Global Automated Storage and Retrieval Systems (ASRS) Market to Reach $9.9 Billion by 2026
SAN FRANCISCO, March 11, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Automated Storage and Retrieval Systems (ASRS) - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
What's New for 2022?
- Global competitiveness and key competitor percentage market shares
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Edition: 10; Released: February 2022
Executive Pool: 367
Companies: 104 - Players covered include Bastian Solutions, Inc.; Beumer Maschinenfabrik GmbH & Co. KG; Daifuku; Dematic Group; Kardex; KNAPP AG; KUKA AG; Mecalux, S.A.; Murata Machinery; Schaefer Systems International, Inc.; System Logistics; TGW Logistics Group GmbH; Toyota Material Handling; Vanderlande Industries B.V. and Others.
Coverage: All major geographies and key segments
Segments: Type (Unit Load, Mini Load, Vertical Lift Module, Mid Load, Carousel, Autostore); Function (Storage, Distribution, Order Picking, Assembly, Kitting, Other Functions); Vertical (Automotive, Food & Beverage, Semiconductor & Electronics, Retail & eCommerce, Healthcare & Pharma, Metals & Heavy Machinery, Chemicals, Other Verticals)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; India; South Korea; Rest of Asia-Pacific; Latin America; Brazil; Rest of Latin America; Middle East; Africa.
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ABSTRACT-
Global Automated Storage and Retrieval Systems (ASRS) Market to Reach $9.9 Billion by the Year 2026
Automated storage and retrieval systems enable machines such as robots and other material handling equipment to automatically store as well as retrieve products from shelves. Automation of such processes enables to decrease labor costs, improve turnaround times, reduce errors, and better utilize storage space through vertical storage. Growth in the market is set to be driven by the increasing need to optimize use of labor and space, and the demand for improved efficiency and productivity across the supply chain. The market is benefiting from the growing awareness about automation of storage systems and inventory control, through integrated with advanced technologies. Rising demand for automation in the e-commerce industry and the advent of new technologies such as shuttles and mid load also augur well for the segment market. The market is also expected to witness high growth in the coming years due to increasing use of robotic systems in manufacturing units and warehouses to accelerate tasks. The market is expected to also gain from growing demand for shelves, pallets and racks in end-use applications along with the ability of these systems to reduce human efforts and enhance efficiency. The automotive sector accounts for the largest share of automated storage and retrieval systems owing to the substantial automation in the industry. Lack of skilled manpower and increasing focus on quality are driving the need for automated storage and retrieval systems in the industry.
Amid the COVID-19 crisis, the global market for Automated Storage and Retrieval Systems (ASRS) estimated at US$7.5 Billion in the year 2022, is projected to reach a revised size of US$9.9 Billion by 2026, growing at a CAGR of 6.4% over the analysis period. Unit Load, one of the segments analyzed in the report, is projected to grow at a 5.9% CAGR to reach US$3.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Mini Load segment is readjusted to a revised 6.1% CAGR for the next 7-year period. This segment currently accounts for a 22.5% share of the global Automated Storage and Retrieval Systems (ASRS) market. Unit load material handling systems support efficient handling, distribution and storage in different load weights and dimensions to minimize handling costs and improve productivity.
The U.S. Market is Estimated at $1.7 Billion in 2022, While China is Forecast to Reach $1.5 Billion by 2026
The Automated Storage and Retrieval Systems (ASRS) market in the U.S. is estimated at US$1.7 Billion in the year 2022. The country currently accounts for a 22.98% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1.5 Billion in the year 2026 trailing a CAGR of 7.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.3% and 5.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.8% CAGR while Rest of European market (as defined in the study) will reach US$1.6 Billion by the end of the analysis period. North America represents a key market for ASRS equipment due to anticipated increase in demand for these systems across end-use industries. The regional market is anticipated to gain from rising awareness regarding worker safety, the need to efficiently manage bulk materials and emergence of Industry 4.0 with increasing penetration of IoT. In addition, the requirement to minimize downtime along with strong focus on making the supply chain more efficient is expected to further drive the adoption of MHE like ASRS. Rapidly expanding infrastructure needs for automobile, construction, energy, electronics, food & beverage, and retail & warehousing from Asian regions, such as China, is driving growth in the Asia-Pacific region.
Vertical Lift Module Segment to Reach $1.6 Billion by 2026
A Vertical Lift Module (VLM), a common G2P technology, is a vertical automated storage and retrieval system. The modular design of VLM makes it ideal for reducing the floor space requirements for stored materials. In the global Vertical Lift Module segment, USA, Canada, Japan, China and Europe will drive the 7.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$827.8 Million will reach a projected size of US$1.3 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$195 Million by the year 2026, while Latin America will expand at a 8% CAGR through the analysis period. More
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