Pick to Light Market Worth 538.2 Million USD by 2023
11 Dec, 2017, 14:30 GMT
PUNE, India, December 11, 2017 /PRNewswire/ --
According to the new market research report "Pick to Light Market by Method (Auto Guided & Manual), Power Source (Wired and Wireless), Operation (Putting and Picking), Industry (Assembly & Manufacturing, Retail & E-commerce, and Pharma & Cosmetics), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to grow from USD 323.7 Million in 2017 to USD 538.2 Million by 2023, at a CAGR of 8.84% between 2017 and 2023. Pick to light is also known as digital picking system. Factors driving the growth of this market include the emergence of automated warehouses and connected intralogisitcs, growth of the e-commerce industry, and globalization of supply chain network. Moreover, pick to light offers error-free operations, enhanced productivity, and enhanced labor utilization.
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Browse 36 market data Tables and 44 Figures spread through 122 Pages and in-depth TOC on "Pick to Light Market - Global Forecast to 2023"
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Manual method expected to hold larger share of pick to light market during forecast period
In the manual method, the picker needs to manually confirm the picking activity, whereas in the auto guided method, sensors (primarily photoelectric sensors) are used that automatically acknowledge the picking activity. The manual method is cost-effective and provides high ROI. OMRON (Japan), Wenglor Sensoric GmbH (Germany), and Panasonic (Japan) are some companies that provide sensors for auto guided picking systems. The adoption rate of auto guided systems is higher in APAC than in Europe and North America.
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Market for wired pick to light expected to grow at higher CAGR during forecast period
Advancements in wireless technology help manufacturers design and develop wireless pick to light systems. These are advanced systems in which pick to light modules and controllers are wirelessly connected, and the picking module is powered by a battery. These are plug-n-play systems that are easy to use in warehouses. Wireless pick to light systems gained traction in recent years; however, due to the wireless feature, these cost higher than wired pick to light systems. The adoption of wired pick to light systems is high owing to their high ROI and short payback period.
Putting operation expected to gain traction in coming years
Pick to light systems support picking and sorting operations from shelves to other locations. Light-directed picking and putting offer better productivity and error-free operations, resulting in high ROI. Picking operations are widely used for order fulfillment process in the e-commerce industry. They are most suitable for piece picking and broken case picking of items. Pick to light is considered an ideal picking solution where the goods from warehouses go to customers directly. However, the use of pick to light for putting operation is expected to gain traction in the coming years.
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Retail & e-commerce industry expected to capture largest share of pick to light market by 2023
Growing SKUs, increase in the number of orders, and last mile deliveries are some factors responsible for the huge adoption of pick to light solutions in the e-commerce industry globally. Amazon (US) is one of the leading players in the e-commerce industry, which is significantly contributing to warehouse automation.
Pick to light market in APAC to grow at highest CAGR during forecast period
APAC is an emerging market for pick to light. Fast-growing e-commerce industry, booming manufacturing sector, and increasing emphasis on domestic production by emerging economies such as China and India are the key factors for the significant growth of the pick to light market in this region.
The pick to light market is dominated by various players according to their core competencies. Key players in this market are Daifuku (Japan), Murata Machinery (Japan), SSI Schaefer (Germany), Dematic (US), and Honeywell Intelligrated (US).
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