PORTLAND, Oregon, March 5, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Mobile Logistics Robot Market by Industry Vertical (Healthcare, Factory/Warehouse, Hospitality, and Others) and Function (Pick & Place, Palletizing & DE palletizing, Transportation, and Packaging): Global Opportunity Analysis and Industry Forecast, 2017–2025." The report offers an extensive analysis of top winning strategies, key segments, changing market trends, market size & estimations, and competitive landscape. According to the report, the global mobile logistics robot market was valued at $2.42 billion in 2017, and is estimated to reach $11.26 billion by 2025, registering a CAGR of 21.2% from 2018 to 2025.
Rise in demand from e-commerce retailers to fasten up the transportation of goods and commodities along with perfect warehouse management and the need to ensure safety of workers at high-risk and hazardous workplaces drive the growth in the market. However, high initial acquisition cost and unseen challenges occurring in the untested working environments hamper the growth of the market. On the other hand, acceptance of mobile logistics robots in upcoming economies to fasten up the overall delivery and transport processes and emergence of industry 4.0 into logistics and warehousing offer new corridors of opportunities in the mobile logistics robot market.
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Warehouses to witness a robust growth in terms of revenue by 2025
Warehouses accounted for more than half of the total market share in 2017 and is likely to continue the lead in terms of revenue during the forecast period. This is due to warehouse robots augmenting the delivery and transportation of manufacturing units without incurring additional cost to the already existing eco-system. However, hospitality segment is expected to register the highest growth with a CAGR of 24.0% from 2017 to 2025, owing to improved capability to perform major task in the hospitality sector such as around delivery. The report also offers insights on healthcare and other industry verticals.
Pick and place functionality segment to maintain its top status by 2025
Pick and place functionality segmentaccounted for nearly one-third of the total market share in 2017 and will maintain its leadership status by 2025. This is due to increased productivity through time saving and flexibility. However, packaging segment is expected to register the highest CAGR of 22.5% from 2017 to 2025, owing to cost-effectiveness, quickness, class, cost-efficiency, and innovation in packaging, especially in pharmaceutical and food & beverage verticals by robots.
North America to grow at the fastest rate
North America is expected to grow at the fastest CAGR of 24.4% from 2017 to 2025, owing to surge in automation process across various business verticals and need to fasten up the overall operational and manufacturing processes. However, Asia-Pacific holds the major market share, accounting for more than half of the share, due to upsurge in manufacturing units and huge market opportunities for electronic and electric commodities.
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Leading market players
Key market players evaluated in the research are Aethon (ST Engineering Ltd), Asic Robotics AG, Amazon Robotics, Clearpath Robotics Inc., Fetch Robotics, Ink, Greyorange, Kuka AG, Mobile Industrial Robot Aps (Teradyne, Inc.), Omron Adept Technologies, Inc. (Omron Corporation), and Savioke.
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In 2018, based on component, the hardware segment is estimated to dominate the global smart robot market in terms of revenue. Furthermore, based on application, assembling & disassembling is projected to lead the global market, followed by welding & painting in 2018. Smart robot uses artificial intelligence (AI) software, various type of sensor technology which is further used to monitor various industrial as well as residential operations. In addition, advancements in technology used in smart robots makes them more powerful, efficient, and attractive.
The factory automation market has widespread demand in Europe, owing to the presence of key factory automation companies in the region. Moreover, increased pace of digital transformation and rise in adoption of Industry 4.0 trend have fueled the demand for factory automation in Europe. Furthermore, developing economies in the Asia-Pacific and LAMEA regions are expected to witness rapid growth in the factory automation market during the forecast period, on account of factors such as supportive government policies, availability of cheap labor, and increased investment by key companies for business expansions.
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