Logistics Robots Market to Hit USD 17.82 Billion in 2028; Increasing Warehouse Automation to Accelerate Growth, reports Fortune Business Insights™
May 05, 2021 at 08:04 AM EDT
Pune, India, May 05, 2021 (GLOBE NEWSWIRE) -- The global logistics robots market is set to gain impetus from the increasing integration of autonomous solutions in warehouses. The surging need to automate various tasks, such as transportation, pick & place, and scanning would also affect growth positively. In November 2019, for instance, OMRON Corporation unveiled its new mobile robots that can move a pay-load capacity of nearly up to 250 kg. This information is published by Fortune Business Insights™ in a new report, titled, “Logistics Robots Market, 2021-2028.” As per the report, the market size is projected to grow from USD 6.17 billion in 2021 to USD 17.82 billion in 2028 at a CAGR of 16.4% in the forecast period. It stood at USD 5.38 billion in 2020.
Urgent Need for Factory Automation to Propel Growth amid COVID-19 Pandemic
The COVID-19 pandemic affected the market severely in the first half of 2020 because of the temporary closure of manufacturing plants and warehouses across the globe. In the second half of 2020, various companies experienced the urgent need to automate their factories. It has therefore brought the logistical supply chain on track in omni-channel fulfillment and has also created multiple opportunities for logistics robots. Based on our experience and expertise, we will offer you a detailed research report to help you prepare for the future and generate more sales of logistics robots.
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Automated Guided Vehicles Segment Held 45.4% Share in 2020: Fortune Business Insights™
By applications, the market for logistic robots is segregated into palletizing & de-palletizing, pick & place, transportation, and others. Based on the industry, it is categorized into e-commerce, healthcare, retail, food & beverages, automotive, and others. Lastly, by type, it is fragmented into autonomous mobile robots, automated guided vehicles, robot arms, and others. Out of these, the automated guided vehicles segment generated 45.4% in terms of the logistics robots market share in 2020. This growth is attributable to their ability to move easily around factories and warehouses.
The report aims to analyze the market for logistic robots by considering contributions, prospects, and trends. It offers detailed profiles of every key company operating in the industry to analyze their core competencies in each segment. Besides, it ensures to help our clients better understand the competitive developments, such as collaborations, new product launches, partnerships, mergers, joint ventures, and acquisitions.
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Drivers & Restraints-
Increasing Number of Online Customers to Compel Retailers Adopt Logistic Robotics
The e-commerce sector is expanding rapidly worldwide because of the increasing number of online customers. Hence, retailers are striving persistently to keep up with the given delivery timelines. To do so, they are adopting logistic robots to help perform complex tasks. However, in developing countries, companies are facing several challenges to deploy novel robotics in their industries backed by the requirement of huge investments. This factor may hamper the logistics robots market growth in the upcoming years.
Rising Need to Modernize Existing Technologies will Favor Growth in Asia Pacific
Geographically, Asia Pacific earned USD 1.78 billion in 2020 in terms of revenue. The rising emphasis on modernization programs to improve existing technologies, especially in South Korea and China would boost growth. North America, on the other hand, is anticipated to remain at the forefront owing to the increasing investments in implementing automated warehouse systems, smart factories, and industry 4.0.
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Key Players Focus on Collaborative Efforts to Strengthen Their Positions
Key companies present in the market are adopting state-of-the-art technologies for gaining a competitive edge. Most of them are participating in collaborative efforts, such as agreements, contracts, and joint ventures with local firms to compete with their rivals. Vecna Robotics, for instance, is considered to be a leading organization in the logistic robots industry. It has a robust supply chain. At the same time, it has adopted robotic warehouse systems to gain rapid sales. Below are the two latest industry developments:
Fortune Business Insights™ lists out the names of logistics robots manufacturers. They are:
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Table Of Content:
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