According to a recent report published by Allied Market Research, titled, 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.
Automated storage and retrieval systems are computer-controlled systems that assist in delivering materials safely to the desired destination at the right time and a minimized cost. These systems improve the efficiency of transportation, storage, and retrieval of materials. The automated storage and retrieval system 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.
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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.
The adoption of automated storage and retrieval systems has increased significantly in the recent years, owing to the rise in need for automation across diverse industries. Automated systems reduce the labor cost and enhance the workflow and production quality of a process. Porter’s five forces analysis of automated storage and retrieval system market is analyzed by considering various suppliers, including automated equipment designers and manufacturers, component developers, and software designers & developers
Impact of COVID-19 on Automated Storage and Retrieval Systems Market:
- With the outbreak of COVID-19, a lot of precautionary measures have been taken by the government bodies to prevent further spread of the virus. And, with lockdown coming into the scenario, there have been huge disruptions in the automated storage and retrieval systems.
- In a nutshell, the overall inventory management system in industries like automotive, food & beverages, chemicals, e-commerce, semiconductors & electronics, and healthcare has been affected with huge economic implications to linger for months to come.
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Automated Storage and Retrieval Systems Market Segmentation:
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.
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.
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.
Some of the key automated storage and retrieval systems market players profiled in the automated storage and retrieval systems market analysis include Bastian Solutions, Inc., Beumer Group, Daifuku Co., Ltd., Dematic, Honeywell Intelligrated, Kardex Group, KNAPP AG, Murata Machinery, Ltd., SSI Schaefer Group, and TGW Logistics Group.
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Among which Dematic accounts for the highest share in the automated storage and retrieval system market, based on its innovative solution and services as well as numerous developmental strategies adopted by the company to sustain the intense competition and improve its product portfolio. With increase in e-commerce across the globe, major players have collaborated their product portfolio to provide differentiated and innovative products. This study includes automated storage and retrieval systems market analysis, trends, and future estimations to determine the imminen t investment pockets.
Key Benefits for Stakeholders:
- This study includes the automated storage and retrieval systems market trends, opportunity, analysis, and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities of the automated storage and retrieval system market.
- The automated storage and retrieval systems market share is quantitatively analyzed from 2019 to 2027 to highlight the financial competency of the industry.
- Porter’s five forces analysis illustrates the potency of the buyers & suppliers in the automated storage and retrieval system market.
The report focuses on the growth prospects, restraints, and automated storage and retrieval system market analysis. The study provides Porter’s five forces analysis of the automated storage and retrieval system market to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the market.
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