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The global automated storage and retrieval system (ASRS) market was valued at US$ 2,417.6 million in 2020 and is projected to reach US$ 4,151.8 million by 2028; it is expected to grow at a CAGR of 6.9% from 2021 to 2028. The manufacturing industry in North America is continuously evolving and it remains the principal factor for driving prosperity, jobs, and innovation. With the increasing demand from customers for high-quality products and services, companies are constantly focusing on innovations to serve their customers in the best possible way. Supply chain management is one of the most important activities for companies to ensure the availability of their products to the end consumers.
The end-user industries of storage solutions in the US demand for efficient warehouses where they can store their products, and roll out the products into the market through various distribution channels as and when needed. With increasing popularity of IoT (Internet of Things), companies in the US are finding ways for installation of IoT with automated storage solutions, which would further result in time and cost savings for them. IoT integrated automated storage solutions enable remote monitoring, timely report status generation, quicker recovery in case of any errors, and more efficiency in daily operational activities.
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The retail industry in the region is one of the largest industries worldwide. The region has a strong presence of omnichannel suppliers that are the largest consumers of material handling solutions, such as ASRS. These factors are the major contributors for the growth of the automated storage and retrieval system market in the region. The market is expected to witness a slight decline in growth over the next few years, due to the negative impact of COVID-19. However, it is expected to rise again at a healthy pace after the COVID-19 pandemic is over.
Europe accounted for the highest share in the global market, and it is anticipated to register a decent CAGR from 2020 to 2027. The European region comprises Germany, France, Italy, the UK, Switzerland, and the Rest of Europe. Sweden, the Netherlands, and Belgium, among others, are considered under the Rest of Europe region. Western European countries are more advanced as compared to the NORDIC and other Eastern European countries.
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Therefore, there are more developments and advancements in the field of automation in the western part of Europe. On the other hand, economically strong countries such as Germany, Italy, the UK, and Spain have witnessed significant growth in the implementation of automation solutions. Pharmaceutical, e-commerce, healthcare, automobile industry, food & beverage processing industry, are the biggest end users that have implemented ASRS solutions. Germany, Italy, and Spain are the potential growth markets for a variety of deployments of automated storage and retrieval systems in various applications.
The automotive industry in Germany and the textile and manufacturing industries in Italy and Spain, respectively, have been using automated storage and retrieval systems for accuracy and efficiency in operations. Also, the development of automation technology in this region has enabled more ASRS implementations. The major market players in Europe that cater to end users with their ASRS solutions include System Logistics SpA, Swisslog Holdings AB, Vanderlande Industries, and SSI Schaefer Systems International.
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