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According to the International Federation of Robotics (IFR), around 200 start-ups based out of the U.S. are working on the advancement of professional warehouse automation. Consequently, the professional warehouse automation has become one of the focus areas owing to the continued strong growth of the industry.
The global warehouse automation market is estimated to witness a CAGR of 15% during the forecast period 2023-2031. The key factors supporting the market growth are increasing warehousing labour costs and strong macro and industry growth drivers of eCommerce fulfilment. Trends in complex global supply chains, omni-channel retailing and consignment inventory demand warehouses to increase throughput, cost-cut and reduce inventory cycles. These factors demand the warehouse automation to smooth out the workflow.
The warehouse automation has witnessed an increase in adoption due to increased investments in Research & Development activities, high labour cost, lack of skilled workforce and growth in awareness related to benefits offered by warehouse automation, and increased demand for automation in industrial sectors. In terms of enhancing operational efficiency and boosting safety at warehouse for workers, companies are increasingly adopting technologically advanced components such as RFID tags, sensors and scanners. These technologies can monitor and track real-time inventory along with streamlining the logistics process with minimal manual error. Hence, technological advancement is supporting the substantial growth of the warehouse automation market. However, high initial investment and concern for human safety limits the growth of the warehouse automation market.
According to International Federation of Robotics (IFR), warehouse automation adoption has witnessed a growth of three folds over the past two decades and is expected to further show the double-digit growth in the coming years. Moreover, warehouse automation is highly influenced by fast-paced technological advancements in the form of artificial intelligence, computer vision systems, motion control and motors in the robotics industry.
The global warehouse automation market is segmented on the basis of technology, function and industry vertical. These major market segments are further categorized into various sub-segments to study the market in detail.
By Industry Vertical:
Geographically, the global warehouse automation market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. As per the studies, North America and Europe held the major share in terms of revenue and is anticipated to contribute significantly during the forecast period due to high income level, established e-commerce industry and government support. Asia Pacific will show positive sign over the forecast period, owing to increasing population, increasing income level and growth of e-commerce and packaging industry in emerging developing economies such as India, China and Japan. High number of manufacturing facilities in the APAC region additionally contribute in the growing demand of warehouse automation.
Impact of COVID-19
Automation plays a featuring role in a during COVID-19—that support to follow social distancing. The COVID-19 outbreak has a widespread impact on the supply chain network and capacity layout of many enterprises. Various companies such as Mahindra, Shriram Pistons, Tata Steel, Tata Motors, CEAT Tyres, Toyota, Maruti, and VE Commercial Vehicles among others, are taking interest to invest and adopt automation technology for their manufacturing sites.
Key Players Insights
The warehouse automation market is highly competitive in nature, with a balance of start-ups and well-established companies. Several start-ups have come up to develop robotic solutions for warehousing with huge explosion of various mobile robotic systems along with different degrees of autonomy. ABB Ltd., Amazon Robotics, Automation Tooling Systems, Fetch Robotics, Inc., FANUC Corporation, Geodis, and Locus Robotics Honeywell International, Inc., IAM Robotics, Kuka AG, Locus Robotics, Magazino GmbH, Omron Corporation, SSI Schaefer AG, Yaskawa Electric Corporation, Inc. and Wynright Corp. among others are some major players included in the research study of the global warehouse automation market.
Research Report on the Global Warehouse Automation Market Include:
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