Logistics Automation – Detailed Analysis of Current Industry Figures with Forecasts Growth By 2027
The Logistics automation market accounted to US$ 39,286.3 Mn in 2018 and is expected to grow at a CAGR of 23.7% during the forecast period 2019 – 2027, to account to US$ 121,343.3 Mn by 2027.
Logistics Automation market is led by the Asia-Pacific region in 2018. Asia-Pacific led the global logistics automation market with more than 30% share, followed by Europe and North America region. The presence of several manufacturing industries for automotive, food and beverages, healthcare, and retail industry has enhanced the acceptance of automation across these sectors are the major factors responsible for the growth of logistics automation market in this region.
The manufacturing sector is increasing globally; as per the China Federation of Logistics and Purchasing (CFLP), the global manufacturing purchasing managers' index (PMI) accounted approximately 50% in August 2019, which was down from 51.3 in August 2018.This signifies a robust recovery of the manufacturing sector across the developed countries, growing industrial advancement in the developing economies as well as the escalation of commodities prices on the global market.
Growing advancement in technology has encouraged increasing adoption of robots for various industries. Logistics automation is becoming essential for retailers owing to growing retail & e-commerce sectors worldwide. Market players are trying to achieve omnichannel and online strategies. Thus, logistics automation is necessary for retailers. The logistics automation ensures the management of the inventory, tracking, reporting and forecasting, packaging, transportation of goods, and warehouse management. The constant growth in the retail & e-commerce sector is expected to create new opportunities for the global logistics automation market during the forecasted period.
The logistics automation market on the basis of component is segmented into hardware, software, and services. The hardware component of the logistics automation system comprises conveyors, fixed machinery, industrial robots, sortation, and automated storage and retrieval systems. The hardware automatically tracks and identifies containers with the help of barcodes and RFID tags.
The prominent Companies in Logistics Automation market
Beumer, Daifuku, Dematic, Honeywell, KNAPP AG, Mecalux, S.A., Murata Machinery, Swisslog Holding AG, TGW Logistics Group, VITRONIC
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Reference
- theinsightpartners.com