CHICAGO, April 24, 2019 /PRNewswire/ -- According to the new market research report "Automated Storage and Retrieval System (ASRS) Market by Type (Unit Load, Mini Load, VLM, Carousel, Mid Load, Autostore), Function (Assembly, Kitting, Order Picking, Distribution, Storage), Industry, and Geography - Global Forecast to 2024", published by MarketsandMarkets, the automated storage and retrieval system market is estimated to be worth USD 7.6 billion in 2019 and is expected to reach USD 11.0 billion by 2024, at a CAGR of 7.7%. The major factors fueling the growth of the automated storage and retrieval system market include increasing demand for ASRS in the automotive industry; optimum utilization of space and rise in labor costs; and improved accuracy, productivity, and efficiency in supply chain, along with better inventory control.
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"Unit load ASRS to lead automated storage and retrieval system market by 2024"
Unit load ASRSs are used for storing large size articles. Unit load ASRSs are computer-controlled systems used for buffering supply chain deliveries, along with storing and controlling inventories. These systems provide real-time information on inventory and are easy to maintain. A unit load ASRS is a high density heavy payload ASRS that enables accurate, efficient, safe, and stable handling of full pallets. A few of these systems are over 100 feet tall and capable of transporting loads up to 2,500 kg. As the vertical storage capacity of ASRS is very high, it can store more goods and stored goods can be easily accessed with the help of ASRS. The market is supported by its wide range of applications in consumer goods, automotive, publishing, distribution, electronics, food & beverages, pharmaceuticals & medical supplies, and retail & apparel.
"Storage function to be largest market for automated storage and retrieval system from 2019 to 2024"
Storage is a basic function of ASRS, and it enhances the storing capacity of distribution centers and manufacturing plants. The wide use of ASRS for storage function in industries such as automotive, food & beverages, chemicals, and healthcare is fuelling the growth of the ASRS market. ASRS is primarily used for storing inventory and retrieving it as and when required. Many industries have their warehouses filled with end products or raw materials that need to be stored safely and securely in an orderly manner. End products are retrieved by various distribution channels on the basis of demand from end users. While in the case of raw materials, manufacturing facility utilizes required material for processing and manufacturing end products. ASRS is used for aiding the function of storing inventories.
"Europe to be largest market for automated storage and retrieval system during forecast period"
The presence of a large number of key players in this region, along with the large customer base, is among the major factors driving the ASRS market in Europe. Automotive in Germany is among the biggest industries across the world, and this industry is a major market for ASRS in Europe. The significant investments in automated material handling equipment by automotive players and rising installations of automated equipment in European countries owing to diversified distribution channels in industries such as automotive, chemicals, healthcare, and food & beverages are contributing to the growth of the market in this region. In Europe, the cost of implementing automation is decreasing, and at the same time the cost of labor in emerging countries is increasing.
Browse and in-depth TOC on "Automated Storage and Retrieval System Market"
64 - Tables
66 - Figures
200 - Pages
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Major players involved in the automated storage and retrieval system market include Daifuku (Japan), Kardex Group (Switzerland), Murata Machinery (Japan), SSI Schaefer (Germany), TGW Logistics Group (Austria), Bastian Solutions (US), Beumer Group (Germany), Dematic (US), KNAPP (Austria), Mecalux (Spain), Swisslog (Switzerland), System Logistics Corporation (Italy), Vanderlande Industries (Netherlands), Automation Logistic Corporation (US), AutoStore (Norway), Haenel Storage System (Germany), IHI Corporation (Japan), MIAS (Germany), Sencorpwhite (US), and Westfalia Technologies (US).
Please explore relevant report
Automated Material Handling Equipment Market by Product (Robots, ASRS, Conveyor and Sortation Systems, Cranes, AGV), System Type (Unit Load, Bulk Load), Software & Services, Function, Industry, and Region - Global Forecast to 2024
Automated Guided Vehicle Market by Type (Unit Load Carrier, Forklift Truck, Tow Vehicle, Pallet Truck, Assembly Line Vehicle), Battery Type (Lead, Nickel, Lithium Ion), Application, Navigation Technology, Industry, & Geography - Global Forecast to 2023
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