The Automated Guided Vehicle (AGV) market is predicted to rise by 12.4% to US$2.3 billion by 2024 thanks to increasing demand automating logistics and warehousing divisions, according to a study by Transparency Market Research (TMR).
In its ‘Automated Guided Vehicle Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016-2024’ paper, TMR says the rise is being driven by increasing global demand for safe and reliable technologies, particularly in high risk sectors.
The region due to see the biggest growth throughout the assessment period, according to TMR, will be Asia Pacific, where the market will rise by 13.9%, driven primarily by the large strides made by the automotive sector across the region.
Developing economies will see increasing demand for AGVs due to their functionality and potential for reducing production costs.
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In its report, TMR says: The rapid pace of automation and the adoption of robotics in industrial sectors in various parts of the world is a key factor underpinning the steady expansion of the automated guided vehicle market.
“The deployment of automated guided vehicles in a range of industrial sectors is motivated by the benefits of achieving large operational efficiencies with consistent workflows.
“The rising use of AGVs to streamline operations with minimal human intervention is also expected to potentially accentuate the market over the assessment period.
“The focus on safe working environments, coupled with rising governments' focus for the same in several countries, has helped in the swift expansion of the automated guided vehicle market.