Businesses Stitch with Autonomous Logistics and Transportation Systems during Coronavirus Outbreak
Transporting products from one place to another with minimal human contact has become imperative for businesses during the COVID-19 outbreak. Companies such as the San Francisco-based startup Above Robotics is pushing sales for autonomous logistics and transportation systems to limit the spread of the coronavirus. Such trends are generating incremental opportunities for companies in the port and material handling equipment vehicle market.
Merchants, warehouses, and transport providers are adapting to autonomous material handling equipment vehicles. Companies in the port and material handling equipment vehicle market are creating awareness for cloud-based software that can get driverless vehicles to communicate directly and handle goods with fewer humans. Businesses in Japan, South Korea, and other parts of Asia are becoming aware about these evolving trends.
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AMRs Overcome Shortcomings of AGVs with Increased Intuitiveness and Flexibility in Operations
Automated guided vehicles (AGVs) are being integrated in retail, military, and even healthcare applications. However, potentially high initial investment, maintenance costs, and decreased flexibility in operations are likely to inhibit growth of the port and material handling equipment vehicle market. Hence, equipment vehicle manufacturers are increasing their production of alternative solutions such as autonomous mobile robots (AMRs), conveyor systems, and automated storage & retrieval systems (AS/AR).
The port and material handling equipment vehicle market is projected to advance at a CAGR of ~5% during the forecast period. Innovations in intuitive autonomous mobile robots involve to transportation of inventory and sort products.
Dual Mode Autonomous Lift Trucks Operate in Mixed Environments
Robotics, automation, and sealed lead acid battery technology are steering innovation in lift trucks. Manufacturers in the port and material handling equipment vehicle market are increasing their R&D muscle in equipment design and value added features in order to help clients achieve high operational efficiency. Thus, autonomous lift trucks have become the key focus for technological advancements and innovations.
Equipment vehicle manufacturers are increasing the availability of dual mode autonomous lift trucks that function with or without the operator. This helps to establish maximum flexibility in mixed environments. Companies in the port and material handling equipment vehicle market are gaining a strong research base in 2D LIDAR guidance to enable long runs and returns in dual mode autonomous lift trucks.
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Harbor Tug Boats Converted into Autonomous Vessels Integrated with Hazard Detection
The autonomous tug technology testing is undergoing a significant change from remotely controlling a vessel to adoption of computerized control on board as a support tool for the master. In Singapore, PSA Marine— a leader in the maritime sector, has collaborated with PACC Offshore Services Holdings (POSH) to complete their testing program to conduct sea trials of autonomous vessel technology. This is evident since Asia Pacific is anticipated to hold the lion’s share in terms of revenue in the port and material handling equipment vehicle market.
The port and material handling equipment vehicle market is expected to reach a revenue of US$ 9.7 Bn by the end of 2030. Operators at various ports and container terminals are converting its harbor tug into an autonomous vessel integrated with collision avoidance and hazard detection.
Autonomous Crane Systems Improve Profitability in Steel Industry with Digitization of Operations
Crane yard operations are becoming smart and safe. Companies in the port and material handling equipment vehicle market such as Schneider Electric— a global specialist in energy management and automation, is innovating in integrated autonomous crane systems (IACS). Autonomous crane systems have become the need of the hour since the steel industry is at crossroads with the need for investments in digitization whilst increasing profitability of operations.
Companies in the port and material handling equipment vehicle market are increasing the availability for autonomous crane systems in the steel industry to improve operations from furnace to yard and from warehouse to shipping with the help of digitization in crane operations.
Port and Material Handling Equipment Vehicle Market: Overview
- The global port and material handling equipment vehicle market is anticipated to expand at a CAGR of ~5% during the forecast period, owing to the surge in trade activities and rise in globalization of goods production
- Most countries witnessed increase in exports as a share of gross domestic product (GDP) in the last decade. Furthermore, there has been an increase in links to global supply chains and sourcing of raw materials. Finished products have become increasingly globalized, and producers in various areas, often-distant areas of the world, are increasingly being forced to compete with one another for the same markets. This trend is leading to more trade of goods across countries, thus, boosting port operations. This, in turn, is propelling the demand for port and material handling equipment vehicles.
Drivers of Port and Material Handling Equipment Vehicle Market
- Rise in seaborne trade practices across the globe is likely to increase the demand for material handling equipment, which, in turn, is likely to boost the port and material handling equipment vehicle market across the globe
- Growing import and export of goods and commodities through seaports due to different free-trade agreements, such has TPSEP, NAFTA, AFTA, and several others, have helped countries significantly strengthen their economies. This, in turn, is anticipated to boost the port and material handling equipment vehicle market across the globe.
- Incorporation of autonomous and semi-autonomous systems for port equipment functions is likely to significantly propel for port and material handling equipment vehicle market across the globe
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