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The global logistics robots market size is estimated to hit USD 14.95 billion by 2027 on account of the increasing demand for e-commerce fulfillment services and complex supply chain functions worldwide. Logistics robots help to store and transport autonomous goods from storage facilities and warehouses to their desired locations smoothly and efficiently. As per the current report by Fortune Business Insights titled, “Logistics Robots Market Size, Share & Industry Analysis, By Type (Automated Guided Vehicles, Autonomous Mobile Robots, Robot Arms and Others), By Application (Palletizing & De-palletizing, Pick & Place, Transportation, and Others), By Industry (E-commerce, Healthcare, Retail, Food & Beverages, Automotive and Others), and Regional Forecast, 2020-2027,” the market value stood at USD 4.70 billion in 2019 and is likely to exhibit at 15.7% CAGR between 2020 and 2027.
Launch of Ai-enabled Robots in Autonomous Warehouses by ABB and Covariant to Bolster Growth
Covariant, the artificial intelligence-based software startup company and ABB, the leading provider of industrial robots entered into a joint venture wherein they will introduce AI robotic solutions into the e-commerce industry. This announcement was made in February 2020 with the aim of a dynamic environment wherein smart robots work simultaneously with humans and improve with the east task performed. This robotic solution can be installed in areas such as parcels, mail sorting, warehousing, and logistics, thereby reducing manual labor cost and generating more than an estimated 50% revenue in the next five years, as per Statista.
Peter Chen, the CEO, and Co-founder of Covariant says, “the most practical way to promote artificial intelligence is to implement it in the real world and not letting it rot in laboratories. With this collaboration, we aim at creating AI robotics solutions for consumers all over the world and looking forward to a smarter future.” Such initiatives taken by players are likely to aid in the expansion of the market in the coming years.
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Growth of E-commerce Industry is Likely to Bode Well for Market
The current trend of online shopping for both food and beverage and retail items has resulted in the rapid growth of the e-commerce industry, and is, therefore, a major driver propelling the logistic robot market growth. This, coupled with the advent of automated guided vehicles for smooth and fast transportation without the need for spending on its infrastructure is also boosting the market. Additionally, the rising number of autonomous warehouses is also augmenting growth. This, coupled with the effective use of digital automation networks and application software such as live tracking, and others are expected to aid in the expansion of the market in the coming years.
On the flip side, the initial cost of installation and maintenance of logistics robots may pose a major hindrance to the overall market in the forecast period. In addition to this, the small and medium scale retailers may find it difficult to install robotic solutions and instead depend on hired laborers for performing tasks repetitively in distribution centers and warehouses. This may also hamper the market in the coming years.
Players Emphasizing on Collaborative Efforts for Bagging More Revenue
Most of the players operating in this market are adopting different marketing strategies to make their mark and increase their sales. They are also engaging in collaborative efforts such as mergers and acquisitions, contracts and agreements, and others to increase their portfolio and expand geographically. Among all vendors, Venca Robotics earned the highest share on account of the presence of a fast supply chain that offers robotic warehouse systems.
Notable Industry Developments of Logistics Robots Market include:
List of Major Players of this Market are:
Further Report Findings
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Value (USD billion)