by Warehouse robots are autonomous mobile robots that assist in various warehouse operations such as packaging, palletizing, transportation, assembling, and pick and place. These robots help automate repetitious and hazardous processes in warehouses. They improve accuracy in operations and reduce risks of injuries from lifting heavy loads or accidents involving heavy machinery. The incorporation of warehouse robotics also helps reduce costs associated with labor as they require minimal human intervention once programmed and can work efficiently for extended hours. They provide flexibility in operations as per demand fluctuations and help address issues related to labor shortage.
The global Warehouse Robotics Market is estimated to be valued at US$ 13.18 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the warehouse robotics market is the increasing adoption of collaborative robots or cobots. Cobots are designed to safely interact and work alongside human workers within a shared workspace. They offer advantages like improved workplace safety, increased productivity, reduced labor costs, and greater flexibility. Several companies are focusing on innovating collaborative robot technologies that can seamlessly work with humans to perform various warehouse tasks like picking, packing, palletizing, and transportation. This is expected to drive the demand for cobots in warehousing facilities. Another major trend is the integration of warehouse robots with Internet of Things (IoT) and cloud computing technologies. IoT allows seamless data transmission between robots, machinery, software programs, and human workers. Cloud computing enables remote supervision and management of warehouse robotics operations. This integration helps optimize workflows, improves visibility, and enables data-driven decision making to maximize efficiency.
Porter’s Analysis
Threat of new entrants: Low barriers to entry as the technology requirement is growing exponentially requiring highly skilled workforce.
Bargaining power of buyers: High as buyers can negotiate on price and payment terms due to availability of various warehouse robotics manufacturers globally.
Bargaining power of suppliers: Low due to availability of various component suppliers and switching costs are also low.
Threat of new substitutes: Low as robotics helps automate workflow better than manual labor.
Competitive rivalry: High as the market is growing and attracting new players requiring continuous innovation.
Key Takeaways
Global Warehouse Robotics Market Demand is expected to witness high growth. The fastest growing region is expected to be Asia Pacific due to rapid industrialization and growth in e-commerce sector in major countries like India and China.
The Asia Pacific region dominated the market in 2022 and is expected to grow with fastest CAGR during the forecast period. Countries like India and China are witnessing rapid industrialization and growth in e-commerce which is fueling adoption of warehouse robotics.
Key players operating in the Warehouse Robotics market are Schneider Electric SE, ABB Ltd., Siemens AG, Eaton Corporation, Honeywell International Inc., Rockwell Automation, Inc. Key players are focusing on continuous innovation through investments in R&D to develop technologically advanced solutions and gain competitive advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
