Automated Storage and Retrieval Systems (ASRS) Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Unit Load ASRS, Mini Load ASRS, Vertical Lift Module, Vertical Carousels, Horizontal Carousels, AutoStore, and Others) and End-User Industry (Automotive, Food & Beverages, Electronic & Semiconductors, E-Commerce, Chemicals, Aerospace, Retail, Pharmaceuticals, and Others)
The automated storage and retrieval systems (ASRS) market is projected to grow from US$ 2,724.27 million in 2022 to US$ 4,681.40 million by 2028; it is estimated to record a CAGR of 7.0% from 2022 to 2028.
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Demand for optimized and space efficient storage systems, need for efficient supply chain, and demand for systematic management of redundant warehouse processes are driving the automated storage and retrieval systems (ASRS) market growth. Furthermore, increasing demand for automation in the e-commerce industry and rising demand for cold chain ASRS are expected to provide lucrative opportunities for the automated storage and retrieval systems (ASRS) market during the forecast period.
ASRS systems also play an essential role in robotics, where they are used to guide the autonomous robots called ‘self-navigating robots.’ Various industries such as electronics, automotive, aerospace, food & beverage, pharmaceuticals, and electronics are pretty concerned about reducing labor-intensive processes, increasing accuracy and speed for the task of storage, and retrieval of their products whenever required. A variety of ASRS systems are available in the market, out of which many systems are highly flexible and can be relocated. Other benefits include improved ergonomics, better inventory control, workplace safety, and others. However, the high cost associated with the installation, along with the overall maintenance cost, is hindering the market growth as it is often not affordable for small facilities to incur such costly automation.
The automated storage and retrieval system (ASRS) market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). 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 ASRS.
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Key Findings of Study:
The automated storage and retrieval systems (ASRS) market is segmented on the basis of type, end user industry, and geography. Based on type, the automated storage and retrieval systems (ASRS) market is segmented into unit load ASRS, mini load ASRS, vertical lift module, vertical carousels, horizontal carousels, autostore, and others. Based on end user industry, the automated storage and retrieval systems (ASRS) market is segmented into automotive, food & beverages, electronic & semiconductors, e-commerce, chemicals, aerospace, retail, pharmaceuticals, and others. By geography, the automated storage and retrieval systems (ASRS) market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
The overall automated storage and retrieval systems (ASRS) market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the automated storage and retrieval systems (ASRS) market. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the automated storage and retrieval systems (ASRS) market.
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