BANGALORE, India, Oct. 5, 2020 /PRNewswire/ -- According to the Latest Market Research Report "Warehouse Robotics Market Breakdown Data by Type ( Mobile Robotics, Fixed Robotics) by Application ( E-commerce, Automotive, Food & Beverages, Electronics, Other ) and Region – Global Forecast to 2026", published on Valuates Reports
In 2019, the global Warehouse Robotics market size was USD 2783.7 Million, and it is expected to reach USD 4926.2 Million by the end of 2026, with a CAGR of 8.4% during 2021-2026.
The warehousing industry is expected to experience substantial demand for robotic systems' implementation due to the growing demand for reduced running time, cost efficiency, and increased warehouse operating efficiency.
It is anticipated that the growing demand for automation and understanding of safety and better quality output would present significant growth opportunities for the industry.
The Warehouse Robotics Market size is expected to grow rapidly by the combined influence of the rising retail and e-commerce industries, and technological changes in automation guided by energy efficiency.
The increasing proliferation of the Internet of Things ( IoT), Artificial Intelligence (AI ), machine learning, and other innovations are the major factors that are expected to increase the growth of the warehouse robotics market size during the forecast period.
Furthermore, the rising shortage of skilled labor is expected to further propel the Warehouse Robotics Market size growth.
Collaborative robots, also known as cobots, are gaining popularity as they are designed to increase security and simplify the interaction between humans and machines. Using technology such as machine learning, Cobots are becoming intelligent and can perform the warehouse task efficiently. This increasing adoption of Cobots is expected to drive the Warehouse Robotics Market size.
North America is expected to hold the largest Warehouse Robotics Market share during the forecast period. This dominance of North America is attributed to the proliferation of new technology coupled with warehouse operatives' critical presence.
Because of the rising number of production facilities coupled with increasing domestic demand for merchandise, Asia Pacific is projected to witness the highest growth during the forecast period. Also, the notable economic growth of Asia Pacific countries has increased the use of warehouse robotics in the regional retail and manufacturing sectors.
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