Automated Storage and Retrieval System Market Size Set to Cross USD 13.4 Billion by 2029
Automated storage and retrieval system market is flourishing because of growing acceptance of ASRS (across several industry verticals) and a growing focus on inventory management and control.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global automated storage and retrieval system (ASRS) market size at USD 7.94 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global automated storage and retrieval system market size to grow at a significant CAGR of 7.94% reaching a value of USD 13.42 billion by 2029. Major growth factors of global automated storage and retrieval system market include growing industrial automation and investment capacities of industrial customers in emerging economies; increasing demand for rapid, precise, and efficient fulfilment for in-store retailing; and continuous technological advancements in ASRS supported by innovative sensor technology. Also, positive encouragement from local governments to enhance digital infrastructure, increasing demand for high-efficiency storage systems, increasing order velocity and volume of the e-commerce sector, rising deployment of ASRS by SMEs, and surging demand to reduce human interaction and minimize errors are all contributing to market growth during the period in analysis. However, inadequate technical expertise to manage system operations is anticipated to restrain the overall market growth
Global Automated Storage and Retrieval System Market – Overview
ASRS (automated storage and retrieval systems) are a key component of many warehouse automation systems that can sort, sequence, buffer, and store a wide variety of commodities in nearly endless locations. The primary components include storage and retrieval machines, rack structures, conveyors, interfaces, and warehouse control systems. ASRS is used in numerous warehouse and distribution center applications, such as finished goods storage, items-to-person picking, order fulfilment, and many more. Apart from that, it aids in the management of all automated equipment functions and the tracking of load movements into and out of the system. The growing demand for storage in manufacturing facilities, distribution centers, and warehouses is a primary driver of the automated storage and retrieval systems (ASRS) market.
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Impact of COVID-19 on Global Automated Storage and Retrieval System (ASRS) Market
COVID 19 had a detrimental impact on automated storage and retrieval system market because of the lockdowns implemented during the second and third quarters of 2020. Consumer behavior is changing as a result of the pandemic, with consumers increasingly preferring internet platforms. E-commerce, pharmaceuticals, and food and beverages have begun to recover from the economic difficulties caused by the pandemic. The COVID-19 pandemic had a slight impact on the automated storage and retrieval systems industry due to delayed and postponed orders, but it began swiftly rebounding in the fourth quarter of 2020 resulting in spurring demand for ASRS in e-commerce as well as in the automobile industry. Additional reasons driving the ASRS market's growth include the need for better inventory management, optimal space utilization, and rising labor expenses. Also, the rapid shift towards e-commerce platforms, increased emphasis on automated storage systems, and increased expenditures in automating industrial and material handling activities are projected to generate chances for the ASRS industry to grow in the coming years.
Global Automated Storage and Retrieval System Market – By Industry
Based on industry, global automated storage and retrieval system market is segmented into Aviation, Automotive, Chemicals Retail, E-Commerce, Food & Beverages, and Others (Healthcare & Pharmaceuticals, Metals & Heavy Machinery, Semiconductors & Electronics). The automotive segment held the highest market share in 2022. The growing emphasis on Industry 4.0, a shortage of trained employees, particularly in emerging nations, increased government measures to revitalize the local automotive sector, and a desire to reduce reliance on third-party logistics providers all contribute to this segment's size.
Major players operating in global automated storage and retrieval system market include Aifuku Co. Ltd, Schaefer Systems International Pvt Ltd Dematic (Kion Group AG), Murata Machinery Ltd, Mecalux SA, Honeywell Intelligrated, Inc., KUKA AG, Knapp AG, Kardex AG, Toyota Industries Corporation, and Viastore Systems GmbH. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Automated Storage and Retrieval System (ASRS) Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Automated Storage and Retrieval System (ASRS) Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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