Automated Storage and Retrieval System Market Size to Reach USD 12,928 Million by 2027 at CAGR 7.2% - Valuates Reports
BANGALORE, India, Oct. 14, 2021 /PRNewswire/ -- The Automated Storage and Retrieval System (AR/RS) Market is Segmented by Type (Autostore, Carousel, Mid Load, Mini Load, Unit Load, and Vertical Lift Module), Function (Assembly, Distribution, Kitting, Order Picking, Storage, and Others), Industry Vertical (Aviation, Automotive, Chemicals, Retail & ECommerce, Food & Beverages, Healthcare & Pharmaceuticals, Metals & Heavy Machinery, Semiconductors & Electronics, and Others). The report covers global opportunity analysis and industry forecasts from 2020 to 2027 . It is published in Valuates Reports under Transportation & Logistics Category.
The automated storage and retrieval system market size was valued at USD 7,351 Million in 2019 and is projected to reach USD 12,928 Million by 2027, growing at a Compound Annual Growth Rate (CAGR) of 7.2% from 2020 to 2027.
Major factors driving the growth of the Automated Storage and Retrieval System market are
The expansion of the automated storage and retrieval systems market is fueled by improved storage capacity, increased warehouse efficiency, lower energy consumption, less waste, and lower maintenance costs, as well as a projected lifespan of 20–25 years.
The expansion of AS/RS systems is fueled by an increase in mini-load and shuttle AS/RS applications in the e-commerce industry due to a streamlined ordering process. When a customer purchases an item, for example, the system generates a picking ticket automatically, cutting order fulfillment time in half.
Trends Influencing The Growth Of The Global Automated Storage And Retrieval System Market:
Growing demand for AS/RS in e-commerce due to the onset of COVID-19 is expected to drive the automated storage and retrieval system market. In recent years, the e-commerce industry has exploded. The unusual increase in the number of online shoppers following the emergence of COVID-19 has aided e-commerce growth. Online sales of medications, household items, and food have all seen an upsurge in B2C sales. However, the e-commerce industry's massive development has put enormous pressure on companies to deliver things on time. In today's environment, the e-commerce business is constantly under pressure to procure and deliver a large number of goods in a short amount of time; as a result, e-commerce organizations have implemented automation in their facilities. This in turn is expected to drive the growth of the automated storage and retrieval systems market.
Furthermore, since the demand for automation in all industrial sectors has grown, the use of automated systems has increased dramatically. Organizations are increasingly turning to automation solutions to help them provide high-quality products, expand their manufacturing capacities, better serve their customers, and manage their processes more efficiently. This reason contributes to the market size of automated storage and retrieval systems growing even faster.
The surge in demand for AS/RS in the manufacturing industry is projected to propel the Automated Storage and Retrieval System market forward. AS/RS benefits in manufacturing facilities, such as highly dense storage that saves up to 85 percent of floor area, are credited with this. Other factors projected to drive the automated storage and retrieval system market growth in the coming years include an increase in the requirement to minimize labor costs and achieve optimal space utilization, as well as an increase in the use of AS/RS in the distribution supply chain and inventory management.
The growing awareness of AS/RS in industries like automotive and electronics, where precision and accuracy are critical, and where automated systems are used to achieve international quality standards, is likely to fuel the expansion of the automated storage and retrieval system market.
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Automated Storage And Retrieval System Market Share
In 2019, North America dominated the worldwide automated storage and retrieval system market, and this trend is projected to continue in the coming years. The presence of important industry giants such as Microsoft Corporation, IBM Corporation, Amazon and others is credited with the region's success. Furthermore, the automated storage and retrieval system market is predicted to develop due to an increase in the adoption of big data technologies among enterprises to improve consumer target marketing and risk management capabilities.
On the other hand, the Asia-Pacific region is expected to exhibit the highest CAGR of 9.9% during 2020-2027.
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Major Players in the Automated Storage and Retrieval System Market
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