The global automated storage and retrieval system (ASRS) market was valued at US$ 2. 3 Bn in 2018 and is expected to reach US$ 4. 6 Bn by 2027 with a CAGR growth rate of 8. 0% in the forecast period from 2019 to 2027.
New York, March 18, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automated storage and retrieval system Market to 2027 - Global Analysis and Forecasts by Type ; End-user Industry" - https://www.reportlinker.com/p05875845/?utm_source=GNW
Over the years, ASRS technology has rapidly developed, new options offer a wide range of size, cost, speed, and flexibility, and has escalated the rate of system adoption. It has made ASRS technologies one of the most common and impactful investment prospects available to most operations.
The APAC region is expected to witness the highest CAGR during the forecast period.The rapid growth in healthcare, retail, food & beverage, and automotive industry is expected to fuel the demand for automated storage and retrieval system (ASRS).
The industries in the APAC region are rapidly adopting automation, resulting in the growth of the automated storage and retrieval system automated storage and retrieval system (ASRS) market.The growth of the e-commerce industry in the APAC region is another significant factor impacting the automated storage and retrieval system (ASRS) market.
Several automotive players are expanding their manufacturing capabilities in the region.For example, Hyundai announced plans to open a new facility in Indonesia for electric cars.
Moreover, Tesla is developing its new electric car factory in China. These developments in the automotive industry are expected to boost the automated storage and retrieval system (ASRS) market in the APAC region.
The European region is estimated to lead the automated storage and retrieval system (ASRS) market in 2018.The growth in Europe is attributed to the presence of several automated storage and retrieval system (ASRS) players in the region, coupled with a substantial customer base.
Also, significant investments made by automotive players in the automated material handling equipment is driving the installation of automated storage and retrieval system (ASRS). Even the cost of implementing automation is declining in Europe, along with the increase in labor costs.
The automated storage and retrieval system automated storage and retrieval system (ASRS) market is segmented on type and end-use industry.Based on the type, the automated storage and retrieval system automated storage and retrieval system (ASRS) market is classifies into unit load ASRS, mini load ASRS, vertical carousels, horizontal carousels, vertical lift modules, AutoStore, and others.
Based on end-use industry, the automated storage and retrieval system automated storage and retrieval system (ASRS) market is segmented into the automotive, F&B, electronics & semiconductors, retail, e-commerce, chemicals, aerospace, pharmaceuticals, and others.The pharmaceutical segment is anticipated to witness a highest CAGR in the automated storage and retrieval system automated storage and retrieval system (ASRS) market during the forecast period.
This industry is another critical industry where a lot of importance is given to maintain proper hygiene of stored products.ASRS provides dust protection, climate control, and humidity control of stored products, which is not possible to achieve with a traditional ASRS.
Thus, the pharmaceutical sector is highly investing in ASRS to maintain proper hygiene required for products as well as effective and efficient storage and retrieval functions.
The pharmaceutical industry has been one of the highly regulated industries for 100% quality control compared to any other industry.Precision is one of the essential aspects of any production activity.
Extreme hygienic conditions are required in any pharmaceutical manufacturing process.ASRS, such as VLMs, offers a dust-protection concept to safeguard these products to come in contact with any foreign particles.
Also, the trays in the VLMs can be effectively divided from each other to ensure that different products are stored separately.
Some of the key players in the automated storage and retrieval system automated storage and retrieval system (ASRS) market include Bastian Solutions, Inc., Daifuku Co., Ltd., KION GROUP AG, Kardex Group, Knapp AG, Mecalux, S.A., SSI Schaefer Group, Swisslog Holding AG, System Logistics Spa, and Vanderlande Industries, among others. Many companies are investing in ASRS owing to the potential improvements related to the accuracy, operational efficiency, and timely order fulfillment, thereby helping them to enhance customer retention rate and compete efficiently in the market.
Other Market Players from Value Chain:
Murata Machinery, Ltd, TGW Logistics Group, Dematic, Beumer Group, IHI Corporation, SencorpWhite, Inc, Westfalia Technologies Inc, and Automation Logistics Corporation, are some of the other market players from value chain which are not profiled in the report but the can be included based on request.
The overall automated storage and retrieval system (ASRS) market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the automated storage and retrieval system (ASRS) market.
It also provides the overview and forecast for the global automated storage and retrieval system (ASRS) market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.Also, primary interviews were conducted with industry participants and commentators to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the automated storage and retrieval system (ASRS) industry.
Read the full report: https://www.reportlinker.com/p05875845/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: firstname.lastname@example.org US: (339)-368-6001 Intl: +1 339-368-6001