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Automated storage & retrieval systems are inventory management systems commonly used in manufacturing centers, distribution facilities, and warehouses.
WILMINGTON, NEW CASTLE, DE, UNITED STATES, December 10, 2024 /EINPresswire / -- According to a recent report published by Allied
market Research, titled,“Automated Storage and Retrieval Systems Market by Type, Function, and
industry Vertical: Global Opportunity Analysis and Industry Forecast, 2020–2027,” the automated storage and retrieval systems market size was valued at $7,351 million in 2019, and is projected to reach $12,928 million by 2027, growing at a CAGR of 7.2% from 2020 to 2027.
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Automated storage and retrieval systems are computer-controlled systems that assist in delivering materials safely to the desired destination at the right time and at a minimized cost. These systems improve the efficiency of transportation, storage, and retrieval of materials. The market is mainly driven by technological advancements in areas such as robotics, wireless technologies, and driverless vehicles; rise in need for automation in industries; and increased industrial production in emerging nations such as China, India, and Brazil. However, high initial capital investment limits the growth of the automated storage and retrieval systems market to a certain extent.
Moreover, the automated storage and retrieval systems market is analyzed with respect to various system types provided, such as unit load storage and retrieval system and bulk load storage and retrieval system. This is because these material handling systems are cost-effective and can handle several items simultaneously, thereby reducing the number of trips and time required for loading and unloading.
Furthermore, Europe dominates the automated storage and retrieval systems market growth in terms of revenue generation, attributed to heavy adoption among the automotive and e-commerce industry, followed by North America. Recent growth in automotive production in Europe as well as government regulations for cleanliness and hygiene in food & beverage industry fuel the installation of automated systems. Prominent players such as Kion Group AG, Kuka AG, and others are developing unit load automated guided vehicle with increased load capacity, safety, better space utilization, and high-efficiency permanent batteries. However, Asia-Pacific and LAMEA are expected to witness potential growth owing to rise in automotive production and modernization of facilities such as manufacturing plants.
Frontrunners in the industry:
Beumer Group
Bastian Solutions Inc.
Daifuku Co. Ltd.
TGW Logistics Group
Dematic
Honeywell Intelligrated
Kardex Group
KNAPP AG
Murata Machinery Ltd.
SSI Schaefer Group
The storage segment to maintain the lion's share by 2027:
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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The automotive segment to dominate during the estimated period:
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.
Europe, followed by Asia-Pacific and North America, to dominate in terms of revenue:
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.
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Key Findings Of The Study
By type, the unit load segment dominated the automated storage and retrieval systems market. However, the mini load segment is expected to exhibit significant growth during the forecast period in the automated storage and retrieval systems industry.
By function, the storage segment dominated the automated storage and retrieval systems market share in 2019. However, the distribution segment is expected to exhibit significant growth during the forecast period.
By industry vertical, the automotive sector generated the highest revenue in 2019. However, the food & beverages sector is expected to witness a considerable growth in the near future.
By region, Asia-Pacific market trends is expected to witness significant growth in terms of CAGR in the coming years.
About us :
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
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