Rising Cost-effectiveness Propels Automated Guided Vehicles Market Adoption by 2023 – ResearchAndMarkets.com
The latest research report by ResearchAndMarkets.com predicts that the global automated guided vehicles (AGV) market will grow significantly due to the rising cost-effectiveness of this technology. The report forecasts the market to grow at a compound annual growth rate (CAGR) of 8.2% from 2018 to 2023, with the advent of Industry 4.0 and the Internet of Things (IoT) driving the growth.
The Rising Demand for Automation and Robotics Driving AGV Market Growth
The market growth can be attributed to the growing demand for automation and robotics, which is driving the adoption of AGVs across various industries such as automotive, aerospace, food and beverage, and healthcare. AGVs offer several benefits, such as reduced operational costs, increased safety, and improved efficiency, making them an essential component of the manufacturing process.
The report highlights the growing trend towards Industry 4.0, which focuses on the integration of advanced technologies such as IoT, machine learning, and artificial intelligence, to create smart factories that are digitally connected and automated. AGVs play a crucial role in Industry 4.0, as they enable the seamless movement of materials, products, and equipment within the manufacturing facility.
The Cost-effectiveness of AGVs Driving Market Adoption
The report notes that the cost-effectiveness of AGVs is one of the main drivers that is contributing to the growing adoption of this technology. Advances in technology have led to the development of more efficient and cost-effective AGVs that can perform a wide range of tasks, from material handling to assembly and packaging, without the need for human intervention.
Moreover, AGVs are easy to install and can be integrated with existing systems, making them an attractive option for manufacturers who are looking to automate their operations. The report predicts that the increasing demand for cost-effective and efficient material handling solutions will drive the growth of the AGV market over the next few years.
The Asia-Pacific Region to Lead AGV Market Growth
According to the report, the Asia-Pacific region is expected to lead the AGV market growth due to the growing demand for automation in manufacturing industries, such as automotive, electronics, and healthcare, in countries like China, Japan, and India. The report predicts that the Asia-Pacific market will grow at the highest CAGR during the forecast period.
The Future of the AGV Market
Overall, the report paints a positive picture of the AGV market, with the growing demand for automation and robotics, along with the cost-effectiveness of AGVs, driving market growth. The increasing focus on Industry 4.0 and the integration of advanced technologies are expected to create further opportunities for the AGV market in the future.
Summary:
The global automated guided vehicles (AGV) market is set to grow at a compound annual growth rate (CAGR) of 8.2% from 2018 to 2023, with the advent of Industry 4.0 and the Internet of Things (IoT) driving the growth. The rising demand for automation and robotics is driving AGV adoption across various industries such as automotive, aerospace, food and beverage, and healthcare. Moreover, the cost-effectiveness of AGVs and their ease of integration with existing systems are contributing to the growing adoption of this technology. The Asia-Pacific region is expected to lead the AGV market growth due to the growing demand for automation in manufacturing industries such as automotive and electronics. #BUSINESS