Automated Storage and Retrieval System Market worth $12.7 billion by 2028 - Exclusive Report by MarketsandMarkets™
VLMs utilize vertical storage space by employing a series of trays or bins that are automatically retrieved and delivered to operators as needed.
CHICAGO, Sept. 28, 2023 /PRNewswire/ -- The ASRS market is expected to reach USD 12.7 billion by 2028 from USD 8.7 billion in 2023, at a CAGR of 7.9 % during the 2023–2028 period according to a new report by MarketsandMarkets™. The significant growth factor associated with the ASRS market is the growth of e-commerce which emphasizes efficient warehousing and order fulfillment solutions. Moreover, Labor shortages and rising labor costs have prompted businesses to invest in automation to reduce their reliance on manual labor. Additionally, advancements in ASRS technology, such as improved robotics, machine learning, and real-time data analytics, have made these systems more versatile, accurate, and adaptable, further fueling market growth.
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Browse in-depth TOC on "Automated Storage and Retrieval System Market"
180 – Tables
60 – Figures
220 – Pages
Automated Storage and Retrieval System Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$ 8.7 billion |
|
Estimated Value by 2028 |
$ 12.7 billion |
|
Growth Rate |
Poised to grow at a CAGR of 7.9% |
|
Market Size Available for |
2019–2028 |
|
Forecast Period |
2023–2028 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Function, Type, Vertical and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Key Market Challenge |
Rapid technology advancements are resulting as a risk for ASRS systems to become obsolete |
|
Key Market Opportunities |
Growing demand for cold chain systems in Asia Pacific |
|
Key Market Drivers |
ASRS demand surges due to better space optimization and high labor costs |
The vertical lift module (VLM) segment is expected to account for the second largest share of the ASRS market during the forecast period.
VLMs utilize vertical storage space by employing a series of trays or bins that are automatically retrieved and delivered to operators as needed. This vertical approach maximizes storage density while minimizing the footprint required, making it ideal for warehouses and distribution centers with limited space. VLMs also enhance efficiency by reducing the need for manual search and retrieval, minimizing picking errors, and optimizing inventory management. Their modular design allows scalability and customization, catering to a wide range of industries and applications, further contributing to their prominence in the ASRS market.
The automotive vertical is projected to account for the largest share of the ASRS market during the forecast period.
ASRS technology improves quality control by reducing errors in assembly, resulting in higher-quality vehicles. The production of automobiles involves stringent requirements for precision, efficiency, and cost-effectiveness in manufacturing and logistics while managing an extensive array of parts and components, necessitating advanced automation solutions like ASRS to optimize inventory management, reduce errors, and enhance operational efficiency. Ultimately, ASRS implementation in the automotive sector leads to increased productivity, cost savings, improved product quality, and a competitive edge in the market.
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Asia Pacific is expected to register the highest CAGR during the forecast period.
The ASRS industry is expected to witness the highest growth in the Asia Pacific region. This growth can be attributed to several factors, including Rapid industrialization and the expansion of manufacturing sectors in countries like China and India, which are driving the demand for efficient warehouse and logistics solutions. Additionally, the burgeoning e-commerce industry in the region is necessitating advanced automation to meet the demands of a large and growing consumer base. Furthermore, government initiatives and investments in infrastructure development and Industry 4.0 technologies are fueling the adoption of ASRS systems. The increasing awareness of the benefits of automation, such as improved efficiency, reduced labor costs, and enhanced inventory management, is further accelerating market growth in the Asia Pacific.
The report profiles key players in ASRS companies such as Daifuku Co., Ltd (Japan), Murata Machinery, Ltd. (Japan), SSI SCHAEFER (Germany), TGW Logistics Group GmbH (Austria) and Kardex Holding AG (Switzerland).
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