New York, United States , Sept. 01, 2023 (GLOBE NEWSWIRE) -- The Global Automated Storage and Retrieval System Market Size is to grow from USD 8.19 billion in 2022 to USD 16.4 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.2% during the projected period. The increasing investment capabilities of leading companies, as well as the growing adoption of automation solutions in various industrial activities, act as additional catalysts for industry growth. Furthermore, the availability of favorable government policies for SMEs, infrastructure development, and rising implementation of the Automated Storage and Retrieval System (ASRS) are creating various growth prospects for market demand over the forecast period.
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An automated storage and retrieval system (AS/RS) is a computer-controlled storage and retrieval equipment that autonomously transports products from a defined storage space. These technologies are an effective way to boost efficiency and streamline the inventory management process. Inventory management systems with automated storage and retrieval capabilities are commonly used in warehouses, distribution centers, and industrial facilities. They are made up of a number of computer-controlled machines that autonomously transport merchandise from one area to another. These technologies can help deliver speedy, dependable, precise, and cost-effective solutions when transferring huge numbers of items from one site to another. The increasing demand for Automated Storage and Retrieval Systems (ASRS) in the e-commerce sector is one of the primary driving reasons for market growth. E-commerce is a large platform that continues to grow as the number of online activities in the e-commerce business increases. ASRS is a vast and complicated system made up of storage racks, automated systems, and software. The system must be implemented with higher precision beginning with the installation phase. A small mistake or inaccuracy might interrupt the entire production process. An operator must have technical expertise in the ASRS system in order to maintain accuracy.
Browse key industry insights spread across 200 pages with 130 Market data tables and figures & charts from the report on, "Global Automated Storage and Retrieval System Market Size, Share, and COVID-19 Impact Analysis, By Function (Storage, Distribution, Assembly), By Type (Unit Load, Mini Load, Vertical Lift Module, Carousel, Mid Load), By Industry (Automotive, Metal & heavy machinery, Food & beverage, Chemical, Healthcare, Semiconductor & electronics, Retail, Aviation, E-commerce, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Here:
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The assembly segment is expected to hold the largest share of the global automated storage and retrieval system market during the forecast period.
The global automated storage and retrieval system market is divided into three functions: storage, distribution, and assembly. Among these, the assembly segment is projected to account for the largest share of the global automated storage and retrieval system market during the forecast period, owing to the increased use of assembly lines in the automotive and manufacturing industries.
The unit load segment is expected to hold the largest share of the global automated storage and retrieval system market during the forecast period.
The global automated storage and retrieval system market is segmented by type into unit load, mini load, vertical lift module, carousel, and mid load. The unit load segment will likely account for the majority share of the global automated storage and retrieval system market throughout the forecast period. Because they can store large items and provide real-time inventory information, these systems are preferred in a variety of industries.
The automotive segment accounted for the largest share of the global automated storage and retrieval system market in 2022.
The global automated storage and retrieval system market is segmented by industry as follows: automotive, metal & heavy machinery, food & beverage, chemical, healthcare, semiconductor & electronics, retail, aviation, E-commerce, and others. In 2022, the automotive segment held the largest share of the global automated storage and retrieval system market. Because of the increased demand for electric and self-driving vehicles, automakers have increased production of automobiles and spare parts. As an outcome, automotive suppliers must manage a high quantity of spare parts efficiently during production.
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Europe is anticipated to hold the largest share of the global automated storage and retrieval system market over the predicted timeframe.
Europe is expected to have the biggest percentage of the global automated storage and retrieval system market in the coming years. The presence of a large consumer base, as well as an increasing number of leading market players, are attributed to market growth.
During the forecast period, Asia Pacific is projected to expand at the greatest pace in the global automated storage and retrieval system market. The region's ASRS market will continue to expand due to rapid growth in the automotive, food and beverage, and healthcare industries in China, Japan, Australia, and South Korea.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Automated Storage and Retrieval System Market include TGW Logistics Group GmbH, Swisslog Holding AG, Daifuku Co. Ltd., SSI Schaefer Group, Murata Machinery, Knapp AG, Mecalux SA, Vanderlande Industries, System Logistics Corporation, Bastian Solution, Beumer Group, Dematic GmbH & Co. KG, Kardex Group, and Others.
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Recent Developments
In May 2022, Lojas Renner, a fashion omnichannel retailer, collaborated with KNAPP to automate its new distribution centre in Cabreva, So Paulo. It offers various ASRS solutions, such as the OSR Shuttle Evo and overhead conveyor system, as well as other automation solutions, to the fashion retailer in order to automate its distribution centre and improve the company's logistics efficiency, digital transformation, and multichannel integration services.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Automated Storage and Retrieval System Market based on the below-mentioned segments:
Global Automated Storage and Retrieval System Market, By Function
- Storage
- Distribution
- Assembly
Global Automated Storage and Retrieval System Market, By Type
- Unit Load
- Mini Load
- Vertical Lift Module
- Carousel
- Mid Load
Global Automated Storage and Retrieval System Market, By Industry
- Automotive
- Metal & heavy machinery
- Food & beverage
- Chemical
- Healthcare
- Semiconductor & electronics
- Retail
- Aviation
- E-commerce
- Others
Global Automated Storage and Retrieval System Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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