Automated Guided Vehicle Market Size, Share and Major Industry Players Forecast 2026 : Fortune Business Insights
October 15, 2020 at 15:56 PM EDT
Pune, India -- (SBWIRE) -- 10/15/2020 -- The global "automated guided vehicle" (AGV) market size is slated to reach USD 3.14 billion by 2026, exhibiting a CAGR of 9.5% during the forecast period. Rising tide of industrial automation is likely to emerge as the central factor driving the growth of this market in the coming decade. Automation in industrial processes is primarily based on the integration of Artificial Intelligence-based technologies such as Internet of Things (IoT) with the existing infrastructure. Automated technologies are taking industries by storm and their future looks immensely promising. For example, the World Economic Forum (WEF) estimates that by 2035, only 35% of working hours will be spent on manual routine jobs that currently take up 48% of work time. Furthermore, manufacturing, logistics, and retail sectors will have the highest potential for automation by 2026, notes the WEF. AGVs are a prelude to the adoption of full-fledged AI-powered technologies in any industry and as automation gains ground, the AGV market demand will remain steady.