Publication Month: Mar 2021 | Report Code: TIPTE100000329 | No. of Pages: 181 | Category: Electronics and Semiconductor | Status: Published
The growing population worldwide is remarkably impacting the demand for multiple product categories in automotive, pharmaceutical, retail, electronics, food & beverage, and many other industries. To cater to this enormously increasing demand, manufacturers have expanded their productions significantly. However, increased production demands for the extensive requirement of storage spaces, efficient in terms of both occupied floor space and cost incurred. Warehouses, storage centers, and distribution centers play a vital role in maintaining stocks of consumer goods of various companies. Minimal damage to the product while storage, limited storage costs, and fast pick and drop of goods, are the factors that manufacturers and supply chain partners are opting for storage purposes as well as for further movement of goods.
Diverse storage solutions such as unit load, mid-load, carousels, and AutoStore serve various purposes to their users with added value, thereby helping them in reducing costs. For instance, horizontal carousels save up to 66% of floor space, whereas, vertical carousels and vertical lift module save up to 75% and 85% of floor space, respectively. Also, these storage systems are designed in a way that storing and picking of goods becomes less time consuming and more efficient. It helps to increase productivity at the workplace. Similarly, horizontal and vertical carousels are used for storage of small parts and tools used either at the manufacturing plant shop floor or for the storage of consumer goods. Moreover, the modular structure of these systems ensures flexibility and scalability. Thus, the need for fast, space-efficient, and cost-effective storage systems along with maximum throughput and productivity, is driving the market for automated storage and retrieval system, across most of the end-user industries. The automated storage and retrieval system market is expected to witness a slight decline in growth over the next few years, due to the negative impact of COVID-19. However, it is expected to rise again at a healthy pace after the COVID-19 pandemic is over.
Rapid digitization across the globe among all industry verticals, coupled with a significantly high production rate, is pressurizing the organizations to rely more on machines for enhanced productivity and accuracy. In this era of automation, the automated and programmed machineries play a vital role in reducing the associated cost and time and provide additional features of control, monitoring, and security.
A supply chain is one of the key sources of competitive advantage for companies that drives their businesses. Supply chain systems have gained wider and vital importance in the last few years because of high competition in the product-based market. A strong supply chain ensures a proper balance between the supply of and demand for a product in the market. Thus, many industry verticals such as automotive, food & beverages, electronic & semiconductors, e-commerce, chemicals, aerospace, retail, and pharmaceuticals are ensuring a strong supply chain for reaching out to their customers. Automated storage and retrieval system supports the operational flow of the supply chain at the initial stage. ASRS is applied in slow and medium moving order fulfillment and inventory management applications, ensuring increased efficiency. Thus, rising demands for efficient supply chain implementations are driving the implementations of automated storage and retrieval system among industries.
Based on Type, the automated storage and retrieval system market is further segmented into unit load automated storage and retrieval system, mini load automated storage and retrieval system, vertical carousels, horizontal carousels, vertical lift modules, autostore, and others. Vertical lift modules are the next generation automated systems mainly used in industrial applications for sorting, storage, and retrieval of items for an operator in a warehouse. These systems play significant roles in robotics, where these are used to guide the autonomous robots, also known as “self-navigating robots.” Various industries including electronics, automotive, aerospace, pharmaceuticals, and electronics are concerned about reducing labor-intensive processes, increasing accuracy and speed for the task of storage, and retrieving their products whenever required.
|Market Size Value in||US$ 2,417.6 Million in 2020|
|Market Size Value by||US$ 4,151.8 Million by 2028|
|Growth rate||CAGR of 6.9% from 2021-2028|
|No. of Pages||181|
|No. of Tables||71|
|No. of Charts & Figures||80|
|Historical data available||Yes|
|Segments covered||Type and End Users , Geography|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
The players operating in the automated storage and retrieval system market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
In April 2019, Daifuku Co. Ltd. acquired Vega Conveyors & Automation Private Limited, an India-based company. Vega Conveyors & Automation Private Limited is highly involved in the designing and manufacturing of material handling equipment. This acquisition would enable Daifuku to gain a large base of customers in the Indian market.
In May 2018, Toyota Advanced Logistics, with its subsidiary Bastian Solutions, acquired Peach State Integrated Technologies, a US-based company. This acquisition would enable both the companies to better serve automated solutions to their current and future customer base.
The List of Companies - Automated Storage and Retrieval System Market