Automated Guided Vehicle (AGV) Market Be Valued at More Than US$ 2.5 Billion by End 2027
Future Market Insights has announced the addition of the “Automated Guided Vehicle (AGV) Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017 – 2027" report to their offering.
Valley Cottage, NY -- (SBWire) -- 08/21/2018 --Emerging and low-income economies are expected to increase their healthcare expenditures considerably till the year 2020 and the industry will be well-served by the AGV market. In addition to healthcare, substantial growth in the manufacturing and service sector are a direct result of higher GDP growth and this will have a positive impact on the spending for automated products benefiting the global AGV market. Future Market Insights in its upcoming report titled 'Automated Guided Vehicle (AGV) Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017 – 2027' has taken a comprehensive look at the prospects that exist in the AGV market for the ten-year period ending in 2027. The AGV market is expected to record an exponential CAGR of 10.6% for the decade and be valued at more than US$ 2.5 billion by end 2027.
Navigation Technology – Laser Guidance Segment Dominates the AGV Market
The laser guidance segment holds more than half the AGV market by navigation technology and is predicted to retain its share for the foreseeable future. The laser guidance segment is anticipated to be worth more than half a billion dollars in 2017 alone. The lack of adequate charging facilities is a major impediment for plug in segments in the AGV market.
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Application – Transportation Key to Success in the AGV Market
A rising demand for effective material transportation within units is poised to benefit the AGV market. The transportation segment is projected to gain a massive 420 BPS over the course of the forecast period, largely at the expense of both storage and distribution in the AGV market. Rapid urbanization and increased industrial production should create the perfect cocktail for the explosive growth of the AGV market.
Vehicle Type – Focus on Unit Load Carrier Segment in the AGV Market
The unit load carrier segment is estimated to hold approx. a fourth of the market share in the AGV market throughout the ten-year study. Even though the pallet truck segment may witness a higher CAGR of 11.8% from 2017-2027, it is not likely to dislodge the unit load carrier segment from it pole position anytime soon.
End User – Maximum Potential in Automotive, Food & Beverage, and Logistics Sectors
Greater disposable incomes, demand for different vehicle types coupled with stringent regulatory guidelines compelling use of industrial materials are responsible for the growth of the AGV market. AGV's are able to work in hazardous and harmful conditions further boosting their appeal. The automotive sector has more than a fourth of the AGV market value share to itself and may rise further in the future.
Region – Developed Countries Hold a Lion's Share of the AGV Market
Developed nations in Europe and North America have the maximum share in the AGV market because the technology is quite expensive and a number of key players have their base of operation here. Companies are advised to focus their attention on Western Europe as it is gaining on North America and might even outpace it at some point in the near future.
The companies profiled in the AGV market report include JBT Corporation, Kuka AG, Daifuku Co., Kion Group AG, Omron Adept Technologies, AGVE Group, Transbotics Corporation, Oceaneering International Inc., Seegrid Corporation, Murata Machinery, SSI Schaefer, AVT Europe NV, Cassioli Srl, Toyota Industries Corporation, Robotnik, Kollmorgen, E&K Automation GMBH, BEUMER Group GmbH & Co., Mecalux, and Bastian Solutions.
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Major players in the AGV market are recommended to innovate with tougher materials and safety features to increase the adoption rate of AGV vehicles. Urban industries that are blighted with safety related issues in their day-to-day operations are the primary target customers. Although developed countries have the largest share in the AGV market, attempts must be made to raise awareness of this game-changing technology in emerging economies such as China and India.
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