Automated Storage and Retrieval System (ASRS) Market Expected to Reach US ~$14.09 Billion and CAGR 7.6% by 2030 – Polaris Market Research
The global Automated Storage & Retrieval System market size is expected to reach USD 14.09 billion by 2030 according to a new study by Polaris Market Research.
Automated storage & retrieval system (ASRS) is an inventory management system that is commonly used to enable manufacturing equipment to sequence, sort, buffer, and store products on shelves. These systems are used in manufacturing centers, distribution facilities, and warehouses. It comprises retrieval and storage machines, computer-controlled systems, conveyor interfaces, and rack structures. ASRS helps to automatically place and retrieving where high-volume loads from one location to another. These systems provide accurate, reliable, and low-cost solutions by reducing labor costs and errors, and improving turnaround times.
ASRS is generally used in automotive, food & beverages, chemicals, e-commerce, semiconductors & electronics, and healthcare industries. The rising growth of the automotive industry and the increasing demand for the Automated Storage and Retrieval System (ASRS) in the e-commerce sector are enhancing the market demand globally. The automated storage & retrieval system market is experiencing major growth due to the growing demand for ASRS in the automotive industry.
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- In August 2021, SSI Schaeffer made a contract with ZF Foton and automate a new area of their warehouse in Jiaxing, Zhejiang, China.
- in May 2021, Toyota industries made a partnership with Third wave automation to produce Next-Generation Autonomous Material Handling Vehicles.
- In February 2020, TGW handed over the third facility in a row to the leading European online platform, Zalando (Poland), for fashion in Lodz.
Automated Storage & Retrieval System Market: Driving Factors
The growing adoption of industrial automation and investment potentials of leading companies in emerging countries, increasing requirement for fast, precise, and efficient fulfillment for in-store retailing, and rising technological developments in ASRS are all driving the growth of the automated storage & retrieval system market. Then other factors escalating the market growth include the rising awareness about the automation of storage systems and inventory control. Also, the growing demand for Automated Storage and Retrieval Systems (ASRS) in the e-commerce industry is further propelling the market growth. Moreover, the rising focus on improving digital infrastructure by local governments, the growing, need for high-efficiency storage systems, as well as increasing need to reduce human interaction and minimize errors are also fueling the market growth.
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Automated Storage & Retrieval System Market: Segmentation
Insight by Type
Based on type, the market is segmented into Unit Load, Mid Load, VLM, Carousel, and Mini Load. The retail segment held the largest market share in the automated storage & retrieval system market. This growth can be attributed to the shifting shopping preference of consumers from traditional methods to digital. Also, the development of the retail segment is expected to boost the rise of the establishment of warehouses and their management solutions across various sectors. In addition, several companies are adopting automation solutions to automate their processes to deliver, high-quality products, and efficiently handle operations, thus these factors are accelerating the segment demand across the globe.
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Geographic Overview: Automated Storage & Retrieval System Market
Based on geography, Europe witnessed the largest share in the automated storage & retrieval system market owing to the availability of a large consumer base and the growing number of major market players. Also, the surging adoption of big data technologies in organizations and growing risk management facility is further boosting the fueling the growth of the market.
Moreover, Asia Pacific is expected to witness the highest CAGR during the forecast period. The factors include the rising growth in emerging countries such as China, Japan, Australia, and South Korea, the growing government focus on the safety and security on production floors, and the increasing investments by suppliers and manufacturers in the implementation of Automated Storage and Retrieval System (ASRS) are fueling the growth of the automated storage & retrieval system market.
Automated Storage & Retrieval System Market: By Type Outlook
- Unit Load
- Mid Load
- Mini Load
Automated Storage & Retrieval System Market: By Industry Outlook
- Metals & Heavy Machinery
- Food & Beverages
- Semiconductor & Electronics
Browse detailed report with in-depth TOC – Automated Storage & Retrieval System Market
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