June 21, 2022 07:10 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, June 21, 2022 (GLOBE NEWSWIRE) -- The global Logistics Robots Market is anticipated to grow during the projected period due to the expansion of the e-commerce industry. Fortune Business Insights™ publishes this information in a report titled, "Logistics Robots Market, 2021-2028". As per the report, the logistics robots market size was USD 5.38 billion in 2020. The market is projected to grow from USD 6.17 billion in 2021 to USD 17.82 billion by 2028 at a CAGR of 16.4% during the 2021-2028 period.
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Players Profiled in the Market Report for Logistics Robots are:
Factory Automation Post Pandemic To Bolster Market Growth
During the initial lockdown phase, the warehouse shutdown and the closure of manufacturing plants amid pandemic affected various industries globally. However, the increased demand for factory automation to manage factory operations has bolstered the logistics robots market growth during the pandemic period. Also, the automated factory resolved several supply chain issues and met customer demand.
Browse Summary of this Research Report:
https://www.fortunebusinessinsights.com/logistics-robots-market-102923
Technological Advancement to Support Automated Guided Vehicles Segment Growth
By type, the market is categorized into automated guided vehicles, autonomous mobile robots, robot arms, and others (UAV's). The automated guided vehicles segment is expected to dominate the market due to rising technological advancements in the industry.
Transportation Segment to Lead Market Due To Rising Deployment Activities
Based on application, the market is divided into palletizing & de-palletizing, pick & place, transportation, and others (shipment & delivery). The transportation segment is anticipated to lead the global market owing to the increasing deployment of robots to move heavy goods.
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Rapid Digitization to Bolster E-commerce Segmental Growth
Based on industry, the market is segregated into e-commerce, healthcare, retail, food & beverages, automotive, and others. The E-commerce segment is predicted to hold a dominant market share due to rising digitization and increased online shopping by the population.
Geographically, the market share is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The report highlights well-researched information regarding the recent trends and advancements in the market. In addition, the trends adopted by leading market players to improve their business performance are discussed further in this report. Furthermore, the study sheds light on drivers and restraints affecting market development during the forecast period. The impact of COVID-19 pandemic is discussed briefly in the report.
Rapid Digitization To Bolster Market Growth
The market is expected to emerge in the coming years owing to the rising adoption of autonomous warehouses. Also, the increasing digitization and rapid technological advancements in the industry are considered major driving factors. The expansion of the e-commerce industry and rising online customer engagement are expected to bolster the market growth.
However, high initial setup costs associated with robot development may hamper the market growth.
North America Dominates Global Market Due To Rapid Industrialization
North America is expected to grow at a substantial CAGR to dominate the global logistics robots market share during the forecast period owing to the rising construction of warehouses. Also, growing industrialization and commercialization in the region are expected to bolster the regional market growth.
Asia Pacific is anticipated to propel growth in the coming years due to the considerable presence of leading market players.
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New Robot Launch Allow Companies To Strengthen Their Market Position
The key market players implement various business development strategies to improve their performance. These strategies include forming a strategic alliance, partnership, merger, and collaboration. Also, the adoption of advanced technologies allows companies to introduce reliable and efficient products.
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