The global Automated Storage and Retrieval System Market is estimated to account for US$ 8573.0 Mn in terms of value by the end of 2021. Automated systems are widely used in warehouses and manufacturing industries to manage large product volumes and improve efficiency. These systems are characterized by their advanced technology, which offers improved visualization and workflow. They help in reducing human labor and also provide enhanced productivity and safety in the workplace. A wide range of end-user verticals use these automated systems, including automobile industry, food and beverage industry, and others.
Global Automated Storage and Retrieval System Market: Drivers
Growing implementation of ASRS is inventory management and distribution supply chains is anticipated to fuel growth of the global automated storage and retrieval system market over the forecast period. Owing to emergence of advance innovations, automation systems have enhanced and are adding value to areas of the supply chain, which consequently helping to increase production level at high speed and low costs. Automation and related technologies make storage or warehouse facilities more valuable in the whole production chain, which in turn boosts the adoption of ASRS in the market.
Global Automated Storage and Retrieval System Market: Opportunities
Growing use in healthcare industry is likely to offer growth opportunities in the global automation storage and retrieval system market overt the forecast period. The expanding healthcare industry comprises medical and hospital intralogistics work that has to be performed abiding the stringent guidelines. The key requirements of these operations are handling regular supplies hygienically and following stringent official regulations. This further creates demand for ASRS technologies, to save cost and time as it provides faster and reliable goods supply adhering to the guidelines of hospital. Thus, these factors are likely to offer several growth opportunities in the market.
Global Automated Storage and Retrieval System Market: Restraints
Several systems failures of ASRS technologies is anticipated to hamper growth of the global automated storage and retrieval system market over the forecast period. A complicated ASRS system functions when multiple sensors, motors, and equipment work together in synchrony, which a software controls. Due to any kind of technical problem in these sensing component, the whole operating process can be disrupted, which adds time and money for the expenses of company. Thus, these factors are likely to impede growth of the market in the near future.
Global Automated Storage and Retrieval System Market - Impact of Coronavirus (Covid-19) Pandemic:
The global automated storage and retrieval system market was negatively impacted by the Covid-19 pandemic due to several countries imposed countrywide lockdowns to curb the virus spread. The pandemic impacted the consumer behavior, leading to increasing preference for online channels. Several industries such as manufacturing and automotive industries were adversely impacted by the pandemic, which in turn impacted demand for automated storage and retrieval system technologies. However, various industries such as pharmaceuticals, e-commerce, and food & beverage however, began to recover from the pandemic. Which is likely to support growth of the market in the near future.
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Key Takeaways:
The global automated storage and retrieval system market was valued at US$ 8573.0 Mn in 2021 and is forecast to reach a value of US$ 15881.8 Mn by 2030 at a CAGR of 7.1% between 2021 and 2030.
Unit Load segment held dominant position in the global automated storage and retrieval system market in 2021, accounting for 35.9% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Automated Storage and Retrieval System Market Trends:
Automotive industry among industry vertical is gaining traction in the global automated storage and retrieval system market. ASRS technologies are widely utilized in automotive industry, and market players are focusing on cutting down unnecessary costs. The adoption of ASRS in automotive industry is increasing due to improvement in production logistics solutions and introduction of automation in production line. The automated systems have an important role in the automotive industry as they carry out tasks including welding, painting, finishing, as well as assembly. Thus, the demand for ASRS is high in the automotive industry, which in turn is driving growth of the market.
Growth of e-commerce industry and increasing automotive production in Europe is projected to boost growth of the global automated storage and retrieval system market over the forecast period. The region is witnessing strong growth in the market due to increased automotive production, increasing adoption of automated systems in food & beverage and cleanliness and hygiene, and rise in modernization of manufacturing as well as infrastructure facilities across the region.
Global Automated Storage and Retrieval System Market: Competitive Landscape
Murata Machinery, Ltd., Honeywell Intelligrated, Bastian Solutions, Inc., Dematic, TGW Logistics Group, Daifuku Co., Ltd., KNAPP AG, Beumer Group, SSI Schaefer Group, and Kardex Group
Global Automated Storage and Retrieval System Market: Recent Developments
In October 2019, KNAPP AG and Zalando announced partnership for automating their new distribution center in Bleiswijk near Rotterdam, Netherlands. The new online distribution center is said to be equipped with a combination of pocket sorter technology and shuttle system for ensuring highest efficiency & flexibility.
In April 2019, Bastian Solutions announced the launch of Bastian Solution Shuttle System, which is a robotic materials handles with efficiency and flexibility. The parts of this robotic shuttle system such as fingers, joints, and elbow are made from polymers.