Automated Guided Vehicle (AGV) Market Size By Navigation Software (Laser-based, Magnetic Guidance, Vision-based), Fleet Management Software (Routing and Scheduling, Task Assignment, Battery Management), And Region for 2024-2031
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationAutomated Guided Vehicle (AGV) Market Size By Navigation Software (Laser-based, Magnetic Guidance, Vision-based), Fleet Management Software (Routing and Scheduling, Task Assignment, Battery Management), And Region for 2024-2031
Automated Guided Vehicle (AGV) Market Valuation – 2024-2031
Rising demand increased efficiency and productivity in various industries is propelling the adoption of automated guided vehicle (AGV). Thus, the need for reliable and automated solution for material handling and transportation tasks to help businesses streamline operations and reduce labor costs is driving the market size surpass USD 170 Billion valued in 2023 to reach a valuation of around USD 372 Billion by 2031.
In addition to this, growing awareness of safety concerns and a desire to minimize workplace accidents is spurring up the adoption of automated guided vehicle. The rising demand to eliminate the human element from potentially hazardous tasks, creating a safer work environment for employees is enabling the market grow at a CAGR of 10.30% from 2024 to 2031.
Automated Guided Vehicle (AGV) Market Definition/ Overview
An Automated Guided Vehicle (AGV) is a self-propelled mobile robot that employs sensors, markers, or software to follow specified courses across a warehouse, factory, or other facility. AGVs deliver materials, parts, and finished goods more effectively, saving manual labor and increasing operating efficiency.
AGVs are adaptable and find applications in a variety of industries, including pallet handling, raw material transportation, work-in-process movement, and finished product delivery within warehouses and manufacturing facilities.
The future of AGVs is full with innovation. Expect to see more AI-powered navigation, increasing collaboration with robotics, and the possibility of 24/7 operations. These developments will improve efficiency, safety, and flexibility in warehouses and manufacturing facilities.
How will Demand for Increased Efficiency and Productivity Increase Adoption of Automated Guided Vehicle (AGV)?
The manufacturing, storage, and logistics industries are constantly working to increase efficiency and production. Automated Guided Vehicles (AGVs) provide a trustworthy and automated solution for material handling and transportation needs. This automation results in lower labor costs, shorter turnaround times, better inventory management, and streamlined manufacturing processes, making operations more efficient and cost-effective.
Workplace safety and workforce shortages are major challenges in these businesses. AGVs reduce safety hazards by removing the human element from potentially harmful operations, lowering the possibility of accidents. Furthermore, rising labor prices in some areas, combined with a scarcity of available personnel, make AGVs an intriguing choice for performing repetitive and physically demanding tasks.
Technological developments are also pushing the adoption of AGVs. Sensor and navigation system improvements improve the precision and flexibility of AGV movement, while breakthroughs in artificial intelligence (AI) allow for smarter route planning and obstacle avoidance decisions. Furthermore, advancements in battery technology increase the range and operational efficiency of AGVs, making them more practical and dependable for continuous usage in a variety of industrial settings.
Will High Initial Investment of Automated Guided Vehicle (AGV)Restrain Its Application?
The initial cost of purchasing and installing automated guided vehicles (AGVs), as well as the required infrastructure improvements, is a substantial financial hurdle for many organizations. This is especially difficult for small and medium-sized firms (SMEs), who may lack the funds to make such a large initial investment. The hefty expenses involved may dissuade these businesses from implementing AGV technology, even if it could improve their operational efficiency in the long term.
Integrating AGVs with current warehouse management systems (WMS) and other automation infrastructures can be a challenging procedure that necessitates specific technical knowledge. Ensuring smooth communication and coordination between AGVs and existing systems is critical for successful operations, but this integration is sometimes fraught with difficulties. The necessity for compatibility and synchronization can make the process time-consuming and demanding, potentially disrupting operations and necessitating additional personnel to address technical concerns.
While AGVs are becoming more adaptable, conventional versions frequently struggle to adjust to unexpected changes in layout or manufacturing processes, limiting their flexibility in dynamic contexts. This rigidity can be a significant disadvantage for businesses that undergo frequent operational changes or must reorganize their premises on a regular basis. As a result, these businesses may struggle to fully realize the benefits of AGVs, which may be less responsive to changing demands than more adaptive, human-driven systems.
Category-Wise Acumens
Will Rise in Adoption of Magnetic Guidance Navigation Software Drive Automated Guided Vehicle (AGV) Market?
The magnetic guidance navigation software segment is anticipated to hold a major share in the market. Magnetic guidance systems are typically less expensive to install and operate than other navigation technologies, such as laser-based or vision-based systems. This makes them an appealing option for organizations, particularly small and medium-sized firms (SMEs), searching for a low-cost approach to automate material handling processes. Furthermore, magnetic steering provides a straightforward and dependable solution for repetitive activities in controlled settings. Magnetic strips or integrated cables create well-defined routes that allow AGVs to travel consistently and predictably, reducing the chance of errors.
Magnetic guiding systems can simplify operations and potentially boost throughput in warehouses and manufacturing facilities. The planned itineraries ensure that AGVs take the most efficient route, eliminating unnecessary detours or delays. This results in faster completion times for material handling operations and may allow for higher production capacity. In facilities with well-defined operations and predictable layouts, magnetic guidance can be a dependable solution for increasing operational efficiency.
