Middle East and Africa Automated Guided Vehicles Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Technology (Wired Navigation, Guide Tape Navigation, Laser Target Navigation, Magnetic Navigation, and Others), Type (Standard, Hybrid, Com

Middle East and Africa Automated Guided Vehicles Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Technology (Wired Navigation, Guide Tape Navigation, Laser Target Navigation, Magnetic Navigation, and Others), Type (Standard, Hybrid, Compact, and Others), Vehicle Type (Pallet Trucks, Unit Load Carriers, Driverless Trains, Forklift Trucks, and Others), and End-User (General Manufacturing, Food and Beverage, Aerospace, Retail, Healthcare, Logistics, Automotive, and Others)

The MEA automated guided vehicles market is expected to grow from US$ 261.84 million in 2021 to US$ 715.29 million by 2028; it is estimated to grow at a CAGR of 15.4% from 2021 to 2028. Industry 4.0 is a new phase of the industrial revolution, focusing on automation, interconnectivity, real-time data, and machine learning. By combining industry 4.0 with automation systems, traditional industrial facilities are gradually evolving into smart, connected, and highly efficient automated facilities. Industry 4.0 is also known as intelligent manufacturing and operations, which combines smart digital technology with manufacturing and supply chain management to create a better-connected ecosystem. It forms a single automated unit that connects computers and industrial automation solutions with the help of robotics. A network of connected devices creates a smart architecture capable of making decentralized decisions. The adoption of automated guided vehicles among Industry 4.0 companies is expected to improve warehouse safety and achieve higher levels of lean manufacturing. Further, it is expected to increase company’s productivity and profitability while lowering long-term costs. Furthermore, companies' overall adoption of industry 4.0 is significantly low and holds a potential opportunity for the AGV market players. Industry 4.0 also aims to create an operational environment wherein humans and robots can work together efficiently in a warehouse. For instance, automated guided vehicles and robots are used in the warehouses of DHL Supply Chain, a division of Deutsche Post DHL; thereby converting manual picking in the warehouse to automated. Thus, the manufacturing of automated guided vehicles with the incorporation of industry 4.0 is anticipated to provide remarkable growth opportunities for players operating in the MEA automated guided vehicle market.

In the MEA, South Africa got highly affected due to the COVID-19 pandemic. Other countries that faced the economic impact of the COVID-19 outbreak in this region include Iran, Saudi Arabia, UAE, Egypt, Morocco, and Kuwait. Due to less maritime trade and limited business in the shipping industry in the first quarter of 2020, the trend of unmanned ships and navigation got disturbed slightly. Thus, this factor has affected the scope of the market. The crisis caused havoc in industries around the MEA region, and the global economy also experienced a downturn. Many industries faced a decrease in output due to the lockdown. As a result, the decline in industrial operations is stifling the development of automated guided vehicles technologies and systems, thereby hampering the MEA automated guided vehicles market.

Based on end-user, the logistics segment led the MEA automated guided vehicles market in 2020. The logistics industry is producing and distributing material & products to the right place and in the exact quantities. Logistics has a wide range of processes, including storage & transportation of goods. Automated guided vehicles can increase savings and reduce product damage. Due to this advantage, many logistic companies use these vehicles. A major application of automated guided vehicles in logistics includes picking containers to pack, moving packed pallets to ship, delivering empty pallets, and more. Thus, the growing logistic industry supports the growth of the MEA automated guided vehicles market.

The overall MEA automated guided vehicles market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the MEA automated guided vehicles market. The process also serves the purpose of obtaining overview and forecast for the MEA automated guided vehicles market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the MEA automated guided vehicles market. Bastian Solutions, Inc.; Dematic Group (KION Group AG); Hyster-Yale Group, Inc.; JBT Corporation; Konecranes Oyj; Kuka AG; Lodamaster Group; and SSI SCHAEFER Group are a few key players operating in the MEA automated guided vehicles market.

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