Autonomous Mobile Robots Market is Estimated to Witness High Growth Owing to Opportunity in Logistics Automation

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posted on 8 months ago — updated on 1 second ago

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Autonomous Mobile Robots Market is Estimated to Witness High Growth Owing to Opportunity in Logistics Automation

The global Autonomous Mobile Robots Market is estimated to be valued at US$ 3.41 billion in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.

The autonomous mobile robot (AMR) is a robot that performs tasks flexibly and autonomously without the need for hard automation or remote and manual control. AMRs are used in various indoor applications such as transportation & logistics, cleaning, inspection & maintenance, material handling, packaging & palletization, and warehousing & storage. AMRs provide several advantages such as efficiency in operations, reduced costs, increased productivity, flexibility, and compliance with changing customer demand. Their usage across various industries helps optimize supply chain operations and achieve optimal asset utilization.

Market Opportunity:
The growing focus on logistics automation across industries presents significant growth opportunities for autonomous mobile robots. AMRs help automate several logistics operations such as transportation, sorting, and distribution of goods within large warehouses and manufacturing facilities. Their deployment helps improve productivity, optimize asset utilization, reduce errors, and ensure on-time deliveries. With manufacturing and e-commerce companies actively focusing on optimizing warehousing operations to reduce costs and improve customer satisfaction, the demand for AMRs is expected to surge considerably over the forecast period.

Porter's Analysis

Threat of new entrants: Low. The autonomous mobile robots market is a highly specialized industry which requires significant R&D investments and technological capabilities to develop innovative products. This poses high entry barriers for new players.

Bargaining power of buyers: High. Buyers have significant influence over suppliers due to the availability of a variety of product options from various manufacturers. Buyers can negotiate on price and demand additional features.

Bargaining power of suppliers: Moderate. While a few component suppliers hold some bargaining power, they are dependent on robot manufacturers for volumes. Alternative suppliers also exist.

Threat of new substitutes: Low. There are limited product substitutes for autonomous mobile robots currently. However, advanced technologies may lead to new substitutes in the future.

Competitive rivalry: High. The market is highly competitive with the presence of numerous global and regional players competing based on product performance, features, pricing, and service.

SWOT Analysis

Strengths: Growing demand across industries for automated solutions. Technological advances enabling increased autonomy, efficiency, and productivity.

Weaknesses: High initial costs. Require specialized skills for programming and maintenance. Concerns regarding job losses.

Opportunities: Applications in new verticals like agriculture, education, and healthcare. Adoption in SMEs with cost reductions. Collaborations for technological innovations.

Threats: Regulation around safety, privacy and data security. Slow commercial adoption affecting revenues. Competition from alternative technologies.

Key Takeaways

Global Autonomous Mobile Robots Market Size is expected to witness high growth during the forecast period due to the capabilities of robots in performing repetitive, unsafe and complex industrial tasks. The global Autonomous Mobile Robots Market is estimated to be valued at US$ 3.41 Mn in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 to 2031.

Regionally, North America dominates the market currently due to large presence of solution providers and early adoption across industries. Europe and Asia Pacific are fastest growing markets driven by manufacturing expansion and government support for automation.

Key players operating in the autonomous mobile robots market are Sanofi, Pfizer, Inc., Novartis AG., B. Braun Melsungen AG, Fresenius Medical Care, Medtronic, Preservation Solution Inc., TransMedics, Inc., Organ Recovery Systems, and Transonic Systems Inc. However, increased focus of startups on new product development is expected to disrupt the market.