Magnetic guidance systems are well-known for their durability and low maintenance requirements when compared to more complicated navigation methods. Because they do not rely on cameras or sensors that are subject to dust or grime, the possibility of malfunctions or disruptions is reduced. This results in fewer downtime for AGVs and more efficient operation of the complete material handling system. Magnetic guiding provides a dependable and low-maintenance solution for firms that prioritize operational continuity and expense minimization.
Which Factors Enhance the Use of Automated Guided Vehicle (AGV) in Routing and Scheduling?
Routing and scheduling is projected to dominate the market. Routing and scheduling software optimizes AGV movement throughout a plant.  It generates effective routes, reduces travel time, and prevents collisions. This ensures that AGVs spend less time commuting and more time performing duties, resulting in higher overall throughput and operational efficiency.
The software automates routing and scheduling, removing the need for manual planning and coordination. This eliminates reliance on human labor while also minimizing the possibility of human error in task assignment and route optimization. This provides for a more efficient operation and may free up workers for higher-level responsibilities.
Routing and scheduling software can be tailored to changing requirements. If the warehouse layout changes or new duties emerge, the software can be reconfigured to optimize AGV movement accordingly. This adaptability enables the system to expand and scale in tandem with company needs, securing the AGV investment for the future.
Gain Access into Automated Guided Vehicle (AGV) Market Report Methodology
Country/Region-wise Acumens
Will Established Manufacturing Base in North America Mature Automated Guided Vehicle (AGV) Market?
North America’s industrial industry is thriving and has a long history of implementing automation technologies into its operations. This developed infrastructure serves as a good foundation for the integration of Automated Guided Vehicles (AGVs). The availability of developed industrial processes allows for a more seamless deployment of AGVs, leveraging existing systems and expertise to improve efficiency and production.
Companies in North America place a high value on operational efficiency and seek to cut labour costs through automation. This focus drives major investment in AGVs, which can execute repetitive and labor-intensive activities more effectively than humans. The drive to increasing efficiency and lowering operational costs promises a robust and expanding market for AGV technology in the region.
Furthermore, North America is known for its technological innovation, notably in robotics and automation. This advanced technology adoption environment allows businesses to have access to cutting-edge AGV solutions with the most up-to-date features and capabilities. The region’s technology supremacy ensures that firms may continuously improve their operations by using the most advanced and sophisticated AGV systems available.
Will Government Initiatives Enhance Adoption of Automated Guided Vehicle (AGV) in Asia Pacific?
Governments in Asia Pacific are actively pushing automation and Industry 4.0 programs, including the use of Automated Guided Vehicles (AGVs). These activities are part of a larger plan for increasing industrial efficiency and competitiveness. Government assistance for AGVs, such as subsidies, tax breaks, and regulatory frameworks, is critical in encouraging market growth and making it easier for enterprises to integrate these technologies into their operations.
The industrial sector in Asia Pacific is rapidly expanding, notably in powerhouses such as China and India. This expansion is driven by both domestic and international demand for manufactured goods. As production grows, advanced automation solutions become increasingly important for successfully managing and streamlining processes. AGVs are becoming key components of this modernization, helping manufacturers maintain high productivity levels and operational efficiency.
Rising labor expenses in the Asia Pacific area are also adding to the appeal of AGVs. As wages rise, particularly in developing countries, firms seek cost-effective alternatives to manual labor for repetitive and physically demanding jobs. AGVs provide a dependable and effective solution, eliminating reliance on human labor while lowering operational expenses. This trend is projected to continue, accelerating the deployment of AGVs in the region.
Competitive Landscape
The AGV market encourages competition between established manufacturers with a global presence and creative startups focused on specific applications. This competition promotes developments in AGV technology, navigation systems, and fleet management software, providing organizations with a broader range of cost-effective and efficient AGV solutions. Some of the prominent players operating in the automated guided vehicle (AGV) market include
- Daifuku Co., Ltd.
- Dematic
- Swisslog Holding AG
- Bastian Solutions, Inc.
- JBT Corporation
- Toyota Industries Corporation
- Seegrid Corporation
- Fetch Robotics Inc.
- Locus Robotics
- inVia Robotics Inc.
- Geek+
- Rockwell Automation Inc.
- Siemens AG
- Honeywell International Inc.
- Dassault Systèmes SE
- Schneider Electric SE
Latest Developments
- In May 2024, Schneider Electric inaugurated one of its largest employee campuses in India.
- In June 2024, Honeywell introduced Connected Power, a groundbreaking solution that helps monitor, manage and automate buildings’ power usage at the plug level.
Report Scope
| Report Attributes | Details |
|---|---|
| Study Period | 2018-2031 |
| Growth Rate | CAGR of ~10.30% from 2024 to 2031 |
| Base Year for Valuation | 2023 |
| Historical Period | 2018-2022 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Players |
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| Customization | Report customization along with purchase available upon request |
Automated Guided Vehicle (AGV) Market, By Category
Navigation Software
- Laser-based
- Magnetic Guidance
- Vision-based
Fleet Management Software
- Routing and Scheduling
- Task Assignment
- Battery Management
Region
- North America
- Europe
- Asia-Pacific
- South America
- Middle East & Africa
Research Methodology of Market Research
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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post sales analyst support
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