Automated Guided Vehicle Market Size Worth $9.1 Billion By 2027: Grand View Research, Inc.

Automated Guided Vehicle Market Size Worth $9.1 Billion By 2027: Grand View Research, Inc.

PR Newswire

SAN FRANCISCO, March 12, 2020

SAN FRANCISCO, March 12, 2020 /PRNewswire/ -- The global automated guided vehicle market size is expected to reach USD 9.1 billion by 2027, according to a new report by Grand View Research, Inc. The automated guided vehicle (AGV) market is anticipated to witness a CAGR of 14.1% from 2020 to 2027. AGVs have transformed the way materials can be moved within the manufacturing and distribution facilities. In a production environment where several operations are carried out simultaneously, these vehicles ensure a predictable and reliable transfer of raw materials as well as manufactured products from one point to another point within the facility, thereby eliminating any potential disruption in production. These vehicles can operate safely around structures, machinery, and employees, as they are equipped with accessories, such as camera vision and LiDAR sensors, which help in detecting junctions, identifying floor signs, and avoiding collisions with any obstacle. 

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Key suggestions from the report:

Read 200 page research report with ToC on "Automated Guided Vehicle Market Size, Share & Trends Analysis Report By Vehicle Type, By Navigation Technology, By Application, By End-use Industry, By Component, By Battery Type, By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/automated-guided-vehicle-agv-market

Several manufacturing plants and warehouses are deploying material handling equipment for various activities, such as locating stock, picking orders, and moving products and raw materials. Transportation and logistics firms are mainly focusing on the deployment of such equipment to boost the efficiency of their operations in line with the growing demand for their services. For instance, in September 2019, a U.S. based robotic solutions provider AHS, LLC partnered with Exotec, which is a France-based mobile robot picking system provider. The former company introduced 3D mobile robots that can move in three dimensions and enable warehouse team members to focus on packing and shipping and neglecting the long-distance-walks to access inventories. Also, material handling solutions are used to increase the efficiency of transportation, decrease physical damage to the material, and reduce overheads by limiting the number of employees.

The AGV market is witnessing a progressive switch from lead-acid batteries to lithium-ion batteries. Lithium-ion batteries offer several advantages over lead-acid batteries. They tend to be lighter and compact. They can charge faster, provide longer runtimes, and support more charge cycles. Hence, they are ideal for AGVs, as they need not be charged frequently during operating shifts or in 24x7 operating environments. AGVs running on lithium-ion batteries can offer higher round-trip efficiencies.

Grand View Research has segmented the global automated guided vehicle market based on vehicle type, navigation technology, end-use industry, component, battery type, and region: 

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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