Autonomous Mobile Robots Market Estimated to Witness Growth Due to Rising Demand from Logistics and Warehousing Industries
Autonomous mobile robots (AMRs) are robotic vehicles that can navigate autonomously in various indoor environments without any external guidance. AMRs are used for material handling across various industries such as e-commerce, logistics, automotive manufacturing, food and beverage, and pharmaceutical. They are capable of transporting materials across warehouses and storage facilities without any human interaction.
The global autonomous mobile robots market is estimated to be valued at US$ 3.41 Bn in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The key driver explained from the heading is the rising demand from logistics and warehousing industries. The growing e-commerce sector has placed significant pressure on logistics and warehousing companies to expedite and streamline operations. Autonomous mobile robots help in automating material handling tasks which reduces operational costs and improves productivity for warehouse and logistics companies. Additionally, AMRs ensure safer working environments by eliminating risks associated with manual material handling. This factor is further driving their adoption across industries. Furthermore, continuous technological advancements are making AMRs more affordable and efficient. Emergence of IoT and AI-enabled AMR solutions is also fueling market growth over the forecast period.
SWOT Analysis
Strength: Autonomous mobile robots are highly efficient as they can operate 24/7 without breaks. They perform repetitive and routine tasks with high accuracy reducing the scope of human errors. Their programming makes them consistent in task performance.
Weakness: High initial investment costs are required for deployment of autonomous mobile robots. Technical glitches and system failures can disrupt workflow. Lack of dexterity and adaptability are limitations as they cannot handle unpredictable situations or tasks requiring human judgment.
Opportunity: Increased labor costs and shortage of labor is driving many industries to adopt robotics solutions. The logistics and warehousing sector offers huge growth opportunity for autonomous mobile robots for applications like transportation and sorting. Growth of e-commerce will further boost demand.
Threats: Concerns around job losses can increase resistance from labor unions. Delay in development of technologies like advanced sensing, AI and 5G networks can hamper full potential of autonomous mobile robots. Changes in government regulations regarding robotics can affect adoption plans of some companies.
Key Takeaways
Global Autonomous Mobile Robots Market Size is expected to witness high growth over the forecast period owing to benefits like improved efficiency and reduced costs. The market size is estimated to reach US$ 3.41 Mn in 2023 from US$ 1.23 Mn in 2019, indicating a CAGR of around 3.1% during the period.
Regional analysis: North America currently dominates the market attributed to rapid technological advancement and increasing investments by prominent players in the region. Asia Pacific is anticipated to be the fastest growing market led by countries like China, Japan and India. With growing industrialization and manufacturing hub status, the APAC autonomous mobile robots market is projected to witness a CAGR of over 4% during the forecast period.
Key players: Key players operating in the autonomous mobile robots market are Sanofi, Pfizer, Inc., Novartis AG., B. Braun Melsungen AG, Fresenius Medical Care, Medtronic, Preservation Solution Inc., TransMedics, Inc., Organ Recovery Systems, and Transonic Systems Inc. These key players are focused on new product launches and partnerships to strengthen their market position.
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