
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Within the automotive industry, deployment of automated guided vehicles in intra-logistic applications is increasing at a rapid pace. With evolving industrial requirements, players in the automotive industry are seeking solutions to improve their production capabilities by increasing their dependency on automated guided vehicles. In the past two decades, logistic requirements in the manufacturing sector have increased in accordance with the changing market demand. Customization is a growing trend in the automotive sector and to fulfill these demands, automotive manufacturers are engaging in innovations– a factor that is expected to propel the demand for automated guided vehicles. With the dawn of Industry 4.0, a number of smart factories or smart industry initiatives within the automotive sector have sprung up in recent years– a trend that is likely to continue.
The automotive industry is expected to play a key role in bolstering the growth of the automated guided vehicle market and is anticipated to be the most prominent end-use industry during the forecast period.
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Food & Beverages Industry Deploys Automated Guided Vehicles to Increase Productivity
While the automotive industry is expected to provide a significant impetus for growth of the automated guided vehicles market, the food & beverages industry will provide significant opportunities for market players. In the current scenario, some of the leading factors that are expected to boost the adoption of automated guided vehicles in the food & beverages industry include improvements in warehouses, need to minimize overhead costs, and increase productivity with minimum labor. Forklift automated guided vehicles are increasingly being used in the food & beverages sector, as manufacturers in the value chain are investing resources to move repetitive tasks toward automated solutions.
Moreover, with significant growth in trailer loading applications worldwide, automated guided vehicles have emerged as the prime candidate to streamline and bring about improvements in terms of productivity and efficiency. Stakeholders in the automated guided vehicle market are focusing on the development of automated guided vehicle that communicate with warehouse programmable logic controllers (PLC) and warehouse management systems (WMS). Companies are also likely to leverage the benefits of the 3D technology for imaging to track pallet activity efficiently.
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