LONDON--(BUSINESS WIRE)--The global logistics robots market is expected to grow at a CAGR of more than 28% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global logistics robots market by application (indoor and outdoor logistics and factory logistics) and by solution (hardware, services, and software). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: good ROI offered by logistics robots
The demand for logistics robots is expected to see an increase during the forecast period. This growth is attributed to the good ROI offered by them when compared with systems such as forklifts that have traditionally been used in manufacturing and non-manufacturing environments.
According to a senior analyst at Technavio for robotics research, “Some of the factors that prove to be of advantage for when compared with forklifts and human labor are the drop in the cost of equipment, components such as sensors, and the cost of integration along with the time required for integration. Advanced technologies such as machine learning logic, human-machine collaboration, and environmental analysis technologies are adopted with logistics robots. Also, rising labor cost and stringent government regulations are also contributing to the higher adoption of robotics labor.”
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Market trend: changing global labor force trends
It is expected that by 2050, the working age population will decrease significantly globally. Sectors such as logistics, healthcare, agriculture, and mining, which are already witnessing a scarcity of skilled workers, will suffer a significant impact. This has increased the adoption of robotics to minimize the dependence on manual labor. Another factor that is contributing to the higher adoption of logistics robots is the fact that extended shift times reduces productivity and efficiency of employees along with the possibility of faults due to human error.
Aging population in countries and a high intensity of industrialization and availability of skilled forklift drivers will be scarce during the forecast period. Rising personnel costs and retirement of skilled workers are also contributing towards labor requirements. Such factors are expected to influence third-party logistics providers, hospitals, and players in the healthcare sector to adopt logistics robots.
Market challenge: need for technical expertise
The lack of technical expertise among the workforce is a major factor that can affect the global logistics robots market. It is necessary for the logistics robot operators to know the working of robots along with periodic servicing necessities to ensure smooth operations. The lack of knowledge of such technical aspects leads to the lesser adoption of robots among end-users, as they consider the downtime required for maintenance tasks as considerable productivity and financial loss. Players in the market are also increasingly adopting online and offline training and consultation methods to ensure that end-users with low familiarity with technology get the required support.
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