Selbyville, Delaware,, April 30, 2024 (GLOBE NEWSWIRE) --
The automated storage and retrieval system market is predicted to hit USD 17.1 Billion by 2032, as reported in a research study by Global Market Insights Inc. The increasing demand for optimized warehouse management solutions in industries, such as e-commerce, retail, automotive, and healthcare is propelling the adoption of automated storage and retrieval systems (ASRS).
With rising consumer expectations for faster order fulfillment and efficient inventory management, businesses are turning to automated storage systems to streamline their operations and enhance productivity. ASRS solutions offer advantages like space optimization, accurate inventory tracking, and reduced labor costs, making them indispensable for organizations striving to meet the demands of modern supply chain management.
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Rising technological advancements, such as the integration of robotics, AI, and ML are further revolutionizing the ASRS landscape. These innovations enable operations with higher speed, precision, and adaptability. The rising development of cloud-based platforms for facilitating real-time monitoring, remote management, and seamless integration with other warehouse management systems for enhancing operational efficiency and scalability will add to the market growth.
Automated storage and retrieval system market from the order picking application segment is projected to expand between 2024 and 2032. As e-commerce continues to reshape consumer shopping habits, businesses are facing mounting pressure to fulfill orders swiftly and accurately. This heightened demand for efficiency in order fulfillment is driving the adoption of ASRS, particularly in the order picking process. The integration of technologies like robotics and AI for enhancing speed and accuracy of order picking is also enabling businesses to meet growing customer expectations for rapid delivery while minimizing operational costs.
Based on end use, the automotive segment in the automated storage and retrieval system market will foresee sustainable growth during 2024 to 2032. The automotive industry operates on tight production schedules and requires precise inventory management to meet demand fluctuations and ensure just-in-time delivery of components. It also faces pressure to enhance operational efficiency and reduce costs amid the increasing competition and evolving consumer preferences. By deploying ASRS technology, automotive manufacturers can achieve significant labor savings, improve inventory accuracy, and boost productivity in their production facilities.
Europe automated storage and retrieval system market is set to exhibit significant CAGR from 2024 to 2032. The robust manufacturing sector, particularly in industries like automotive, aerospace, and pharmaceuticals is demanding advanced warehouse automation solutions to optimize production processes and ensure efficient inventory management. ASRS systems offer enhanced storage density, accuracy, and speed, for meeting the stringent requirements of European manufacturers striving for operational excellence and cost-effectiveness, further contributing to the regional industry growth.
Some of the top firms engaged in the automated storage and retrieval system market include Bastian Solutions, LLC, Schaefer Systems International Pvt Ltd, Daifuku Co. Ltd, Murata Machinery Ltd, Dematic (Kion Group AG), KUKA AG, Honeywell International Inc., Knapp AG, IHI Corporation and Kardex Group. These market players are working on new product developments, collaborations, acquisitions, and mergers to widen their product portfolio.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Automated storage and retrieval system market 3600 synopsis, 2018 - 2032
2.2 Business trends
2.3 Regional trends
2.4 Type trends
2.5 Application trends
2.6 Industry vertical trends
Chapter 3 Automated Storage and Retrieval System Market Industry Insights
3.1 Impact on COVID-19
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Rising number of warehouse fatalities and injuries
3.10.1.2 Proliferation of warehouse management technology
3.10.1.3 Rising need for reducing manual labor
3.10.1.4 Rapid urbanization in Latin America and Asia Pacific
3.10.1.5 Growing online retail and e-commerce industries
3.10.2 Industry pitfalls & challenges
3.10.2.1 High initial investment
3.10.2.2 Complexity of integration
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
