The latest research study “Global Logistics Robots Market Size, Industry Trends, Share, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global logistics robots market reached a value of US$11.7 Billion in 2021.
Looking forward, IMARC Group expects the market to reach US$ 49.4 Billion by 2027, exhibiting at a CAGR of 24.16% during 2022-2027.
Logistics robots are automated machines that manage supply chain operations by storing and moving goods. They rely on artificial intelligence (AI) and machine learning (ML) to identify, move, track, and sort inventories and enhance aspects of the modern workforce.
They are manufactured in the form of mobile automated guided vehicles (AGVs) that can transport goods by traveling a predefined path in a short period of time. They are available in the form of pallet conveyor systems for moving goods to various facility zones and working stations inside the warehouse smoothly.
They enable retail companies to amplify their productions by reducing human involvement in the operations and also decrease their warehouse expenses. Besides this, they improve the safety of workers by carrying out various difficult and dangerous jobs.
They also assist various e-commerce businesses in increasing their customer satisfaction levels by enhancing delivery speed, reducing human errors, providing technical support, and managing appointments. In addition, logistics robots can carry out automation loading and unloading, product receipt, and dispatch tasks with precision.
They are often utilized in delivering medicine and lab specimens in laboratories and hospitals. Due to their spontaneous and efficient working capabilities, logistics robotics are widely used in automotive, electronics, healthcare, food and beverage (F&B), transportation, and agricultural industries.
Industry Trends and Drivers
The increasing demand for logistics robots due to the rising number of warehousing companies around the world represents one of the key factors driving the market. In addition, there is a rise in online shopping activities among the masses to save time, money, and effort.
This, coupled with the increasing number of e-commerce businesses and online retail stores across the globe, is contributing to the growth of the market. Apart from this, the increasing employment of technologically advanced machines to minimize manual labour and enhance operational productivity in various industries is propelling the growth of the market.
Additionally, logistics companies are adopting methods to amplify their speed in delivering products in warehouses, ports, harbours, and storage units, which is strengthening the growth of the market. Moreover, the increasing utilization of logistic robots in airports worldwide for spontaneously transporting luggage and inventories is offering a favourable market outlook.
Furthermore, key market players are extensively investing in research and development (R&D) activities to introduce speech recognition and self-operating facilities in the robots. They are also focusing on mergers and acquisitions to expand their product sales, which is expected to bolster the growth of the market.
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