The global warehouse robotics market is expected to exceed $5 billion by 2022, rising at a 13 percent CAGR throughout the forecast period. The market is likely to be driven by the growing trend of industrialization and the implementation of Industry 4.0. Against this environment, the market valuation is expected to exceed US$ 9.5 billion by 2032.
Warehouse robots are gaining a lot of popularity and their rising in importance due to their usage in a varied number of applications such as food and beverage, automotive, pharmaceuticals, electronics, construction, defense, oil, and gas. Companies are investing hugely in research and development activities in the warehouse robotics market, especially in developed countries for product innovation and also to automate it in a more advanced way.
With rapid advancements in technology and increasing demand for warehouse robotics to improve product quality, production, and space utilization, the market for warehouse robotics market is growing at a positive rate globally.
In December 2014, Amazon installed almost 15,000 robots in its US warehouse to cut operation costs by one-fifth and to meet up the increasing consumer demand during festive seasons. They also wanted to compete with the brick and mortar stores and to deliver items to customers on time and at a faster rate. The technology was developed by Kiva Systems, a robotics company. Recently, Amazon announced that it would rename Kiva systems to Amazon Robotics and also hire a head of Robotics.
Warehouse Robotics Market: Drivers & Restraints
Increased demand for automation, time-saving and reduction in cost, an increasing number of stock keeping units, increasing demand and awareness towards quality and safety production, advancement in technology, and increased use in various applications and industries such as food and beverage, electronics, are the important market drivers for the warehouse robotics market.
Initial high adoption costs related to training, deployment, lack of awareness, and difficulty in interacting with robots for some end users are some of the barriers which are hampering the growth of the warehouse robotics market.
Warehouse Robotics Market: Overview
The warehouse robotics market has grown substantially at a healthy CAGR due to recent advancements in technology and increasing demand for its applications. The Asia Pacific will emerge as the fastest growing region for the warehouse robotics market due to increasing demand for automation and increasing awareness about quality production.
Warehouse Robotics Market: Region-wise Outlook
The warehouse robotics market is expected to register a double-digit CAGR for the forecast period. Depending on geographic regions, the warehouse robotics market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa. The Asia Pacific is the fastest growing market for warehouse robotics market due to increasing research and development and increasing investment made by automotive companies.
Some of the key market players in the warehouse robotics market are ABB Robotics, Kiva Systems, Foxconn Technology
Group, Seegrid, SSI Schaefer, Swisslong, and Fanuc Corporation.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types, technology, and applications.