Optimized and Space Efficient Storage Systems Boost Automated Storage and Retrieval Systems (ASRS) Market Growth
According to our latest study on “Automated Storage and Retrieval Systems (ASRS) Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and End User Industry,” the market is projected to grow from US$ 2,724.27 million in 2022 to US$ 4,681.40 million by 2028; it is estimated to record a CAGR of 7.0% from 2022 to 2028.
The growing population worldwide is remarkably impacting the demand for multiple product categories in industries such as automotive, pharmaceutical, retail, electronics, food & beverages, and many other. To cater to this increasing demand, manufacturers have expanded their production significantly. However, increased production demands for the extensive requirement of storage spaces, efficient in terms of both occupied floor space and cost incurred. Warehouses, storage centers, and distribution centers play a vital role in maintaining the stocks of consumer goods for various companies. Minimal damage to the product while storage, limited storage costs, and fast pick and drop of goods are the factors that manufacturers and supply chain partners are opting for storage purposes and further movement of goods. Diverse storage solutions such as unit load, mid-load, carousels, and VLM serve various purposes to their users with added value, thereby helping them in reducing costs. For instance, VLMs save more than 80% of floor space by stacking the material on vertical shelves. Also, these storage systems are designed so that storing and picking up goods becomes less time-consuming and more efficient and helps increase productivity at the workplace. Similarly, horizontal and vertical carousels are used for the storage of small parts and tools used either at the manufacturing plant shop floor or for the storage of consumer goods. Moreover, the modular structure of these systems ensures flexibility and scalability. Thus, the need for fast, space-efficient, and cost-effective storage systems, along with maximum throughput and productivity, is driving the automated storage and retrieval systems (ASRS) market growth, across most of the end-user industries.
Automated Storage and Retrieval Systems (ASRS) Market – by Region, 2021 and 2028
Automated Storage and Retrieval Systems (ASRS) Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Unit Load ASRS, Mini Load ASRS, Vertical Lift Module, Vertical Carousels, Horizontal Carousels, AutoStore, and Others) and End-User Industry (Automotive, Food & Beverages, Electronic & Semiconductors, E-Commerce, Chemicals, Aerospace, Retail, Pharmaceuticals, and Others)
Automated Storage and Retrieval Systems (ASRS) Market Size Report 2028
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The automated storage and retrieval systems (ASRS) market is segmented on the basis of type, end user industry, and geography. Based on type, the automated storage and retrieval systems (ASRS) market is segmented into unit load ASRS, mini load ASRS, vertical lift module, vertical carousels, horizontal carousels, autostore, and others. Based on end user industry, the automated storage and retrieval systems (ASRS) market is segmented into automotive, food & beverages, electronic & semiconductors, e-commerce, chemicals, aerospace, retail, pharmaceuticals, and others. By geography, the automated storage and retrieval systems (ASRS) market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Impact of COVID-19 Pandemic on Automated Storage and Retrieval Systems (ASRS) Market
The COVID-19 pandemic dramatically impacted the global economy during its peak in 2020. The crisis affected manufacturing plants, warehouses, and distribution centers in various industries such as manufacturing, automotive, chemicals, consumer goods, electronics, e-commerce, and third-party logistics. The negative impact of COVID-19 on these industries directly affected the automated storage and retrieval systems (ASRS) market growth. Factory shutdowns, trade bans, and border lockdowns to combat the virus infection spread negatively impacted the working of companies worldwide. The impact on the growth of these industries limited the automated storage and retrieval systems (ASRS) market expansion.
Bastian Solutions, Inc.; Daifuku Co., Ltd.; KION GROUP AG; Kardex Group; Knapp AG; Mecalux, S.A.; SSI Schaefer Group; Swisslog Holding AG; System Logistics Spa; and Vanderlande Industries are a few players operating in the automated storage and retrieval systems (ASRS) market.
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