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Automated storage and retrieval system is an inventory management system used in manufacturing centers, warehouses, and distribution facilities. It consists of a variety of computer-controlled systems for placing and retrieving loads automatically from one place to another. These systems are specially used in high-volume loads that are transported from one location to another. The automated storage and retrieval system provide reliable, quick, accurate, and low-cost solutions. Due to these properties, the Automated Storage and Retrieval System Market are noticing a higher growth rate. The Automated Storage and Retrieval System Market are estimated to reach a strong market valuation of USD 10.81 Billion by 2023 and a 7.7 % CAGR during the forecast period between 2023 and 2027.
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Geographical Growth Of TheAutomated Storage and Retrieval System Market
According to the geographical growth, the Automated Storage and Retrieval System Market cover prominent regions worldwide, such as the Asia Pacific, North America, the European Union, and the Rest of the World.
Among the above regions, North America is considered the prominent market region in the world. This region holds the major share of the market, which is driving regional growth. The European Union is noticing fast development, which is accelerating the market. Asia-Pacific countries such as China, Japan, and South Korea are expanding the business sector of the regional market.
Key Players And Competitive Development Of The Market
The top players in the Automated Storage and Retrieval System Market are TGW Logistics Group GmbH (Austria), Swisslog Holding AG (Switzerland), Daifuku Co., Ltd. (Japan), SSI Schaefer Group (Germany), Murata Machinery (Japan), System Logistics Corporation (Italy), Bastian Solution (US), Beumer Group (Germany), Knapp AG (Austria), Mecalux SA (Spain), Vanderlande Industries (Netherlands), Dematic GmbH & Co. KG (Germany) and Kardex Group (Switzerland).
In May 2022, Körber Supply Chain has announced a new project with Manuel Patrício Produtos Alimentares. Körber will offer automated logistical technologies to increase storage capacity and drive the company’s productivity in Portugal. These solutions include Körber’s Automatic Storage and Retrieval System in a temperature-controlled area.
The automated warehouse and handling system in wood containers consists of Stacker Cranes’ turnkey solution. It is automated equipment and Warehouse Control System (WCS), and the responsibility of technical coordination with the refrigeration equipment supplier and racking system.
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Drivers Of The Automated Storage and Retrieval System Market
The major drivers of the Automated Storage and Retrieval System Market are responsible for its growth. The rising of ASRSs in the online business platform is one of the major drivers of the market. The web-based business has gained many online customers post the COVID-19. The authorization of lockdowns and different measures in the COVID-19 pandemic have driven web-based shopping. This has improved the business-to-consumer deals and expanded the business-to-business web-based business. The expansion in B2C deals has to the deal of online medication, products, and food. Currently, the internet business has grown within the specified time with automation and other technological integration.
These growth factors and developments will drive the Automated Storage and Retrieval System Market in the forecast period. These will let the market obtain its estimated CAGR value.
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