Automated Guided Vehicle Market Trends

Growth Drivers

• The Requirement for Workplace Safety is Growing- Given the increased incidence of injuries and accidents within organizations, it is expected that this market will continue to grow over the coming years. An accident reduction, which significantly increases output while improving security, is ensured by AGVs. In the US, about 3 million industrial accidents per year result in nonfatal injuries.
• Increasing Industrial Automation Adoption- Industrial automation is also being used by enterprises for improving productivity and reducing workforce costs, which are expected to support automated guided vehicle market growth. According to a 2020 poll, more than 60% of businesses around the globe have automated one or more business units.
• Growing Healthcare Industry- The market is anticipated to increase further in the following years due to the rising incidence of chronic illnesses such as heart diseases, osteoarthritis, stroke throughout the world. AGVs can be a great help to hospitals if they are unable to dispose of these hazardous wastes. In addition, hospital staff are relieved and can devote much of their time to the direct care of patients by using automatic transport systems. According to the most recent expenditure statistics, United States health expenditures increased by over 2% in 2021.

Challenges

• Exorbitant Cost of AGV Installation and Upkeep- Increasing concern about high installation and maintenance costs associated with AGVs is one of the main reasons that have been anticipated to hinder market growth. For instance, use of AGV technology is associated with significant initial costs. In addition to the AGV hardware, a guidance system shall be installed; the cost of this system shall be determined by the AGV software and the size of the facility.
• The Technical Difficulties in Relation to the Sensor Element
• Automatic Guided Vehicles Lose Ground in Popularity to Mobile Robots