Demand in the global warehouse robotics market is projected to surpass US$ 5 Bn in 2022, growing at an impressive 13% CAGR over the forecast period. Growing trend of industrialization and the introduction of industry 4.0 is expected to drive the market. Against this backdrop, the market valuation is anticipated to reach over US$ 9.5 Bn in 2032.
Warehouse robots are gaining a lot of popularity and its rising importance due to its usage in varied number of applications such as food and beverage, automotive, pharmaceuticals, electronics, construction, defense, oil and gas.Companies are investing huge in research and development activities in the warehouse robotics market, especially developed countries for product innovation and also to automate it in a more advanced way.
With rapid advancement in technology and increasing demand of warehouse robotics to improve product quality, production and space utilization, the market for warehouse robotics market is growing at a positive rate globally.
In December 2014, Amazon installed almost 15,000 robots in its US warehouse to cut operation cost by one-fifth and to meet up the increasing consumer demand during festive seasons. They also wanted to compete with the brick and mortar stores and to deliver items to customers on time and at a faster rate. The technology was developed by Kiva Systems, a robotics company. Recently, Amazon announced that it would renamed Kiva systems to Amazon Robotics and also hire a head of Robotics.
Warehouse Robotics Market: Drivers & Restraints
Increased demand of automation, time saving and reduction in cost, increasing number of stock keeping units, increasing demand and awareness towords quality and safety production, advancement in technology, increased use in various applications and industries such as food and beverage, electronics, are the important market drivers for the warehouse robotics market.
Initial high adoption cost related to training, deployment, lack of awareness and difficulty in interacting with robots for some end users are some of the barriers which is hampering the growth of warehouse robotics market.
Warehouse Robotics Market: Overview
The warehouse robotics market has grown substantially at a healthy CAGR due to recent advancements in the technology and increasing demand in its applications. Asia Pacific will emerge as the fastest growing region for warehouse robotics market due to increasing demand for automation and increasing awareness about quality production.
Warehouse Robotics Market: Region-wise Outlook
The warehouse robotics market is expected to register a double-digit CAGR for the forecast period. Depending on geographic regions, warehouse robotics market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa. Asia Pacific is the fastest growing market for warehouse robotics market due to increasing research and development and increasing investment made by the automotive companies.
Warehouse Robotics Market: Key Players
Some of the key market players in warehouse robotics market are ABB Robotics, Kiva Systems, Foxconn Technology Group, Seegrid, SSI Schaefer, Swisslong, Fanuc Corporation.
