DUBLIN, May 29, 2023 /PRNewswire/ — The “Automated Storage and Retrieval Systems Market – Forecasts from 2023 to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global automated storage and retrieval system market is expected to grow at a CAGR of 6.29%, from an initial value of US$6.782 billion in 2021, and is estimated to reach a market size of US$10.393 billion in 2028.
Daifuku Co., LtdSwisslog Holding AGSiemens AGDematicBEUMER GroupKonecranes plcElement LogicKardex
Automated storage and retrieval systems are a variation of computer-controlled systems that are used for controlling, handling, storing, and retrieving materials with higher speed and accuracy. The system finds major applicability in manufacturing and distribution facilities for increasing productivity and safety through the storage and retrieval of items in specific locations.
Growing warehouse establishments & automation projects
The growing industrial productivity in major countries has created a demand for the establishment of warehouse and storage facilities. For instance, according to the U.S. Bureau of Labor Statistics, in Q1 of 2021, the number of warehouse and storage facilities in the US stood at 19,696 units which represented an increase of 3.7% in the establishment in comparison to 2020. Launches of warehouse automation projects to upgrade shipment and delivery operations are also boosting the demand for automated storage and retrieval systems in the warehouse centers.
For instance, in March 2022, Beckhoff USA launched its warehouse automation project where the company will use OPEX Corporation’s InfinityT Automated Storage and Retrieval System that would enable the company to deliver automated products to its customers in a short time frame. Moreover, in September 2022, Anta in collaboration with HAI Robotics launched its third warehouse automation project in the company’s new warehouse in the Guangdong Province in South China.
Growing e-commerce sector
Moreover, the growing online retailing and purchases have provided unprecedented growth to the e-commerce sector, which is projected to increase warehousing and distribution activities, thereby boosting the demand for an efficient system for handling items in such centers.
Based on end users, the global automated storage and retrieval systems market is segmented into manufacturing, healthcare, chemical, paper, food and beverage, warehousing, and others. The manufacturing segment is estimated to constitute a major market share in 2021 as ASRS increases inventory capacity and reduces labor costs, and their modular designs provide maximum flexibility, increased speed and accuracy, and product security which is the reason why these automated storage and retrieval systems are used in the manufacturing industry.
In the manufacturing segment, there are various market payers developing advanced automated storage and retrieval systems with innovative technologies for industrial use to cut back on errors, lower processing costs, and reduce repetitive tasks.
Based on geography, the ASRS (Automated Storage and Retrieval Systems) market is segmented into North America, South America, Europe, the Middle East and Africa, and Asia-Pacific. The automated storage and retrieval systems market in North America is growing due to the increasing prevalence of automation in the country. The market is expected to show considerable growth in the region due to its increasing requirement in supply chain and logistics, manufacturing, and trading.
According to Federal Reserve System USA, the industrial production index in September 2022 was 105.2 which was a 0.4% increase from previous estimates. The manufacturing sector in industrial production grew by 2.9% with an index of 102.8 in September 2022.
Further, with the growing retail industry in the USA, market growth is likely to be propelled. According to the US Department of Commerce, retail sales are forecasted to show positive growth in the coming years. This growth of the retail sector is thus expected to conversely increase the demand for automated storage and retrieval systems as well.
By Product Type
Mini LoadCarouselsVlmRobotics As/RsOthers
ManufacturingHealthcareChemicalPaperFood And BeverageWarehousingOthers
North AmericaUnited StatesCanadaMexicoSouth AmericaBrazilArgentinaOthersEuropeGermanyFranceUnited KingdomItalyOthersMiddle East and AfricaSaudi ArabiaIsraelOthersAsia PacificChinaJapanSouth KoreaIndiaIndonesiaTaiwanOthers
For more information about this report visit https://www.researchandmarkets.com/r/pstfg1
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SOURCE Research and Markets