The warehouse robotics market was valued at USD 2.28 billion in 2016 and is expected to grow at a CAGR of 11.8% between 2017 and 2022. The base year considered for the study is 2016 and the forecast period is between 2017 and 2022. Rising labor costs, growing e-commerce industry, need for efficient and reliable warehouse operations, active funding from venture capitalists for startup robotics companies, increasing adoption of warehouse robotics by small- and medium-sized enterprises (SMEs) are the key driving factors for the growth of the warehouse robotics market.
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In the past few years, the warehouse robotics ecosystem has witnessed a significant growth in startup companies. Fetch Robotics, Inc. (U.S.), IAM Robotics (U.S.), Magazino GmbH (Germany), GreyOrange Pte Ltd. (Singapore), Locus Robotics (U.S.), Geek+ Inc. (China), and InVia Robotics, Inc. (U.S.) are some of the fastest growing startup companies in this ecosystem. These players are offering cost-effective, flexible, and efficient mobile robots, which can be used for automating various warehouse operations such as storage and retrieval, palletizing and depalletizing, transportation, and packaging.
In the warehouse robotics ecosystem, venture capitalists are actively funding these startup companies. For instance, in April 2016, Siemens Innovative Ventures (Germany) partnered with Magazino GmbH and owns 49.9% of shares of Magazino GmbH. In May 2016, Locus Robotics (U.S.) raised USD 8 million in Series-A funding. In August 2015, GreyOrange Pte Ltd. (Singapore) received Series-B funding of USD 30 million from its existing investors Tiger Global Management (New York) and Blume Ventures (India). In April 2015, Geek+ Inc. (China) received Series-A funding of USD 1.5 million from ALOG Technology Logistics (China). These companies are using the funding for new product development, product commercialization, and geographic expansion. These factors are expected to increase the demand for warehouse robots.
Mobile robots held the largest share of the warehouse robotics market in 2016 and is expected to grow at a high rate between 2017 and 2022. Mobile robots are widely used by leading e-commerce companies and are also being gradually implemented in warehouses operated by manufacturing companies. The mobile robot adapts to changes in product types and velocities, order prioritization, and order shipment accuracy. Another key advantage of the mobile robot is a faster return on investment (ROI), as mobile robots are easier to set up and cheaper to operate.
Warehouse management system (WMS) accounted for the largest share of the warehouse robotics market in 2016 and is expected to grow at the highest CAGR between 2017 and 2022. WMS is a highly specialized business application that controls the flow of inventory into, within and out of a company’s warehouse or multiple warehouses. High awareness about the benefits offered by WMS among warehouse operators is the key driver for the growth of the WMS market. WMS offers benefits such as higher productivity, reduced cost, improved space utilization, reduced inventory, and improved customer satisfaction.
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