CHICAGO, Sept. 28, 2023 /PRNewswire/ -- The ASRS market is expected to reach USD 12.7 billion by 2028 from USD 8.7 billion in 2023, at a CAGR of 7.9 % during the 2023–2028 period according to a new report by MarketsandMarkets™. The significant growth factor associated with the ASRS market is the growth of e-commerce which emphasizes efficient warehousing and order fulfillment solutions. Moreover, Labor shortages and rising labor costs have prompted businesses to invest in automation to reduce their reliance on manual labor. Additionally, advancements in ASRS technology, such as improved robotics, machine learning, and real-time data analytics, have made these systems more versatile, accurate, and adaptable, further fueling market growth.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=195267987
Browse in-depth TOC on "Automated Storage and Retrieval System Market"
180 – Tables
60 – Figures
220 – Pages
Automated Storage and Retrieval System Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $ 8.7 billion |
Estimated Value by 2028 | $ 12.7 billion |
Growth Rate | Poised to grow at a CAGR of 7.9% |
Market Size Available for | 2019–2028 |
Forecast Period | 2023–2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Function, Type, Vertical and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Rapid technology advancements are resulting as a risk for ASRS systems to become obsolete |
Key Market Opportunities | Growing demand for cold chain systems in Asia Pacific |
Key Market Drivers | ASRS demand surges due to better space optimization and high labor costs |
The vertical lift module (VLM) segment is expected to account for the second largest share of the ASRS market during the forecast period.
VLMs utilize vertical storage space by employing a series of trays or bins that are automatically retrieved and delivered to operators as needed. This vertical approach maximizes storage density while minimizing the footprint required, making it ideal for warehouses and distribution centers with limited space. VLMs also enhance efficiency by reducing the need for manual search and retrieval, minimizing picking errors, and optimizing inventory management. Their modular design allows scalability and customization, catering to a wide range of industries and applications, further contributing to their prominence in the ASRS market.
The automotive vertical is projected to account for the largest share of the ASRS market during the forecast period.
ASRS technology improves quality control by reducing errors in assembly, resulting in higher-quality vehicles. The production of automobiles involves stringent requirements for precision, efficiency, and cost-effectiveness in manufacturing and logistics while managing an extensive array of parts and components, necessitating advanced automation solutions like ASRS to optimize inventory management, reduce errors, and enhance operational efficiency. Ultimately, ASRS implementation in the automotive sector leads to increased productivity, cost savings, improved product quality, and a competitive edge in the market.
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=195267987
Asia Pacific is expected to register the highest CAGR during the forecast period.
The ASRS industry is expected to witness the highest growth in the Asia Pacific region. This growth can be attributed to several factors, including Rapid industrialization and the expansion of manufacturing sectors in countries like China and India, which are driving the demand for efficient warehouse and logistics solutions. Additionally, the burgeoning e-commerce industry in the region is necessitating advanced automation to meet the demands of a large and growing consumer base. Furthermore, government initiatives and investments in infrastructure development and Industry 4.0 technologies are fueling the adoption of ASRS systems. The increasing awareness of the benefits of automation, such as improved efficiency, reduced labor costs, and enhanced inventory management, is further accelerating market growth in the Asia Pacific.
The report profiles key players in ASRS companies such as Daifuku Co., Ltd (Japan), Murata Machinery, Ltd. (Japan), SSI SCHAEFER (Germany), TGW Logistics Group GmbH (Austria) and Kardex Holding AG (Switzerland).
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=195267987
Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
Related Reports:
RFID Market Size, Share & Industry Growth Analysis Report by Offering (Tags, Readers, Software & Services), Tag Type (Passive, Active), Wafer Size, Frequency, Form Factor (Card, Implant, Key Fob, Label, Paper Ticket, Band), Material, Application & Region - Global Growth Driver and Industry Forecast to 2030
Automated Material Handling Equipment Market by Product (Robots, ASRS, Conveyors And Sortation Systems, Cranes, WMS, AGV), System Type (Unit Load, Bulk Load), Industry (Automotive, E-Commerce, Food & Beverage) and Region - Global Forecast to 2028
Automated Guided Vehicle Market by Type (Tow Vehicles, Unit Load Carriers, Forklift Trucks, Assembly Line Vehicles, Pallet Trucks), Navigation Technology (Laser Guidance, Magnetic Guidance, Vision Guidance), Industry, Region - Global Forecast to 2028
Warehouse Management System Market by Offering (Software, Services), Deployment (On Premises, Cloud), Tier Type (Advanced, Intermediate, Basic), Industry, and Region-2026
Asset Management System Market With Covid-19 Impact by Solution (GPS, RFID, RTLS, Barcode), Asset Type (Electronic Assets, Returnable Transport Assets, In-Transit Equipment, Manufacturing Assets, Staff), Industry, Geography - Global Forecast to 2025
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/automated-storage-retrieval-system-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/automated-storage-retrieval-system.asp
Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/automated-storage-and-retrieval-system-market-worth-12-7-billion-by-2028---exclusive-report-by-marketsandmarkets-301941170.html
Voltar noticias em Inglês