The global automated guided vehicle market was valued at US$ 5.1 Billion in 2019 and is expected to surpass US$ 21.3 Billion by 2027, registering a CAGR of 12.1% during the forecast period (2019-2027), according to the Global Automated Guided Vehicle Market Report, By Type (Tow Vehicles, Unit Load Carriers, Forklift Trucks, Assembly Line Vehicles, Pallet Trucks, and Others), By Navigation Technology (Laser Guidance, Magnetic Guidance, Inductive Guidance, Optical Tape Guidance, Vision Guidance, and Others), By Industry (Automotive, Metals & Heavy Machinery, Food & Beverages, Chemicals, Healthcare, Semiconductors & Electronics, Aviation, E-commerce, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.
The integration of industry 4.0 in the automation system is expected to drive the market growth during the forecast period. Industry 4.0 can be defined as an industrial revolution that focuses on interconnectivity, real-time data, machine learning, and automation. This technology is used to reduce human efforts and potential errors in industries. Traditional industrial units are developing into smart, connected, and highly efficient automated facilities by using industry 4.0 technology in the automation system. Industry 4.0 technology can convert traditional industry facilities into autonomous plants. Industry 4.0 is used to combine a computer with autonomous solutions with the help of robotics in order to form a single automation unit. Moreover, the adoption of industry 4.0 enhances security at the workplace and allow companies with a high level of lean manufacturing. It will increase productivity and profitability of the companies by reducing labor costs. Industries are rapidly shifting towards automated system to improve logistics and transportation systems. The emergence of industry 4.0 contributed to the widespread sharing of data and automation in the manufacturing industry. Thus, in turn, increases demand for automated guided vehicles.
Automated Guided Vehicle Market - Impact of Coronavirus (Covid-19) Pandemic
Due to the Covid-19 pandemic, many industries witnessed a positive shift in their business. There is a significant impact on the automated guided vehicle market, as most of the countries have announced lockdown and many industries are rapidly closing their business to contain the spread of the COVID-19 virus. Furthermore, the demand for automated guided vehicles is increased in the healthcare sector. Many healthcare companies are launching automated guided vehicles in hospitals to contain the spread of the coronavirus. For instance, in March 2020, Homagama Base Hospital deployed an automated guided vehicle for assisting the treatment of persons suspected for COVID-19 virus in Sri Lanka. The automated guided vehicle is designed to deliver food, drugs, and medical supplies to the affected people. The automated guided vehicle can be controlled through cloud technology used in the automation system. Thus, in turn, increases demand for automated guided vehicles
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