Logistics robots market to grow 32.36% in 2016-20

The Dollar Business

A recent report on the global logistics robot market has forecasted it to grow at a compound annual growth rate (CAGR) of 32.36% during 2016-2020.

The ResearchandMarket’s recent report, said companies are now changing their operational paradigms and opting for innovative solutions for their multifarious benefits. The report also said less adoption of technologically advanced equipment has hampered the market growth.

Now, vendors have begun to develop collaborative robots, which can pick up heavy cartons and heavy payloads in assembly lines and warehouses, while ensuring the safety of workers, reducing product damage and minimising loss due to thefts.

The demand for logistics robots has gone up significantly in the last decade, especially after many logistic companies found an urge to develop innovative and efficient logistics solutions to stay competitive in the global market.  

Logistics involves managing, storing and supervising goods transportation; and new robots meet the growing demand for logistics technology, as they can perform complex functions with speed, precision, and accuracy.

Robots can be classified into service and industrial robots. They are segregated into agriculture, defence, domestic machines, logistics and medicals. Many e-commerce, FMCG players, manufacturers and operators use robots both inside and outside warehouses and production plants to improve the effectiveness of warehouses and distribution centres.

Notwithstanding the global slowdown and unstable currency situation in many countries, manufacturers across the globe, especially in the developed economies, have given a particular emphasis to developing smart technological solutions. It demands the industry to enhance its operational effectiveness, thereby giving a fillip to the global logistics robot market.