Fort Collins, Colorado, Nov. 06, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Automated Storage and Retrieval System Market was valued at USD 9.2 Billion in 2022 and is expected to attain a CAGR of 8.4% to reach USD 20.4 Billion by 2032.
ASRS is an automated inventory management system that automates the storing, carrying, and retrieving of materials in warehouses. It is crucial in ensuring error-free and faster operations, making it an essential component in large warehouses. ASRS is widely used in various sectors such as manufacturing, automotive, food and beverages, cold storage, pharmaceuticals, and e-commerce to satisfy constant production demands and ensure smooth company operations.
The ASRS system is a specialized warehousing and storage solution that replaces manual tracking and retrieval methods. It uses hardware and software equipment to quickly and accurately locate specified materials. The system is customizable with warehouse management or manufacturing execution software. It automatically updates its database each time an inventory item is added or removed and sends updates to integrated devices. The system efficiently stores finished and work-in-process components provides easy access to needed items, and manages the returning and replenishment process.
Efficient space utilization for inventory storage is in high demand. Advanced robotic services ensure accurate and damage-free retrieval of stored items. The system is integrated with company IT systems for seamless inventory control. Access is limited to authorized personnel, increasing accountability and reducing misappropriation risks.
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Segmentation Overview:
The global automated storage and retrieval system market has been segmented into system, industry, and region. The ASRS market has a significant share of unit load systems, suitable for storing large and bulky items, saving floor space, and working in vertical and narrow storage spaces. E-commerce is a major segment due to the growing trend of online shopping and the need for ample storage space.
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Automated Storage and Retrieval System Market Report Highlights:
- The global automated storage and retrieval system market growth is anticipated at a CAGR of 8.4% by 2032.
- AS/RS systems utilize high-density storage, saving up to 85% of space compared to manual shelving, and reduce labor costs by about 60%. The benefits of AS/RS are driving its adoption and are expected to boost demand significantly during the forecast period.
- Asia Pacific has a significant share and is expected to grow due to the growing automation trends and heavy growth and investment in major industries like manufacturing, pharmaceutical, and e-commerce.
- Some prominent players in the automated storage and retrieval system market report include Daifuku Co. Ltd., KUKA, Toyota Industries Corporation, Honeywell International Inc., Knapp AG, Mecalux, Swisslog, Beumer Group, TGW Logistics Group, Viastore Systems, and others.
Industry Trends and Insights:
- Thomas Hibinger will be the new CEO of the Viastore Group from January 1, 2024, succeeding Philipp Hahn-Woernle.
- Mario Herndl is retiring as Chief Executive Officer of TGW North America at the end of August, to be succeeded by Christian Lahnsteiner, an experienced intralogistics expert.
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Automated Storage and Retrieval System Market Segmentation:
- By System: Unit Load, Mini Load, Shuttle, Carousel-based, Vertical Lift Module, Micro Load, and Vertical Sequence System
- By Industry: Manufacturing, Automotive, E-commerce, Pharmaceuticals and Others
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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