Warehouse management is prone to a bunch of mistakes and challenges. These challenges may include inaccurate inventory information, inefficient space utilization, improper labor management, following rudimentary processes, adapting to seasonal demand, substandard picking process, flawed order management, managing heaps of data, and poor-quality control among others. Our research analysts at Research Nester has found that one forklift accident in a warehouse can cost the business close to USD 38 Thousand. However, these expenditures can also cross more than USD 150 Thousand depending on the situation. On the other hand, around 21,000 workplace injuries were recorded as a result of forklift accidents in the year 2022 and around one fourth of these accidents were as a result of overturned forklift. More or less, every year, an average of 100 forklift fatal accidents are recorded and approximately 40% of these occur when the forklift operator is crushed by a falling vehicle.
Automated guided vehicles (AGVs) are load carriers or material handling equipment that move around on their own without the need for an operator or driver. They are most typically used in industrial settings to carry large goods throughout a massive industrial building, such as a factory or warehouse. Computer software is used by automated guided vehicles (AGVs) to detect their positioning, movement, and location. The major importance of automated guided vehicles is that these systems assist in minimizing errors and removing human error from a list of concerns of business organizations. These vehicles can execute things that would be dangerous for humans to do and therefore it reduces the direct and indirect costs that a business may incur as a result of the workplace accident. Moreover, these vehicles run smoothly and safely, reducing the possibility of other workers being hurt by human-operated vehicles. An increased workplace safety can also lower expenditures such as insurance premiums. Besides this, as the name suggests, these vehicles function automatically by using automated inventory management systems. As a result, man-made simple counting errors that can skew data and cause problems, can quickly be averted. The market size for autonomous guided vehicles was recorded to be worth USD 4 billion in 2022 and it is anticipated to increase at a CAGR of about 14% from 2023 to 2035, touching around USD 15 billion in revenue in the year 2035.
AGVs are a boon to industries as it has the following benefits:
The functioning idea of an automated guided vehicle is designed to support extremely high loads, like those carried by assembly lines for truck outfitting.