The global Automated Storage and Retrieval System Market is estimated to be valued at US$ 9,833.58 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Automated storage and retrieval system (ASRS) are warehouse automation systems that help in storage and retrieval applications through computer controlled movement of storage racks and other components. These systems provide advantages such as higher storage density, easy item tracking and faster retrieval times compared to conventional warehouse shelving/racking. Growing need for optimized warehouse space utilization and increased labor costs are driving demand for ASRS.
Market key trends:
Warehouse automation through introduction of advanced technologies like robotics, artificial intelligence and data analytics is a major trend influencing growth of the ASRS market. Adoption of IoT based solutions allow tracking inventory levels in real-time while automated guided vehicles for transportation of goods within warehouses improve efficiency. Such technologies help in optimization of workflows, cost savings and meeting growing e-commerce demand for faster deliveries. Adoption of autonomous mobile robots for product fetching, replenishment and sorting is gaining traction in ASRS equipped warehouses to handle high throughput during peak seasons.
Segment Analysis
The global automated storage and retrieval system market is segmented by type, load, and end-use industry. Based on type, the market is segmented into Vertical Lift Modules (VLMs), Unit Load AS/RS, Mini Load AS/RS, and Carousel. Among these, Vertical Lift Modules (VLMs) dominate the market as they offer flexibility, scalability, maximize storage density, and reduce inventory costs.
Based on load, the market is divided into less than 1 tonne, 1-10 tonnes, and more than 10 tonnes. The less than 1 tonne segment dominates as they are suitable for a wide range of applications and can handle cases, totes, trays, cartons and boxes.
Based on end-use industry, the market is classified into automotive, food & beverage, retail, healthcare, electronics & semiconductor, aviation, and others. The retail sector dominates the market due to increasing demand for warehouse automation and efficient logistics systems in retail warehouses.
Key Takeaways
The Global Automated Storage And Retrieval System Market Demand is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing demand for better inventory management across industries.
The North America region is expected to dominate the market owing to high adoption of technology and presence of major players in the region. Europe is expected to grow at a significant rate due to rapid expansion of e-commerce industry. Asia Pacific is projected to register the highest CAGR during the forecast period due to rapid industrialization and increasing foreign investments in emerging economies of the region.
Key players operating in the automated storage and retrieval system market are Murata Machinery, Ltd., Honeywell Intelligrated, Bastian Solutions, Inc., Dematic, TGW Logistics Group, Daifuku Co., Ltd., KNAPP AG, Beumer Group, SSI Schaefer Group, and Kardex Group. These players are focusing on new product launches and expansion strategies to gain a competitive advantage in the market.
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