Latest SI Systems News
Apr 26, 2021
Top Players in Automated Guided Vehicle Market are Oceaneering International Inc., Toyota Advanced Logistics, Daifuku Co., Ltd., KION GROUP AG, Hyster-Yale Materials Handling, Inc., JBT, Mitsubishi Caterpillar Forklift America Inc, Crown Equipment Corporation, Seegrid Corporation, E&K Automation GmbH, HIT Robot Group, Kollmorgen, AGVE Group, ELETTRIC80 S.P.A., SI Systems, LLC., Scott, Heartland Automation LLC, REDVIKING, Swisslog Holding AG April 26, 2021 05:45 ET Pune INDIA Pune, India, April 26, 2021 (GLOBE NEWSWIRE) -- The global automated guided vehicle market size is expected to showcase exponential growth by reaching USD 3.72 billion by 2028 while exhibiting a CAGR of 9.3% between 2021 and 2028. Fortune Business Insights in its latest report, titled " Automated Guided Vehicle Market ", 2021-2028.”, mentions that the market stood at USD 1.83 billion in 2020. Factors such as the rising e-commerce sector and the growing focus on improving the manufacturing efficiency is expected to boost the product’s adoption across the globe. For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/automated-guided-vehicle-agv-market-101966 Market Exhibited 8.9% Growth Rate in 2020; High Demand for Automated Machines amid COVID-19 The COVID-19 has led to a paradigm shift in the way businesses operate globally. Automation has held a prominent place since the onslaught of the global pandemic. Innovation has become a prerequisite for companies to survive. Therefore, industries are adopting automation services to ensure the maintenance of social distancing norms and to cope with the reduced labor. For instance, large companies such as Amazon reported to have adopted several automated robots to ensure seamless operations. This has led to the market exhibiting a growth rate of 8.9% in 2020 List of the Companies Profiled in the Global Market: Oceaneering International Inc. (United States) Toyota Advanced Logistics (Japan) JBT (United States) Crown Equipment Corporation (United States) Seegrid Corporation (United States) HIT Robot Group (China) Scott (Switzerland) REDVIKING (United States) COMPETITIVE LANDSCAPE Key Players Focus on Acquisition to Maintain Their Market Positions The market is experiencing healthy competition between the companies operating in it. The major companies are focusing on acquiring other smaller companies to expand their automated guided vehicle portfolio and further maintaining their presence. Moreover, other key players are adopting novel and proactive strategies to gain a competitive edge over their rivals that will bode well for the growth of the market in the forthcoming years. Industry Development: June 2019: JBT announced the acquisition of Prime Equipment Group, a leading manufacturer of water re-use solutions & turnkey primary. This acquisition is aimed at increasing automation and installing water reuse systems to gain a stronger footprint in the global marketplace. Market Segmentation: Based on type, the market is divided into tow vehicles, automated forklift trucks, underride/tunnelling vehicles, assembly line vehicles, and others. Based on type, the tow vehicles segment held a global automated guided vehicle market share of about 17.2% in 2020 and is projected to showcase exponential growth during the forecast period. This is ascribable to factors such as the increasing demand for automated tow vehicles in manufacturing processes worldwide. On the basis of navigation technology, the market is segregated into laser guided, magnetic guided, vision guided, and others. Moreover, based on application, the market is trifurcated into transportation & distribution, storage & assembly, and packaging. Additionally, on the basis of industry, the market is segmented into automotive, food & beverage, e-commerce and others. Lastly, based on region, the market is categorized into North America, Asia-Pacific, Latin America, the Middle East and Africa, and Europe. What does the Report Include? The global automated guided vehicle market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the market growth during the forecast period. Request for Customization: https://www.fortunebusinessinsights.com/enquiry/customization/automated-guided-vehicle-agv-market-101966 Rising E-commerce Sector to Propel Market Growth The COVID-19 pandemic has led to the advent of digitization as a number of businesses are preferring the digital route to ensure continuity of their businesses. As the lockdown restrictions imposed by the government agencies worldwide, limit the mobility of humans, the online medium has gained traction. Number of people are preferring the online to purchase goods and commodities. For instance, in April 2020, Walmart’s grocery app recorded high downloads, while surpassing Amazon by 20%. Therefore, this has led to the rise of several e-commerce platforms that are focusing on ensuring optimal operational activities at their warehouses by adopting automation. This is expected to contribute to the global automated guided vehicle market growth during the forecast period. REGIONAL INSIGHTS North America – The region is expected to dominate the market in the forthcoming years. This is attributable to the increasing number of import and export activities in countries such as the U.S. Several automated vehicles have been deployed by cargo and logistics companies to expedite the business operations and reduce costs. Moreover, the companies present in the region are focusing on developing advanced products and integrating technologies to optimize the business processes. North America stood at USD 0.56 billion in 2020. Asia-Pacific – The region is expected to experience considerable growth backed by the rapid-paced growth of e-commerce in countries such as India, China, and Japan that will propel the adoption of advanced automated guided vehicles in the region between 2021 and 2028. Order Complete Report https://www.fortunebusinessinsights.com/checkout-page/101966 Have a Look at Related Research Insights: Food Processing and Handling Equipment Market Size, Share & COVID-19 Impact Analysis, By Equipment Type (Processing Equipment, Packaging Equipment, and Service Equipment), By Application (Bakery and Confectionery Products, Meat and Poultry Products, Dairy Products, Beverages, and Others) and Regional Forecast, 2020-2027 Energy Recovery Ventilators (ERV) Market Size, Share & Industry Analysis, By Type (Wall-mount, Ceiling-mount, Cabinet), By Application (Residential, Commercial, Others) and Regional Forecast, 2020-2027 Smoke Detector Market Size, Share & Industry Analysis, By Technology Type (Photoelectric, Dual Sensor, Ionization and Others), By Application (Commercial, Industrial and Residential), and Regional Forecast, 2019-2026 Industrial Mezzanines Market Size, Share & Industry Analysis, By Type (Prefabricated, Structured, Free-standing, Perimeter), By Number of Storey (Single – level, Multi – level), By Application (Processing Plants, Industrial Facilities and Warehouse, Distribution Center, Retails Stores, Office buildings), and Regional Forecast, 2019-2026 Automated Forklift Trucks Market Size, Share and Industry Analysis, By Type (Pallet Mover, Counterbalance, Outrigger, and Reach Truck), and Regional Forecast, 2019-2026 About Us: Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. 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SI Systems has 1 strategic partners and customers. SI Systems recently partnered with Tompkins Robotics on April 4, 2021.