Report: Automated Vehicle Market Set to Boom

Twitter
Facebook
LinkedIn
Email
AGV_020118_1280_800_84_s_c1

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.

Learn how automation and smart data use is affecting the maritime industry with a Port Technology technical paper

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.

Read more:

Daily Email Newsletter

Sign up to our daily email newsletter to receive the latest news from Port Technology International.
FREE

Supplier Directory

Find out how to get listed

Webinar Series

Find out how to attend

Latest Stories

Cookie Policy. This website uses cookies to ensure you get the best experience on our website.