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Global Automated Storage and Retrieval Systems Market to 2028: Growing Warehouse Establishments & Automation Projects Fuel the SectorDUBLIN, May 29, 2023 /PRNewswire/ -- The "Automated Storage and Retrieval Systems Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering. The global automated storage and retrieval system market is expected to grow at a CAGR of 6.29%, from an initial value of US$6.782 billion in 2021, and is estimated to reach a market size of US$10.393 billion in 2028. Companies Mentioned
Automated storage and retrieval systems are a variation of computer-controlled systems that are used for controlling, handling, storing, and retrieving materials with higher speed and accuracy. The system finds major applicability in manufacturing and distribution facilities for increasing productivity and safety through the storage and retrieval of items in specific locations. Growing warehouse establishments & automation projects For instance, in March 2022, Beckhoff USA launched its warehouse automation project where the company will use OPEX Corporation's InfinityT Automated Storage and Retrieval System that would enable the company to deliver automated products to its customers in a short time frame. Moreover, in September 2022, Anta in collaboration with HAI Robotics launched its third warehouse automation project in the company's new warehouse in the Guangdong Province in South China. In the manufacturing segment, there are various market payers developing advanced automated storage and retrieval systems with innovative technologies for industrial use to cut back on errors, lower processing costs, and reduce repetitive tasks. Based on geography, the ASRS (Automated Storage and Retrieval Systems) market is segmented into North America, South America, Europe, the Middle East and Africa, and Asia-Pacific. The automated storage and retrieval systems market in North America is growing due to the increasing prevalence of automation in the country. The market is expected to show considerable growth in the region due to its increasing requirement in supply chain and logistics, manufacturing, and trading. According to Federal Reserve System USA, the industrial production index in September 2022 was 105.2 which was a 0.4% increase from previous estimates. The manufacturing sector in industrial production grew by 2.9% with an index of 102.8 in September 2022. Further, with the growing retail industry in the USA, market growth is likely to be propelled. According to the US Department of Commerce, retail sales are forecasted to show positive growth in the coming years. This growth of the retail sector is thus expected to conversely increase the demand for automated storage and retrieval systems as well. By Product Type
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For more information about this report visit https://www.researchandmarkets.com/r/pstfg1 About ResearchAndMarkets.com Media Contact: Research and Markets Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg View original content:https://www.prnewswire.com/news-releases/global-automated-storage-and-retrieval-systems-market-to-2028-growing-warehouse-establishments--automation-projects-fuel-the-sector-301836477.html SOURCE Research and Markets |