Redding, California, Nov. 10, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled “Automated Storage and Retrieval Systems Market by Load (Unit, Mini, Micro), Type (VLM, Carousel, VBM, Shuttle), Application, End User (Automotive, Healthcare, Food and Beverage, Semiconductor, Manufacturing, Retail, Warehousing), and Geography— Global Forecast to 2028”, published by Meticulous Research®, the automated storage and retrieval systems market is expected to grow at a CAGR of 5.8% from 2021 to 2028 to reach $7.04 billion by 2028.
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Automated storage & retrieval system (AS/RS) is a type of warehouse automation system designed to store, buffer, and retrieve products and inventory on demand. Automated storage and retrieval systems, sometimes known as ASRS or AS/RS, are made of various computer-controlled systems that automatically place and retrieve loads from set storage locations in a facility with precision, accuracy, and speed.
It is one of the most impactful and popular investment propositions available for manufacturing and warehousing organizations. Due to the consistent technology upgradations, the latest versions of AS/RS technology provide a wide variety of speed, size, cost, and flexibility, consequently increasing the adoption rate of the overall system.
The growth of this market is primarily attributed to the growing need for fast, precise, and efficient fulfillment for in-store retailing; increasing industrial automation; and consistent technological developments in ASRS backed by cutting-edge sensors. In addition, increasing need for high-efficiency storage systems, growing support of local governments focusing on improving digital infrastructure, increasing order velocity and volume of the e-commerce sector, increasing deployment of ASRS by SMEs, and growing need to reduce human interaction and minimize errors are further contributing to the market growth. However, factors such as high initial cost and lengthy installation process hinder the market growth. Moreover, reluctance to deploy automated systems, particularly in developing countries, is considered a challenging factor affecting the market's growth.
The Impact of COVID-19 on the Automated Storage and Retrieval Systems Market
The COVID-19 pandemic created several challenges for the automated storage and retrieval systems market due to the lockdowns imposed during the second and third quarters of 2020. The pandemic is changing consumer behavior patterns, with consumers increasingly preferring online channels. Industries, including e-commerce, pharmaceuticals, and food & beverage, have started recovering from the economic setbacks suffered during the pandemic. The automated storage and retrieval systems market was moderately impacted by the COVID-19 pandemic due to delayed and postponed orders but started recovering rapidly from the last quarter of 2020.
ASRS providers plan to move forward and capitalize on the lucrative market growth opportunities that have resulted from the COVID-19 pandemic. The ASRS market is projected to transform drastically over the coming years. Several leading companies are growing rapidly through e-commerce channels, with B2B buyers increasingly preferring online channels over brick-and mortar stores. Various industries are increasingly investing in ASRS solutions to improve the efficiency of material handling processes. Thus, the rapid shift towards e-commerce platforms, a growing emphasis on automated storage systems, and increasing investments in automating industrial and material handling processes are expected to create opportunities for the growth of the ASRS market in the coming years.
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Rising acceptance of advanced storage and retrieval systems across several industry verticals to propel the growth of the market
The deployment of automated storage and retrieval systems is helping several organizations to ease their product and materials storing processes and provide additional space in the warehouse. The industries have further realized that using such systems has decreased the risk of accidents during the material stacking while speeding up operation processes, which is crucial in handling delicate material. Thus, with the deployment of these systems, an improvement in the overall efficiency of material handling is observed, which has triggered the adoption rate in the market.
Automated storage and retrieval systems are being widely adopted across several industry verticals, namely aviation, automotive, food & beverage, and retail & consumer goods. For instance, in April 2021, UPS Global Logistics & Distribution deployed a leading automated storage and retrieval system in the Netherlands unit to add space to their existing fulfillment center without building another warehouse. Thus, the company managed to optimize the floor space and improved throughput for order fulfillment.
To provide efficient analysis, Meticulous Research® has segmented this market based on load (unit, mini, and micro), type (VLM, carousel, VBM, and shuttle), application, end user (automotive, healthcare, food and beverage, semiconductor, manufacturing, retail, and warehousing), and geography.
Based on load, the AS/RS market is segmented into unit, mini, micro. In 2021, the unit-load ASRS segment is estimated to account for the largest share of the overall automated storage and retrieval systems market owing to the rising necessity for highly compact, advanced, & cost-effective storage systems; growing need to cater to shipping deadlines during peak times; and limited warehouse space. The segment is also expected to register the fastest CAGR during the forecast period due to the increasing focus of organizations on quadruple inventory capacity of plant infrastructure.
