Warehouse Robotics Market Expected to Reach $5,186 Million by 2023, Globally
PORTLAND, Oregon and PUNE, India, May 17, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled "Warehouse Robotics Market: Global Opportunity Analysis and Industry Forecast, 2017-2023", the global warehouse robotics market was valued at $2,442 million in 2016 and is expected to reach $5,186 million by 2023, to grow at a CAGR of 11.6%. E-commerce as an industry vertical is expected to dominate the global warehouse robotics market from 2017 to 2023. North America dominated the global warehouse robotics market with 33% share in 2016.
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Warehouse robotics involves the deployment of robotics in warehouses to perform various functions such as, pick-placing, packaging, transportation, packaging, and palletizing. The integration of warehouse and robotics technology ensures accuracy and facilitates automation apart from increasing the storage space and operation efficiency of warehouses. The global warehouse robotics market is driven by the growing demand for automation due to the intense competition in e-commerce sector, rise in the number of stock-keeping units, and advancements in technology. However, factors such as initial higher costs related to training & deployment, lack of awareness, threat of job displacement, and difficulty in interacting with robots for some end users hamper the market growth.
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The global warehouse robotics market is segmented based on type of robot, function, end user, and geography. On the basis of type of robot, it is classified into SCARA, cylindrical, parallel, mobile, gantry, and stationery articulated robots. Presently, stationery articulated robots are the most dominant robot in the global market, followed by gantry robots. Stationery articulated robots and gantry robots are expected to lose their market share due to surge in the use of autonomous mobile robots. Stationery articulated robots are expected to grow at 11.9% during the forecast period, while mobile robots are expected to grow at 12.3% during the forecast period. Moreover, growth in the e-commerce, food & beverage, pharmaceutical, and automotive industries is expected to boost the adoption of these robots in the near future.
Based on function, it is categorized into pick & place, assembling-dissembling, transportation, and packaging. Pick & place is the most common function performed by warehouse robotics, followed by packaging. This segment is expected to grow at a CAGR of 11.3% during the forecast period. The transportation segment is expected to be the fastest growing segment registering a CAGR of 12.3% during the forecast period, owing to growth in mobile robots, dearth of skilled labor, and rise in labor costs.
On the basis of end user, it is divided into e-commerce, automotive, food & beverages, electronics & electrical, metal, pharmaceuticals, and others. E-commerce holds the maximum share in the warehouse robotics market, followed by the automotive industry. E-commerce is expected to grow at a CAGR of 12.2% during the forecast period.
However, warehouse robotics segment is expected to grow at the highest CAGR of 12%, with the second leading position in the global market. Furthermore, the growth in the food & beverage industry in the Asia-Pacific and European regions is attributed to the increasing deployment of robots in packaging, palletizing, and transportation.
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The market is analyzed based on region into North America, Europe, Asia-Pacific, and LAMEA. North America is the largest user of warehouse robotics, followed by Asia-Pacific. Asia-Pacific is expected to grow at a CAGR of 11.3%, while Asia-Pacific is expected to register a CAGR of 12.6% during the forecast period. The Asia-Pacific region is expected to dominate the global warehouse robotics market due to growth in the e-commerce, food & beverage, metal & machinery, and electronic & electrical industries.
Key Findings of the Warehouse Robotics Market:
- The warehouse robotics segment accounted for $2,442 million in 2016, and is expected to grow at a CAGR of 11.6% during the forecast period.
- The mobile robots market is expected to grow at the fastest CAGR of 12.3%.
- The e-commerce segment is expected to be grow at the highest CAGR of 12.2% during the forecast period.
- Asia-Pacific is expected to grow rapidly, registering a CAGR of 12.6% from 2016 to 2023.
The key players operating in the global warehouse robotics market have adopted collaborations, partnerships, and product developments to maintain a strong foothold in the industry. The prominent players profiled in the report are ABB Ltd., Fanuc Corp., Kuka AG, Yaskawa Electric Corp., Amazon Robotics (Amazon.com, Inc.), Yamaha Robotics., Fetch Robotics, Inc., Locus Robotics, Omron Corporation, Honeywell International Inc., and Siemens AG.
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