DUBLIN , Oct. 10, 2023 /PRNewswire/ -- The "Automated Storage and Retrieval System Market by Function (Storage, Distribution, Assembly), Type (Unit Load, Mini Load, Vertical Lift Module, Carousel, Mid Load), Vertical (Automotive, Food & Beverages, E-Commerce, Retail) - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The ASRS market is estimated to be worth USD 8.7 billion in 2023 and is projected to reach USD 12.7 billion by 2028, at a CAGR of 7.9% Automated Racking System
This report provides valuable insights for market leaders and newcomers by offering information on approximate revenues for the overall ASRS (Automated Storage and Retrieval System) market and its related segments.
Stakeholders can leverage this report to enhance their understanding of the competitive landscape, strengthen their market position, and devise effective go-to-market strategies. Additionally, it offers valuable information on key market drivers, restraints, opportunities, and challenges.
Key players in the ASRS market include Daifuku Co., Ltd (Japan ), Murata Machinery, Ltd. (Japan ), SSI SCHAEFER (Germany ), TGW Logistics Group GmbH (Austria ), and Kardex Holding AG (Switzerland ).
The ASRS market is witnessing robust growth, primarily driven by the increasing demand in the e-commerce and automotive sectors. These industries, known for their complex supply chains and rapid inventory turnover, require highly efficient and precise storage and retrieval solutions.
ASRS systems address these needs by automating warehouse operations, reducing errors, and optimizing space utilization. Additionally, the growing emphasis on inventory management and control, driven by the need for cost reduction and enhanced customer service, has accelerated the adoption of ASRS.
Europe boasts a well-established industrial and manufacturing sector, encompassing automotive, aerospace, pharmaceuticals, and logistics, all of which benefit from the efficiency gains offered by ASRS technology. Moreover, European countries prioritize sustainability and resource optimization, further driving the adoption of ASRS systems to enhance warehouse space utilization and reduce energy consumption.
The region faces exceptionally high labor costs, prompting manufacturers in European countries to embrace automated solutions as a means of reducing overall operational expenses. By implementing these solutions, manufacturers can maintain competitiveness by efficiently managing their warehousing operations.
Furthermore, Europe's commitment to technological innovation and digitalization has catalyzed the growth of the ASRS market, positioning the continent as a hub for advanced automation solutions in warehousing and logistics.
Unit Load to hold the largest in ASRS market in 2022
A unit load ASRS is a storage-retrieval machine (SRM) or a crane designed to handle large machinery or equipment (i.e., pallets, gaylords, drums, racks, etc.) that typically weigh over 400 lbs. his system excels in optimizing space utilization by stacking pallets densely, reducing the need for manual labor, and minimizing errors in retrieval and storage processes.
Additionally, unit load ASRS is known for its scalability, making it adaptable to a wide range of industries and storage requirements. Its ability to integrate seamlessly with warehouse management software and other automated systems further enhances its appeal in modern supply chain operations.
Food & Beverages vertical to hold the largest share of ASRS market in 2022
The food & beverages vertical has undergone a significant evolution in recent years. The growing trend of consuming processed food and packaged eatables is driving the need for advanced manufacturing and warehousing solutions among manufacturers.
In the food & beverages vertical, the time-to-market of finished products is significantly less due to the perishability of products. Technological advances in cold chain storage and transport and the growing acceptance of frozen foods among consumers are a few factors influencing the growth of the ASRS market.
Attractive Growth Opportunities for Players in Asrs Market
Unit Load Segment to Hold Largest Market Share Throughout Forecast Period
Food & Beverages and Automotive Verticals to Capture Substantial Market Size in 2023
India and China to Register Significantly High CAGR in Global Asrs Market from 2023 to 2028
Delivery of High-Density Secured Asrs to Multi-Story Facility Comprising High-Value Objects
Deployment of Scalable Asrs from Addverb Technologies to Increase Production Capacity of Fmcg Products
Implementation of Asrs to Ensure Error-Free Picking and Order Fulfillment Applications
Adoption of Asrs by Reitan Distribution to Automate Pallet Storage and Picking Operations
Strong Focus on Efficient Space Utilization and Cost Saving
Increased Adoption of Asrs in E-Commerce Sector
Heightened Emphasis on Achieving Operational Excellence Through Precise and Efficient Inventory Management
Significant Demand for Asrs from Automakers
High Installation and Maintenance Costs
Requirement for Technical Experts to Oversee System Operations
Growing Demand for Cold Chain Systems in Asia-Pacific
Lucrative Opportunities Presented by Thriving Healthcare Sector
Production and Revenue Losses due to Unwanted Faults and Downtime
Designing Flexible and Scalable Asrs due to Rapidly Changing Technology and Customer Requirements
Beumer Group GmbH & Co. Kg
System Logistics S.P.A.
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