According to a recent report published by Allied Market Research, titled, “Automated Storage and Retrieval Systems Market by Type, Function, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2020–2027,” the automated storage and retrieval systems market size was valued at $7,351 million in 2019, and is projected to reach $12,928 million by 2027, growing at a CAGR of 7.2% from 2020 to 2027.
Automated storage and retrieval systems are computer-controlled systems that assist in delivering materials safely to the desired destination at the right time and at a minimized cost. These systems improve the efficiency of transportation, storage, and retrieval of materials. The market is mainly driven by technological advancements in areas such as robotics, wireless technologies, and driverless vehicles; rise in need for automation in industries; and increased industrial production in emerging nations such as China, India, and Brazil. However, high initial capital investment limits the growth of the automated storage and retrieval systems market to a certain extent.
Moreover, the automated storage and retrieval systems market is analyzed with respect to various system types provided, such as unit load storage and retrieval system and bulk load storage and retrieval system. This is because these material handling systems are cost-effective and can handle several items simultaneously, thereby reducing the number of trips and time required for loading and unloading.
Furthermore, Europe dominates the automated storage and retrieval systems market growth in terms of revenue generation, attributed to heavy adoption among the automotive and e-commerce industry, followed by North America. Recent growth in automotive production in Europe as well as government regulations for cleanliness and hygiene in food & beverage industry fuel the installation of automated systems. Prominent players such as Kion Group AG, Kuka AG, and others are developing unit load automated guided vehicle with increased load capacity, safety, better space utilization, and high-efficiency permanent batteries. However, Asia-Pacific and LAMEA are expected to witness potential growth owing to rise in automotive production and modernization of facilities such as manufacturing plants.
Major players in this market focus on the development of affordable, small, compact, and energy-efficient storage, and retrieval solutions to reach a wider customer base. For instance, System Logistics S.p.A. in 2020, achieved significant optimization in its Tosano Supermercati client’s entire storage, palletization & shipment operations, reduced working times, and improved the working conditions of the operators in a hostile environment.
Key Findings Of The Study
By type, the unit load segment dominated the automated storage and retrieval systems market. However, the mini load segment is expected to exhibit significant growth during the forecast period in the automated storage and retrieval systems industry.
By function, the storage segment dominated the automated storage and retrieval systems market share in 2019. However, the distribution segment is expected to exhibit significant growth during the forecast period.
By industry vertical, the automotive sector generated the highest revenue in 2019. However, the food & beverages sector is expected to witness a considerable growth in the near future.
By region, Asia-Pacific market trends is expected to witness significant growth in terms of CAGR in the coming years.
Some of the key market players profiled in the automated storage and retrieval systems market analysis include Bastian Solutions, Inc., Beumer Group, Daifuku Co., Ltd., Dematic, Honeywell Intelligrated, Kardex Group, KNAPP AG, Murata Machinery, Ltd., SSI Schaefer Group, and TGW Logistics Group. Among which Dematic accounts for the highest share in the automated storage and retrieval system market, based on its innovative solution and services as well as numerous developmental strategies adopted by the company to sustain the intense competition and improve its product portfolio. With increase in e-commerce across the globe, major players have collaborated their product portfolio to provide differentiated and innovative products. This study includes market analysis, trends, and future estimations to determine the imminent investment pockets.