Warehouse Automation Is The Fastest Growing Segment Fueling Growth Of Automated Storage And Retrieval System Market
Automated Storage and Retrieval System Market |
The global Automated Storage and Retrieval System Market is estimated to be valued at US$ 9,833.58 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Automated storage and retrieval system (ASRS) are warehouse automation systems
that help in storage and retrieval applications through computer controlled
movement of storage racks and other components. These systems provide
advantages such as higher storage density, easy item tracking and faster
retrieval times compared to conventional warehouse shelving/racking. Growing
need for optimized warehouse space utilization and increased labor costs are
driving demand for ASRS.
Market key trends:
Warehouse automation through introduction of advanced technologies like
robotics, artificial intelligence and data analytics is a major trend
influencing growth of the ASRS market. Adoption of IoT based solutions allow
tracking inventory levels in real-time while automated guided vehicles for
transportation of goods within warehouses improve efficiency. Such technologies
help in optimization of workflows, cost savings and meeting growing e-commerce
demand for faster deliveries. Adoption of autonomous mobile robots for product
fetching, replenishment and sorting is gaining traction in ASRS equipped
warehouses to handle high throughput during peak seasons.
Segment Analysis
The global automated storage and retrieval system market is segmented by type,
load, and end-use industry. Based on type, the market is segmented into
Vertical Lift Modules (VLMs), Unit Load AS/RS, Mini Load AS/RS, and Carousel.
Among these, Vertical Lift Modules (VLMs) dominate the market as they offer
flexibility, scalability, maximize storage density, and reduce inventory costs.
Based on load, the market is divided into less than 1 tonne, 1-10 tonnes, and
more than 10 tonnes. The less than 1 tonne segment dominates as they are
suitable for a wide range of applications and can handle cases, totes, trays,
cartons and boxes.
Based on end-use industry, the market is classified into automotive, food &
beverage, retail, healthcare, electronics & semiconductor, aviation, and
others. The retail sector dominates the market due to increasing demand for
warehouse automation and efficient logistics systems in retail warehouses.
Key Takeaways
The Global
Automated Storage And Retrieval System Market Demand is expected to witness
high growth, exhibiting CAGR of 7.1%
over the forecast period, due to increasing demand for better inventory
management across industries.
The North America region is expected to dominate the market owing to high adoption
of technology and presence of major players in the region. Europe is expected
to grow at a significant rate due to rapid expansion of e-commerce industry.
Asia Pacific is projected to register the highest CAGR during the forecast
period due to rapid industrialization and increasing foreign investments in
emerging economies of the region.
Key players operating in the automated storage and retrieval system market are
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. These players are focusing on new product
launches and expansion strategies to gain a competitive advantage in the
market.
Read
More:
Comments
Post a Comment