Portland, OR, Feb. 25, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global warehouse robotics market was estimated at $2.44 billion in 2016 and is expected to hit at $5.18 billion by 2023, garnering a CAGR of 11.6% from 2017 to 2023. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and changing market trends.
Increased demand for automation due to prevailing competition in e-commerce, the rising number of stock-keeping units, and advancement in automation technologies fuel the growth of the global warehouse robotics market. On the other hand, high initial costs related to training & deployment, lack of awareness, the threat of job displacement, and difficulty in interacting with robots for some end users checks the growth to some extent. However, adoption of warehouse robotics by small- and medium-sized enterprises (SMEs), growing E-commerce and alternative to human capital due to rising labor costs are expected to create lucrative opportunities for the key players in the market.
The mobile robots segment to rule the roost throughout the forecast period-
Based on type, the mobile robots segment contributed to nearly one-third of the total market share in 2016 and is expected to dominate till 2023. The same segment is also expected to grow at the highest CAGR of 12.3% during 2017–2023.
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The pick & place segment generated the lion’s share in 2016-
Based on application, the pick & place segment held the largest share in 2016, accounting for nearly one-third of the total market revenue. Simultaneously, the packaging segment is projected to register the fastest CAGR of 11.7% during the estimated period.
North America to maintain its dominance till 2023-
Based on geography, North America accounted for nearly one-third of the total share in 2016 and is anticipated to lead the trail throughout the study period. The Asia-Pacific region, on the other hand, is predicted to showcase the fastest CAGR of 12.6% till 2023.
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Key players in the industry-
The key market players analyzed in the global warehouse robotics market report include Fanuc Corp., Kuka AG, Honeywell International Inc., Amazon Robotics (Amazon.com, Inc.), Siemens AG., Yamaha Robotics., Locus Robotics, Omron Corporation, Yaskawa Electric Corp., and ABB Ltd. These market players have taken recourse to several strategies including partnership, expansion, collaboration, joint ventures, and others to strengthen their foothold in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.