The growth of Industry 4.0 is changing the functioning of warehouses. Industry 4.0 also aims to create an operational environment wherein humans and robots can work together efficiently.
ForkLift 3.3.9 Trial Growth InMoreover, industrial growth in emerging economies, presence of intralogistics sector in Southeast Asia, and rising adoption of industrial automation by SMEs is likely to fuel the growth of the market.The market scenario is vague and may either steeply go up or down, based on the actions taken and results achieved by the organizations. The outbreak has affected various industries across the world. It has led to either closure or suspension of their production activities in most of the industrial units across the world. The outbreak of COVID-19 pandemic is having an enormous impact on the industries such as aviation, automotive, manufacturing, and food beverages. Number of countries across the world have suspended their domestic and international travel operations to contain the spread of COVID-19. This is expected to result in a decrease in demand for aircraft and a decline in aircraft production, as well as massive revenue losses. The automotive sector is one of the key sectors incurring significant losses owing to the COVID-19 pandemic situation. The supply and demand for automobiles have been impacted globally owing to lockdowns implemented in different countries across the world and closed operations of manufacturing units. COVID-19 has been spreading across the world, starting from APAC, then moving to Europe, and currently accelerating in North America. COVID-19 has affected nearly all continents; however, the US, Brazil, India, Russia, and UK have experienced a sharp increase in diagnosed cases. The AGV-enabled automation of industrial facilities can help meet the requirements related to material handling capacity, along with reducing production time, lessening the chances of human errors, enhancing safety, ensuring high production volumes, and increasing accuracy and repeatability. The use of AGVs enables just-in-time (JIT) delivery of raw material, computerized control of received assembled parts, and tracking of shipped articles. The high cost can discourage manufacturing companies from choosing high-end AGVs. Small enterprises cannot afford automated systems and hence opt for traditionalmanual handling forklift trucks. The cost of maintaining AGVs, which varies according to the age, type, location, number of shifts per day, and condition of the equipment, also acts as a barrier for the growth of this market. For instance, AGVs used in the manufacturing, chemicals, and construction industries have a high maintenance cost. Moreover, it is difficult for companies to invest in automation solutions due to high capital spending and long payback period. The costs associated with the overall setup of AGV systems is high as these vehicles are programmed and require navigation and communication systems to interact with other material handling equipment. The average payback period for AGVs usually ranges from 3 to 5 years. Therefore, it is difficult for many companies to invest in AGVs due to high capital spending and a long payback period. It combines computers and industrial automation solutions with the help of robotics to form a single automated unit. The network of connected devices creates a smart architecture capable of taking decentralized decisions. The growth of Industry 4.0 is changing the functioning of warehouses. Industry 4.0 also aims to create an operational environment wherein humans and robots can work together efficiently.
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