Pune, Maharashtra -- (SBWIRE) -- 12/11/2023 -- The warehouse robotics market is estimated to be worth USD 6.1 billion in 2023 and is projected to reach USD 10.5 billion by 2028, at a CAGR of 11.4% during the forecast period. The increasing need for improving the quality and reliability of operations in warehouses is one of the major drivers that fuel the market growth.
The warehouse robotics market has witnessed a substantial increase in funding from venture capitalists. This influx of capital is driven by the growing demand for automation and robotics solutions in the logistics and warehousing industry.
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The market for AGVs by type to hold second-largest market share during the forecast period
The growth of the AGV segment can be attributed to the increased use of these vehicles in numerous industries, such as automotive, manufacturing, aerospace, and 3PL, to carry heavy loads in less time. The selection of the type of AGV depends on the industry's requirements and where it is to be used. Customized and hybrid AGVs are being manufactured to cater to the varied requirements of end users and are expected to contribute to the growth of this segment during the forecast period.
Sorting & Packaging by function held the second-largest CAGR during the forecast period
The rise of robotics in warehouses has revolutionized packaging and sorting processes, enhancing efficiency and productivity. These automated systems streamline operations, enabling faster order fulfillment and accurate product categorization, leading to improved customer satisfaction.
E-commerce and 3PL by industry to witness highest CAGR during forecast period
Warehouse robotics have become increasingly popular in the logistics industry, especially for third-party logistics (3PL) providers and e-commerce companies. These advanced robotic systems are revolutionizing the way warehouses operate, offering increased efficiency, accuracy, and productivity.
Asia Pacific held to register highest CAGR in the warehouse robotics market during forecast period
The Asia Pacific region is one of the key markets for warehouse robotics market. The increasing adoption of warehouse robots by SMEs in the region is a major driver for the market in region. Several companies in the region are actively involved in the development, production, and distribution of warehouse robotics. The technology continues to advance, and its applications are expanding to new areas, promoting safety, efficiency, and innovation in the region.
Key Market Players
The overall warehouse robotics companies is dominated by Daifuku Co., Ltd. (Japan), KION GROUP AG (Germany), KUKA AG (Germany), ABB (Switzerland), FANUC CORPORATION (Japan), Geekplus Technology Co., Ltd. (China), GreyOrange (US), TOYOTA INDUSTRIES CORPORATION (Japan), Omron Corporation (Japan), JBT (US), Honeywell International Inc. (US), Murata Machinery, Ltd. (Japan), Yaskawa Electric (Japan), Knapp (Austria), SSI Schaefer (Germany), Teradyne (US), Hikrobot (China), Shopify (Canada) ,Scallog (France), Locus Robotics (US), Zebra Technologies (US), Vecna Robotics (US), IAM Robotics (US), inVia Robotics (US) and Magazino (Germany). These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the market.