Logistics Robotics Market Is Set to Garner Staggering Revenues By 2031
Logistics Robotics Market
Logistics Robotics Market Expected to Reach $27.8 Billion by 2031 — Allied Market Research
WILMINGTON, DELAWARE, UNITED STATES, July 9, 2024 /EINPresswire.com/ -- The global logistics robotics market is expected to grow at a steady rate due to the emergence of Industry 4.0 into logistics and warehousing and the rapid rise in demand from online retailers across the globe. Allied Market Research, titled, “Logistics Robotics Market”, the logistics robotics market was valued at $6.3 billion in 2021, and is estimated to reach $27.8 billion by 2031, growing at a CAGR of 16.2% from 2022 to 2031.
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The logistics industry includes several different processes such as ordering, transporting, warehousing, picking, packing, delivery, inventory, and routing. Logistics robotics means the application of robotics to one or more of these processes. Logistics robots encompass any autonomous system or machine used to automate product flows, maximize safety, and boost productivity in warehouse operations. A few common applications of robotics in warehousing are robotic palletizing, robotic packaging, and robotic picking commonly used in warehousing or any other logistics software solutions.
Robotics applied to industrial distribution means using robots and machinery with smart systems to automate tasks such as organization, transfers, delivery, and product retrieval in a warehouse. They are associated with artificial intelligence systems that allow them to handle more complex variables and react quickly and independently using algorithms.
The implementation of new technologies in any warehouse process including goods receipt, storage, stock management, order processing, and shipping has led to these robots becoming more prominent. These solutions work with full autonomy to perform functions such as transferring products between two points, preparing orders, and storing products on racks. The growth of the logistics robotics market size is majorly driven by the rapid introduction of robots in the logistics tasks in the industries to eliminate the risk of mistakes and ramp up productivity. According to the logistics robotics market analysis, the automated guided vehicles segment was the highest contributor to the market in 2021 and is expected to follow the same trend during the forecast period.
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The logistics robotics market trends indicate that the pick & place segment accounted for around 32.0% market share in 2021. The surge in industry automation to streamline processes, reduce logistics costs, and minimize the risk of accidents has driven the logistics robotics market growth. The outbreak of COVID-19 has significantly impacted the growth of the logistics robotics sensor.
Key Findings of the Study
- In 2021, the automated guided vehicles segment was the major revenue contributor to the logistics robotics industry and is projected to grow at a notable CAGR of 17.1% during the forecast period.
- The pick & place segment is projected to grow at a CAGR of 9.4% during the forecast period.
- The healthcare and warehouse account for 74.03% of the global logistics robotics market share in 2021.
- Asia-Pacific contributed to the major logistics robotics market share, accounting for more than 50.41% share in 2021.
Key players profiled in the report include ABB, Toyota Industries Corporation, Kawasaki Heavy Industries Ltd., Fanuc Corporation, Vecna Robotics, KUKA AG, Yaskawa America Inc., Toshiba Corporation, Dematic, and OMRON Corporation. These market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the logistics robotics market.
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Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.
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