New York, Oct. 21, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Automated Storage and Retrieval System Market (ASRS) Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Unit Load ASRS, Mini Load ASRS, Vertical Lift Module, Vertical Carousels, Horizontal Carousels, Auto Store, and Others) and End Users (Automotive, Food & Beverages, Electronic & Semiconductors, E-Commerce, Chemicals, Aerospace, Retail, Pharmaceuticals, and Others), Geography," the global automated storage and retrieval system (ASRS) market size was valued at USD 2417.6 Million in 2020 and is projected to reach USD 4151.8 Million by 2028; it is expected to grow at a CAGR of 6.9% from 2021 to 2028.
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Global Automated Storage and Retrieval System Market Valuations, Segmentations, Regional & Country Scope:
| Market Size Value in | USD 2417.6 Million in 2020 | |
| Market Size Value by | USD 4151.8 Million by 2028 | |
| Growth rate | CAGR of 6.9% from 2021-2028 | |
| Forecast Period | 2021-2028 | |
| Base Year | 2021 | |
| No. of Pages | 181 | |
| No. of Tables | 71 | |
| No. of Charts & Figures | 80 | |
| Historical data available | Yes | |
| Segments covered | Type and End Users, Geography | |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA | |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina | |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Automated Storage and Retrieval System Market: Competitive Landscape
Major players operating in the global automated storage and retrieval system market include Bastian Solutions Inc.; Daifuku Co., Ltd.; KION GROUP AG; Kardex Group; Knapp AG; Mecalux, S.A.; SSI Schaefer Group; Swisslog Holding AG; System Logistics Spa; and Vanderlande Industries.
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The global automated storage and retrieval system market is segmented into type and end user. Based on type, the market is further categorized into unit load ASRS, mini-load ASRS, vertical lift module, vertical carousels, horizontal carousels, AutoStore, and others. The vertical lift module segment represented the largest share of the overall market. Based on end user, the market is further categorized into automotive, electronics & semiconductors, food & beverages, e-commerce, aerospace, chemicals, pharmaceuticals, retail, and others. The e-commerce segment represented the largest share of the overall.
For instance, more than 60% of the population in the US is engaged in online shopping. Further, customers expect faster delivery time, owing to which e-commerce players are adopting automation in their processes. The fluctuations in demand for stock-keeping units (SKUs) create complexities in picking operations, which in turn, slows down the fulfillment process. The e-commerce demand is highly varying, owing to which the forward pick areas must be continuously adjusted to support the fluctuation in the demand for items. Along with managing SKU demand fluctuations, an automated storage and retrieval system also advances the fulfillment process, thus allowing e-commerce as well as omnichannel retailers to adhere better to service level agreements by fulfilling order delivery commitments.
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The development of the e-commerce industry goes together with the prosperity of the automated storage industry. Inventory sold by e-commerce sellers is stored in warehouses. To reduce the time for sorting and stocking of these products, automated storage and retrieval system seems to be one of the best tools. The purchasing pattern of consumers is moving toward online shopping.
APAC Automated Storage and Retrieval System Market to Grow at Highest CAGR During Forecast Period:
The manufacturing industry in the countries of Asia Pacific has experienced a huge shift in the adoption of adopted solutions over the years. The Asian manufacturing sector is known to rapidly adopt innovations that include robotics along with the emerging cloud and mobility technologies. Over the years, the manufacturing spending of the region has grown significantly and is further anticipated to grow at the highest growth rate. The automatic storage and retrieval systems (ASRS) are installed at warehouses, within the HCCB factory at Goblej, Gujarat, India. Thus, the rise in adoption of ASRS among factories is also influencing the market growth.
Furthermore, government initiatives such as Make-in-India in India encourage the setup of manufacturing plants in fast-developing countries. The encouragement of the manufacturing sector is done by the government to make the country self-sufficient first and then export the surplus produce. A manufacturing hub requires deployments of storage houses. Efficient and automated storage houses improve accuracy and achieve space savings by vertically stacking up the products. These factors are fueling the growth of ASRS implementations in the APAC region.
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For instance, in March 2021, SSI SCHAEFER GROUP singed a project with CHIRON Werke GmbH & Co KG. The company signed a project with CHIRON Group for supplying the installation work stations. This system such as pallet racks will bring automation in the company’s logistic centers. Similarly, in 2021, System Logistics Spa completed a project with PLZENSKY PRAZDROJ A.S. - MEMBER OF ASAHI BREWERIES EUROPE GROUP. The MEMBER OF ASAHI BREWERIES EUROPE GROUP installed 16 counterbalanced AGVs Maxi with single and double forks for a total capacity of 11.000 pallet locations and a throughput of 3.900/3.900 IN/OUT pallets/day. Hence, such an expansion of business for ASRS solutions helps the market to increase in the near future
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