by The Automated Storage and Retrieval System (ASRS) market is estimated to be valued at US$ 8573.0 million in 2021 and is expected to exhibit a CAGR of 7.1% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The ASRS market refers to the computer-controlled systems designed for automatically storing and retrieving goods from inventory in a warehouse or distribution center. These systems enhance the efficiency and accuracy of warehousing and logistics operations by minimizing labor requirements and optimizing space utilization. ASRS also provides real-time tracking and monitoring of inventory, reducing errors and enhancing overall productivity. It finds applications in various industries such as e-commerce, retail, pharmaceuticals, food and beverages, and automotive, among others.
Market Dynamics:
The growing need for efficient warehousing and logistics operations is one of the major drivers propelling the ASRS market. With the rise in e-commerce and increasing consumer expectations for fast and accurate deliveries, companies are adopting ASRS solutions to optimize their supply chain management. Additionally, the need for cost-effective and time-efficient inventory management is boosting market growth.
Furthermore, the technological advancements in robotics and automation are creating new opportunities for the ASRS market. The integration of robotics, artificial intelligence, and machine learning into ASRS systems enables better control and optimization of warehouse operations, thereby improving overall efficiency and reducing operational costs.
Segment Analysis:
The automated storage and retrieval system market can be segmented based on product type, end-use industry, and region. In terms of product type, the market is dominated by unit load AS/RS systems. Unit load AS/RS systems are dominating the market due to their ability to handle heavy loads efficiently and effectively. These systems are extensively used in warehouses and distribution centers, where the demand for quick and accurate order fulfillment is high. Within the unit load AS/RS systems segment, the sub-segment of crane-based systems is the most dominant. Crane-based systems offer higher storage density and faster retrieval times compared to other types of AS/RS systems, making them the preferred choice for many industries.
PEST Analysis:
Political: The political landscape has a significant impact on the automated storage and retrieval system market. Government regulations and policies regarding industrial automation and safety standards can affect the adoption of AS/RS systems. Changes in trade policies, tariffs, and international relations can also impact the market.
Economic: The economic factors influencing the market include GDP growth, disposable income, inflation rates, and investment in manufacturing and logistics infrastructure. A growing economy and increasing consumer spending drive the demand for automated storage and retrieval systems.
Social: Changing consumer behavior and preferences, such as the rise of e-commerce and online shopping, are driving the demand for efficient warehousing and order fulfillment solutions.
Technological: Technological advancements in robotics, sensor technology, artificial intelligence, and data analytics are revolutionizing the automated storage and retrieval system market. Integration of these technologies improves system efficiency, accuracy, and productivity.
Key Takeaways:
The global Automated Storage and Retrieval System Market Share is expected to witness high growth, exhibiting a CAGR of 7.1% over the forecast period. This growth is driven by the increasing need for cost-effective and efficient material handling solutions in various industries, such as e-commerce, retail, automotive, and food and beverage.
In terms of regional analysis, North America is the fastest-growing and dominating region in the automated storage and retrieval system market. The region has a well-established manufacturing and logistics sector, which drives the demand for AS/RS systems. Additionally, the adoption of advanced technologies and the presence of key market players contribute to the growth of the market in this region.
Key players operating in the automated storage and retrieval system market include 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 key players focus on product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position and gain a competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
