Automated Storage And Retrieval System Market To Generate $12,928 Million By 2027- Growth Drivers And Future Scenarios

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Automated Storage and Retrieval Systems Market

Global warehousing, distribution operations and sustained growth of the e-commerce industry are driving the growth of the ASRS market in Europe.

PORTLAND, PORTLAND, OR, UNITED STATE, August 9, 2022 /EINPresswire.com / -- Surge in demand for ASRS in Aviation industry, rise in need to reduce costs and achieve optimum utilization of space, and increase in implementation of ASRS in distribution supply chain & inventory management fuel the growth of the global automated storage and retrieval systems market. On the other hand, huge initial investment and dearth off skilled labor & technical expertise impede the growth to some extent. However, increase in automation in e-commerce across the globe and growth of the aviation industry in Asia-pacific region are expected to create multiple opportunities in the industry.

According to the report, the global automated storage and retrieval systems industry was estimated at $7.35 billion in 2019, and is expected to hit $12.92 billion by 2027, registering a CAGR of 7.2% from 2020 to 2027.

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Based on industry vertical, the automotive segment contributed to nearly one-fourth of the global automated storage and retrieval systems market share in 2019, and is anticipated to lead the trail by 2027. The automotive sector has become extremely competitive and the players are making efforts to cut down unnecessary costs. This factor propels the growth of the segment. At the same time, the healthcare & pharmaceuticals segment would portray the fastest CAGR of 11.7% till 2027. Healthcare industry is leveraging ASRS technologies to help their inventory be more efficient and reduce labor errors which, in turn, drives the segment growth.

Based on function, the storage segment accounted for nearly one-third of the global automated storage and retrieval systems market revenue in 2019, and is expected to rule the roost by the end of 2027. The fact that automated storage systems provides solid inventory storage to maximize the floor space fuels the growth of the segment. The knitting segment, on the other hand, would grow at the fastest CAGR of 11.7% during the study period. Rise in competition between the manufacturers and marketers have propelled the adoption of industrial transformation in the knitting industry.

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Based on region, Europe, followed by Asia-Pacific and North America, held the highest share in 2019, garnering nearly two-fifths of the global automated storage and retrieval systems market. This is due to growth in the e-commerce industry and modernization of infrastructure & manufacturing facilities in this province. Simultaneously, Asia-Pacific is projected to manifest the fastest CAGR of 9.9% throughout the forecast period. Increase in adoption of automated systems in the industrial sectors and improved & safe working conditions in the areas of robotic systems, wireless technologies, and driverless vehicles foster the demand for ASRS in the region.

Some of the key market players profiled in the automated storage and retrieval systems market analysis include Bastian Solutions, Inc., Beumer Group, Daifuku Co., Ltd., Dematic, Honeywell Intelligrated, Kardex Group, KNAPP AG, Murata Machinery, Ltd., SSI Schaefer Group, and TGW Logistics Group. Among which Dematic accounts for the highest share in the automated storage and retrieval system market , based on its innovative solution and services as well as numerous developmental strategies adopted by the company to sustain the intense competition and improve its product portfolio.

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Impact of COVID-19 on Automated Storage and Retrieval Systems Market:

• With the outbreak of COVID-19, a lot of precautionary measures have been taken by the government bodies to prevent further spread of the virus. And, with lockdown coming into the scenario, there have been huge disruptions in the automated storage and retrieval systems.

• In a nutshell, the overall inventory management system in industries like automotive, food & beverages, chemicals, e-commerce, semiconductors & electronics, and healthcare has been affected with huge economic implications to linger for months to come.

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