November 7, 2024

Automated Storage And Retrieval System Is Expected To Be Flourished By Cloud Computing And Digitization Adoption

An automated storage and retrieval system (ASRS) is a sophisticated warehousing system, which comprises storage racks, retrieval equipment, conveyor systems, sorting systems, and warehouse control software for storage and retrieval process automation. ASRS improves warehouse productivity and storage density by utilizing automated retrieval and storage equipment like shuttles, cranes, carousels, vertical lifts, buffer storage racks, and more.

The global automated storage and retrieval system market is estimated to be valued at US$ 9833.58 in 2023 and is expected to exhibit a CAGR of 22% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

(Automated Storage and Retrieval System is Expected to be Flourished by Cloud Computing and Digitization Adoption): One of the key drivers for the growth of the automated storage and retrieval system market is the increasing adoption of cloud computing and digitization technologies by industries. Cloud computing improves warehouse management systems by offering real-time visibility, tracking, fulfillment, and predictive analytics. Digitization allows easy integration of ASRS with existing IT infrastructure through centralized warehouse management software. This enhances operational efficiency, inventory management, and space utilization of warehouses. Additionally, the demand for automation is growing to reduce labor costs and meet rising e-commerce order volumes, prompt deliveries, and inventory visibility. Automated systems minimize errors, improve productivity and order fulfillment times compared to traditional warehouse operations.
Segment Analysis

The Automated Storage And Retrieval System Market Size can be segmented by type, load, application, and region. The unit-load sub-segment dominates the type segment due to the ability to store and retrieve pallet loads. The unit-load ASRS are more efficient and economically viable than mini-load. The below-16-lb sub-segment holds the largest share in the load segment as these systems are widely used to store small and lightweight items. In terms of application, warehouses held the major share in 2021 owing to large-scale deployment across sectors such as e-commerce, automotive, and metals & heavy machinery.

PEST Analysis

Political: Governments across regions are focusing on developing logistics infrastructure which will propel the demand for ASRS. Favorable policies for streamlining supply chain are boosting market growth.
Economic: Growing e-commerce sector and increasing need to optimize supply chain costs are stimulating market demand. Rise in labor costs further encourage the adoption of automated alternatives.
Social: Changing shopping patterns and surge in demand for fast order fulfillment are prompting retailers to integrate automated solutions.
Technological: Adoption of IoT, robotics, and analytics is augmenting the functionalities of ASRS. Development of modular and flexible systems tailored for specific applications will fuel growth.

Key Takeaways

The global Automated Storage and Retrieval System Market is expected to witness high growth over the forecast period of 2023 to 2030. The global automated storage and retrieval system market is estimated to be valued at US$ 9833.58 in 2023 and is expected to exhibit a CAGR of 22% over the forecast period 2023 to 2030.

Regional analysis
The Asia Pacific region is expected to grow at the highest CAGR from 2023 to 2030 due increase in R&D activities and manufacturing expansions, especially in China and India. Rapid industrialization and rising need for efficient warehousing are driving the regional market. China dominates the Asia Pacific ASRS market due to strong presence of manufacturing units and availability of low-cost labor.

Key players
Key players operating in the Automated Storage and Retrieval System market are Murata Machinery, Ltd., Honeywell Intelligrated, Bastian Solutions, Inc., Dematic, TGW Logistics Group, Daifuku Co., Ltd., KNAPP AG, Beumer Group, SSI Schaefer Group.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Ravina
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Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.

Ravina Pandya

Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.

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