Surge in demand for ASRS in Aviation industry, rise in need to reduce costs and achieve optimum utilization of space, and increase in implementation of ASRS in distribution supply chain & inventory management fuel the growth of the global automated storage and retrieval systems market
PORTLAND, Oregon, May 25, 2020 /PRNewswire/ -- Allied Market Research published a report titled, "Automated Storage and Retrieval System Market by Type (Auto store, 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 & E-Commerce, Food & Beverages, Healthcare & Pharmaceuticals, Metals & Heavy Machinery, Semiconductors & Electronics, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027."According to the report, the global automated storage and retrieval systems industry was estimated at $7.35 billion in 2019, and is expected to hit $12.92 billion by 2027, registering a CAGR of 7.2% from 2020 to 2027.
Drivers, restraints, and opportunities:
Surge in demand for ASRS in Aviation industry, rise in need to reduce costs and achieve optimum utilization of space, and increase in implementation of ASRS in distribution supply chain & inventory management fuel the growth of the global automated storage and retrieval systems market. On the other hand, huge initial investment and dearth off skilled labor & technical expertise impede the growth to some extent. However, increase in automation in e-commerce across the globe and growth of the aviation industry in Asia-pacific region are expected to create multiple opportunities in the industry.
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Impact of COVID-19 on Automated Storage and Retrieval Systems Market:
- With the outbreak of COVID-19, a lot of precautionary measures have been taken by the government bodies to prevent further spread of the virus. And, with lockdown coming into the scenario, there have been huge disruptions in the automated storage and retrieval systems.
- In a nutshell, the overall inventory management system in industries like automotive, food & beverages, chemicals, e-commerce, semiconductors & electronics, and healthcare has been affected with huge economic implications to linger for months to come.
The storage segment to maintain the lion's share by 2027:
Based on function, the storage segment accounted for nearly one-third of the global automated storage and retrieval systems market revenue in 2019, and is expected to rule the roost by the end of 2027. The fact that automated storage systems provides solid inventory storage to maximize the floor space fuels the growth of the segment. The knitting segment, on the other hand, would grow at the fastest CAGR of 11.7% during the study period. Rise in competition between the manufacturers and marketers have propelled the adoption of industrial transformation in the knitting industry.
The automotive segment to dominate during the estimated period:
Based on industry vertical, the automotive segment contributed to nearly one-fourth of the global automated storage and retrieval systems market share in 2019, and is anticipated to lead the trail by 2027. The automotive sector has become extremely competitive and the players are making efforts to cut down unnecessary costs. This factor propels the growth of the segment. At the same time, the healthcare & pharmaceuticals segment would portray the fastest CAGR of 11.7% till 2027. Healthcare industry is leveraging ASRS technologies to help their inventory be more efficient and reduce labor errors which, in turn, drives the segment growth.
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Europe, followed by Asia-Pacific and North America, to dominate in terms of revenue:
Based on region, Europe, followed by Asia-Pacific and North America, held the highest share in 2019, garnering nearly two-fifths of the global automated storage and retrieval systems market. This is due to growth in the e-commerce industry and modernization of infrastructure & manufacturing facilities in this province. Simultaneously, Asia-Pacific is projected to manifest the fastest CAGR of 9.9% throughout the forecast period. Increase in adoption of automated systems in the industrial sectors and improved & safe working conditions in the areas of robotic systems, wireless technologies, and driverless vehicles foster the demand for ASRS in the region.
Frontrunners in the industry:
- Beumer Group
- Bastian Solutions Inc.
- Daifuku Co. Ltd.
- TGW Logistics Group
- Honeywell Intelligrated
- Kardex Group
- KNAPP AG
- Murata Machinery Ltd.
- SSI Schaefer Group
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