Based on type, the AS/RS market is segmented into VLM, carousel, crane-based, vertical buffer modules, robotic shuttles, and floor robots. In 2021, the floor robots segment is estimated to account for the largest share of the overall automated storage and retrieval systems market owing to the consistent surge in the piece picking requirements, rising need for cutting-edge retrieval systems, and growing industrial automation. The segment is also expected to register the fastest CAGR during the forecast period due to increased emphasis on enhancing warehouse floor utilization.
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Based on application, the AS/RS market is segmented into storage, order picking, kitting, buffering, and others. In 2021, the storage segment is estimated to account for the largest share of the overall automated storage and retrieval systems market owing to the rising need for precise and fast storage systems, consistently growing order volume through online channels, and the booming e-commerce sector. Moreover, this segment is also slated to register the fastest CAGR during the forecast period due to the growing deployment of automated cold chain storage systems for critical healthcare and food & beverage products and minimizing goods damaged in transit.
Based on end user, the AS/RS market is segmented into automotive, semiconductor and electronics, general manufacturing, retail, and warehousing or logistics, aviation, chemicals, rubber, and plastics, healthcare and pharma, food & beverage, postal and parcel, and others. In 2021, the automotive segment is estimated to account for the largest share of the overall automated storage and retrieval systems market. This is due to the increasing concentration on smart automotive factories, rising demand to reduce dependence on intermediary logistic providers, and expediting product market time. However, factors such as the rising investment to improve healthcare infrastructure, rising emphasis on curtailing hospital operating costs, improved patient response time, and stringent mandates to meet government regulations for keeping optimum healthcare environment are expected to support the fastest growth of the healthcare & pharma segment during the forecast period.
Geographically, the global AS/RS market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2021, the European region is estimated to account for the largest share of the global automated storage and retrieval systems market. The large share of this region is primarily attributed to the supportive IT infrastructure, high acceptance of automated systems, easy accessibility to automated storage and retrieval systems, increased prominence of Industry 4.0, and the presence of major ASRS companies. However, Asia-Pacific is expected to record the fastest CAGR during the forecast period on account of factors such as rising investment for automation, increasing perception among SMEs, flourishing e-commerce sector, transforming warehouse infrastructure, and rapidly growing industrialization supported by positive government initiatives.
The key players operating in the global automated storage and retrieval systems market are Daifuku Co., Ltd. (Japan), SSI SCHAEFER AG (Germany), Dematic (U.S.), Honeywell Intelligrated (U.S.), Toyota Industries Corporation (Japan), Murata Machinery, Ltd. (Japan), KNAPP AG (Austria), BEUMER Group GmbH (Germany), Swisslog Holding AG (Switzerland), Material Handling Systems (U.S.), TGW Logistics Group (Austria), WITRON Logistik+Infomatik GmbH (Germany), Kardex Group (Switzerland), System Logistics S.p.A. (Italy), viastore SYSTEMS GmbH (Germany), Jungheinrich AG (Germany), MATTER Srl (Italy), Mecalux, S.A. (Spain), and Craftsman Storage Systems (India) among others.
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Scope of the Report
Automated Storage and Retrieval Systems Market, by Load
- Unit-load ASRS
- Fixed-aisle ASRS
- Movable-aisle ASRS
- Mini-load ASRS
- Micro-load ASRS
Automated Storage and Retrieval Systems Market, by Type
- Vertical Lift Modules
- Carousels
- Horizontal Carousels
- Vertical Carousels
- Crane-based
- Vertical Buffer Modules
- Robotic Shuttles
- Floor Robots
Automated Storage and Retrieval Systems Market, by Application
- Storage
- Order Picking
- Kitting
- Buffering
- Others
Automated Storage and Retrieval Systems Market, by End User
- Automotive
- Semiconductor & Electronics
- General Manufacturing
- Retail & Warehousing or Logistics
- Aviation
- Chemicals, Rubber, & Plastics
- Healthcare & Pharma
- Food & Beverage
- Postal & Parcel
- Others
Automated Storage and Retrieval Systems Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Netherlands
- Switzerland
- Poland
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Indonesia
- Malaysia
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
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