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Warehouse Automation Market predicted to reach USD 36.44 billion by 2030 with a CAGR of 10.2% from 2021-2030

12-29-2021 07:44 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Nextmsc

Warehouse Automation Market predicted to reach USD 36.44

The Warehouse Automation Market size was valued at USD 14.63 billion in 2021 and is predicted to reach USD 36.44 billion by 2030 with a CAGR of 10.2% from 2022-2030.

Warehouse automation is the process of automating the movement of inventory into, within, and out of warehouses to customers with minimal human assistance. Robotics technology along with sophisticated software and sensors enable automating tasks and ensure business-critical operations are meeting the customer demand. Warehouse automation also helps organizations to utilize their resources efficiently, reduces human error, controls storage costs by minimizing inventory loss, enhances data accuracy, enable data analysis, and optimizes warehouse space among others.

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Competitive Landscape

The market comprises of various players such as Armstrong Ltd, Space Magnum Equipment, FANUC Corporation, Locus Robotics, Omron Corporation, Godrej Consoveyo Logistic Automation Ltd, Kuka AG, Automation Tooling Systems and Daifuku India Private Limited. These manufacturers are actively indulging in R&D initiatives, product & technology innovations, and industrial collaborations to enhance their product and increase their geographical reach. For instance, in June-2021, Amazon has introduced a new robot that can improve worker safety at warehouses, help reduce pressure and strain on employees. Moreover, Amazon hopes to improve warehouse automation to reduce warehouse related worker incidents by half over the next 5 years. Also, in December 2021, the India-based FM Logistic announced that it would set up intra-city warehousing units in Bengaluru, Mumbai, and Delhi. One of the models employed is building the warehouse vertically instead of horizontally, as it gives the possibility of separation between different customers and provides the considerable advantage of cold storage for pharmaceuticals.

Market Dynamics and Trends

The demand for warehouse automation is rising due to surging adoption of industrial IoT. Also, factors such as, rising urbanization, increased demand for automation in industrial sector, and rising labor costs are expected to propel the growth of the market during the forecast period. Moreover, expansion of e-commerce industry is contributing towards the growth of the market, as e-commerce companies have to maintain large volume of products in their warehouses to cater to the increasing demand. Warehouse automation also helps these companies to reduce their order delivery time in an economical way.

However, high set up and installation cost of warehouse robots, technical challenges as well as lack of skilled workforce are the factors restraining the growth of the market during forecast period. On the other hand, improvements in artificial intelligence (AI) has enabled computer vision and augmented reality, which can improve productivity in warehouses. Also, it will help robots to read texts and recognize images, which in turn will boost warehouse worker’s performance. Therefore, advancements in the field of AI is expected to create lucrative growth opportunities for the warehouse automation market players in future.

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Geographical Analysis

North America region holds the lion share of warehouse automation market and is expected to continue dominating the market during the forecast period. This is attributed to factors such as high-income level, established e-commerce industry, and government support. Also, presence of number of major companies with many warehouses and distribution units are adopting warehouse robots to reduce labor cost and increase profitability.

Asia Pacific, on the other hand is expected to show a steady rise in the warehouse automation market due to increasing population, growth of e-commerce and packaging industries in emerging economies such as India, China, and Japan. In addition, presence of major players such as Armstrong Ltd, Space Magnum Equipment, Godrej Consoveyo Logistic Automation Ltd, and Daifuku India Private Limited and contributing towards the growth of the warehouse automation market in this region.

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About Next Move Strategy Consulting:

Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider, committed to deliver high quality, market research reports that help multinational companies to triumph over their competitions and increase industry footprint by capturing greater market share. Our research model is a unique collaboration of primary research, secondary research, data mining and data analytics.

We have been servicing over 1000 customers globally that includes 90% of the Fortune 500 companies over a decade. Our analysts are constantly tracking various high growth markets and identifying hidden opportunities in each sector or the industry. We provide one of the industry’s best quality syndicate as well as custom research reports across 10 different industry verticals. We are committed to deliver high quality research solutions in accordance to your business needs. Our industry standard delivery solution that ranges from the pre consultation to after-sales services, provide an excellent client experience and ensure right strategic decision making for businesses.

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