DUBLIN, May 19, 2015 /PRNewswire/ --
Research and Markets (http://www.researchandmarkets.com/research/vr3dz2/automated_guided) has announced the addition of the "Automated Guided Vehicle Market by Type, Industry Vertical, Application, & Geography - Global Forecast to 2020" report to their offering.
The AGV market is expected to reach $2,240.15 million by 2020, growing at a CAGR of 9.8% between 2014 and 2020
The automated guide vehicles (AGVs) are considered as the backbone of the modern material handling industry. Over the last few years, the global automated guided vehicle market has seen a tremendous growth and served companies with its technological advancements, automation, and integrating the entire value chain of the modern material handling industry.
Increasing urbanization, burgeoning population, and the increasing burden on manufacturers to meet the anticipated demand has catalyzed the growth of the automated guide vehicle market. In addition to that, an increasing investment in automation across various industries has fueled the growth of the automated guide vehicle market.
AGVs are expected to have a huge potential in various industry verticals such as automotive, manufacturing, food & beverage, aerospace, healthcare, logistics, retail, and others. With the current pressure on companies to cut the overhead costs, the industrial inclination is towards adopting AGV systems to decrease the cost of labor and lower their processing time. Development in the material handling infrastructure facilities and superior AGV capabilities compared to the traditional material handling equipment is leading the growth of the automated guide vehicle market.
This report also covers drivers, restraints, opportunities, and challenges for the automated guided vehicle market. The major driving factors for the automated gudemand for automation across the industry end-users, urbanization, safety, higher productivity, and competition. The major restraints for this market are designing and compatibility related issues of AGV and high initial investments. The figure below shows the estimated growth of the AGV market between 2014 and 2020.
In the automated guide vehicle market, the automotive segment has captured the majority of the market share; however, the food & beverage, aerospace, and healthcare are the fastest-growing segments in the AGV market.
Some of the major companies in this market include JBT Corporation (U.S.), Daifuku Co. Ltd. (Japan.), Dematic GmbH & Co. (Luxembourg), Egemin International N.V.(U.S.), Swisslog Holding AG (Switzerland), Frog AGV Systems (Netherlands), and Seegrid Corporation (U.S.).
For more information visit http://www.researchandmarkets.com/research/vr3dz2/automated_guided
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SOURCE Research and Markets