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Automated Storage and Retrieval System Market is growing rapidly over 10.18% of CAGR forecast period to 2018-2023

10-29-2018 12:49 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Market Prognosis

Automated Storage and Retrieval System Market Highlights:
The automated storage and retrieval system (ASRS) market was valued at USD 12410.2 million in 2017 and is expected to reach a value of USD 22613.84 million by 2023 at a CAGR of 10.18%, over the forecast period (2018 - 2023). The scope of the study is limited to hardware systems such as carousels, vertical lift modules, and fixed aisle and does not include individual software solutions.

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ASRS is most beneficial in the warehouse applications. The systems save large floor space which is a crucial factor in warehouse operations. On a small scale, the ASRS are also installed in office environments that deal with a lot of paperwork. ASRS provides the most efficient way of organizing files and other office paperwork.

Key Developments in the Market
• September 2017- Dematic has signed a global agreement with AutoStore, a prominent ASRS solutions provider. This deal is expected to enable Dematic to expand it's Omni-channel integrated solution offering with ultra-high density storage and goods to person piece picking system to optimize order fulfillment activities. With this deal, from now on Dematic will be able to design, configure, engineer, install and support AutoStore as a sub-system within Dematic solutions or as a standalone piece picking system throughout the globe.
• June 2017- Knapp AG, has announced the expansion of North American headquarters in Georgia. This development is said to raise the number of American workforce in the company to 150 and houses company’s technology demonstrations, showroom and training facilities.

E-Commerce to Lead ASRS Demand in Retail Industry
The retail industry has undergone drastic changes with a significant number of countries witnessing a considerable growth rate. The competition faced by companies has made enterprises improve their processes and become efficient to cater to the customers’ needs. The changing lifestyle has made customers busy, and the purchase pattern is shifting toward online shopping. The faster delivery channels and the strategic locations of distribution centers and warehouses are now necessities rather than an option. Given the trend in e-commerce globally, the demand for ASRS is expected to increase in the retail industry during the forecast period. Increased real estate cost around the existing facilities is acting as an inspiration for the sectors to opt for these systems, as ASRS offers additional benefits, like optimum space utilization and increased control over inventory.

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Better Control of Materials & Space = Increased ASRS Requirement
With the evolution of technology, the flow and control of materials have become better due to the adoption of ASRS. The equipment offers better visualization, and the ability to handle variability, variety, and volume at higher speeds, thus generating increased value. ASRS also enables goods-to-person order fulfillment, which improves safety and security of materials and workers at the workplace. The primary driving factor for ASRS is the increasing automation of job activities and enterprises shifting focus toward core business activities.
The demand for consumer products has grown regarding volume and variety. This rise in demand is increasing the pressure on warehouses to store and retrieve products without wastage and losses that arise due to handling and storage. The ASRS equipment and the software allow real-time control of the material flow in any facility, thus making it the ideal solution for all the warehouses and distribution centers.

Asia-Pacific Accounts for the Largest Demand
Asia-Pacific is witnessing an increased demand for automation, originating from countries like China, South Korea, Japan, Indonesia, Malaysia, Taiwan, etc. This unprecedented market demand can be attributed to rising labor cost, stricter regulations for employee safety, and the need to improve accuracy with better control on processes. The manufacturing industry in this region is trying to compete with the advanced and automated industries in North America and Europe. To gain an advantage over other regions, countries in this region are adopting a strategic move to improve efficiency and cut the long-term operating cost by switching to completely automated solutions. The retail industry is experiencing a humongous growth due to the increasing number of online shoppers in the region. The Asia-Pacific market is expected to overcome the combined revenues of Europe and North America by 2022.

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About Market Prognosis
We at Market Prognosis believe in giving a crystal clear view of market dynamics for achieving success in today’s complex and competitive marketplace through our quantitative & qualitative research methods.
We help our clients identify the best market insights and analysis required for their business thus enabling them to take strategic and intelligent decision.
We believe in delivering actionable insights for your business growth and success.

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India.
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