Automated Guided Vehicle Market Observes Greatest growth with 12.1% CAGR during the Forecast period 2020-2027, Coherent Market Insights

 

Automated Guided Vehicle Market

A material handling system called an automated guided vehicle (AGV) or autonomous guided vehicle (AGV) navigates a warehouse, manufacturing facility, or distribution centre without the assistance of a person. Various materials, including rubber, plastic, paper, metal, and others, are transported using it. For instance, goods are transported from the warehouse to the production site using autonomous guided trucks. To make the procedure faster, more precise, and cost-effective, manufacturers are adopting an automated guided vehicle.

During the forecast period (2020–2027), the market is anticipated to develop considerably due to the rising need for automation and automated guided vehicles (AGV). The most dependable option for material handling is an automated guided vehicle, which boosts the production capacity of numerous sectors. By reducing physical damage to the commodities that is typically brought on by human operators, this material handling machinery also improves production efficiency. Many industries, including logistics, the automotive, the food and beverage, and others, employ automated guided vehicles. During the projected period, the market expansion is anticipated to be fueled by factors such as the rising need for high efficiency, decreasing production times, fewer human errors, improved safety, and rising accuracy.

AGV is utilised to save money on labour, boost production, and decrease product damage. Food and beverage, pharmaceutical, chemical, semiconductor and electronics, retail, healthcare, and other industries heavily utilise automated guided vehicles. Automated guided vehicles are also utilised to help manufacturing and production units in the application for work-in-progress and with finished items. Many manufacturing sectors are embracing autonomous guided vehicles that improve the efficiency of large-scale operations as a result of increased industry competitiveness.

According to Coherent Market Insights, The global Automated Guided Vehicle Market was valued at US$ 5.1 Bn in 2019 and is expected to reach US$ 21.3 Bn by 2027 at a CAGR of 12.1% between 2020 and 2027.

Additionally, to increase productivity and lower labour costs, e-commerce businesses in established and developing nations are implementing autonomous guided vehicles. Automation is being prioritised by companies like Amazon.com Inc., Walmart, Alibaba, and Flipkart in order to cut operating costs and improve productivity. For instance, the first autonomous guided car was introduced in Bengaluru in March 2019 by Indian e-commerce business Flipkart. AGV assisted Flipkart in meeting increased consumer demand, providing speedier delivery and improving the online experience of users. The autonomous guided truck aids personnel in accurately processing or finishing 4,500 packages every hour.

To change the material handling sector, internet titans are engaging with retailers and other logistics-related businesses. For instance, in November 2021, Swisslog Healthcare and OTSAW Digital Pte Ltd, an autonomous mobile robot solution, teamed to create automated guided vehicles for the healthcare industry. These vehicles would enable better patient care. This agreement would also help them develop their company by deploying AGV across Asia Pacific, Europe, and the Middle East and North Africa. Additionally, in February 2022, the German industrial firm Siemens joined forces with Parmley Graham Ltd. and AR Controls to develop and produce autonomous guided vehicles. Numerous benefits, including lower labour expenses, a lower chance of workplace accidents, improved logistics, and quicker delivery, would result from the agreement and the use of the AGV.

Comments

Post a Comment

Popular posts from this blog

Security Robot Market is Estimated To Witness High Growth Owing To Increasing Demand for Enhanced Surveillance

Image
Security Robot Market The Security Robot Market is estimated to be valued at US$ 11.8 billion in 2022 and is expected to exhibit a CAGR of 12.87% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: The Security Robot Market encompasses advanced robotic technologies that are specifically designed and developed to enhance security and surveillance operations. These robots are equipped with features such as video surveillance, thermal imaging, facial recognition, and intrusion detection, among others. They are extensively used by security agencies and organizations across various sectors, including residential, commercial, industrial, and government, to enhance safety, reduce human intervention, and streamline security operations. Security robots offer real-time monitoring, remote control, and high accuracy, making them an ideal choice for surveillance in sensitive areas and remote locations. Market Dynamics:
Read more

The Ever-Evolving Landscape of the Scottish Whisky Market during the Forecast Period 2019-2027

Image
  Scottish Whisky Market The Scottish Whisky Market is a captivating landscape that has been evolving and transforming over the years. It is a world of tradition, craftsmanship, and heritage, where every drop of whisky tells a story. The history of Scottish whisky traces back centuries, with the earliest records dating back to the 15th century. Whisky production initially started in monasteries, where monks distilled spirits for medicinal purposes. Over time, whisky production moved from monastic settings to farms and then to commercial distilleries. This transition marked the beginning of an industry that would become synonymous with Scotland. Scottish Whisky Market Was Valued At US$ 4.97 Bn In 2018, And It Is Expected To Reach US$ 7.89 Bn By The End Of 2027, Exhibiting A CAGR Of 5.3% During The Forecast Period (2019 To 2027). One of the defining characteristics of the Scottish Whisky Market is its adherence to traditional production methods. Scotch whisky is made from malted b
Read more

Monochloroacetic Acid (MCAA) Market Is Estimated To Witness High Growth Owing To Increasing Demand for Surfactants and Herbicides

Image
Monochloroacetic Acid (MCAA) Market The Monochloroacetic Acid (MCAA) Market is estimated to be valued at USD 676.52 Million in 2022 and is expected to exhibit a CAGR of 7.03% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: The Monochloroacetic Acid (MCAA) Market is driven by the increasing demand for surfactants and herbicides in several industries such as agriculture, pharmaceuticals, textiles, and personal care. MCAA is extensively used in the production of surfactants, herbicides, and carboxymethyl cellulose (CMC), which are essential in various applications. These applications include detergents, agrochemicals, pharmaceuticals, dyes, and cosmetics, among others. The versatile properties of MCAA, such as its ability to act as a raw material in the production of herbicides and surfactants, make it highly desirable in the market. Market Dynamics: The Monochloroacetic Acid (MCAA) Market is driven by two k
Read more