Overview:
An automated guided vehicle is a mobile robot that uses lines or wire on the floor, sensors on walls, radio waves, magnets, vision cameras or lasers to navigate its way around a facility. It is a common alternative to manual cart transports, conveyors, or forklift trucks in warehouses and manufacturing plants. The main function of these vehicles is to move loads between locations in a factory or warehouse. They can operate on a fixed path to guarantee a consistent flow of products while allowing operators to focus on other tasks. They can also react to people and other obstacles while following an uploaded map of the facility. This allows the AGV to complete its task without interference. There are several different types of AGVs to choose from depending on the application. These vehicles use various methods of locomotion, including wheels or tracks, magnetic tape or bars, and optical and magnet/gyroscope-based inertial navigation. They can be configured to operate with different guidance technologies and are easily expandable in response to changes to a facility.
Market Dynamics:
Growing technological advancements are estimated to augment the growth of the global automated guided vehicle market during the forecast period. For instance, warehouse robotics were launched by SafeLog in February 2021. The robot can lift a load of up to 1500 kg to 3000 kg and it operates individually or in a swarm. Moreover, rising risks associated with automated guided vehicles are anticipated to restrain the growth of the global automated guided vehicle market during the forecast period.
Impact of COVID-19:
The pandemic was first identified in 2019 in China. It was declared a public health emergency by the WHO. The pandemic affected the demand and production of several products globally. COVID-19 also had a huge impact on the growth of several sectors like automobiles, semiconductors, electronics, food, and beverage. Several industries had to shut down operations as there was a shortage of raw materials. Disruptions in supply chains also affected the growth of the market. This had a negative impact on the growth of the global automated guided vehicle market also. The market is estimated to witness growth in the post-pandemic era, after the easing of all restrictions.
Key Takeaways:
The Global Automated Guided Vehicle Market is expected to witness robust growth, exhibiting a CAGR of 9.7 % over the forecast period, due to increasing acquisition by key players. For instance, Barcoding, Inc., acquired a manufacturer of automated guided vehicles FRED AGV, in January 2023. This acquisition is estimated to help in the expansion of industrial automation for Barcoding, Inc.
North America is anticipated to witness robust growth in the global automated guided vehicle market during the forecast period, due to growing research and development investments and rising demand for automated guided vehicles.
Key players active in the global automated guided vehicle market are Fritz SCHÄFER GmbH & Co KG, System Logistics S.p.A., Seegrid Corporation, SCAGLIA INDEVA s.p.a., KUKA AG, Murata Machinery, Ltd., TOYOTA INDUSTRIES CORPORATION, Konecranes, JBT, Guangdong Jaten Robot & Automation Co.,Ltd., Daifuku Co., Ltd., Jungheinrich AG, E&K Automation GmbH, Oceaneering International, Inc., and Dematic.
