Automated Storage and Retrieval System Market to Rise $12,928 Million by 2027

According to the report, The automated storage and retrieval system market size was valued at $7,351 million in 2019, and is projected to reach $12,928 million by 2027, growing at a CAGR of 7.2% from 2020 to 2027.

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Surge in demand for ASRS in Aviation industry, rise in need to reduce costs and achieve optimum utilization of space, and increase in implementation of ASRS in distribution supply chain & inventory management fuel the growth of the global automated storage and retrieval systems market.

On the other hand, huge initial investment and dearth off skilled labor & technical expertise impede the growth to some extent. However, increase in automation in e-commerce across the globe and growth of the aviation industry in Asia-pacific region are expected to create multiple opportunities in the industry.

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Based on function, the storage segment accounted for nearly one-third of the global automated storage and retrieval systems market revenue in 2019, and is expected to rule the roost by the end of 2027. The fact that automated storage systems provides solid inventory storage to maximize the floor space fuels the growth of the segment. The knitting segment, on the other hand, would grow at the fastest CAGR of 11.7% during the study period. Rise in competition between the manufacturers and marketers have propelled the adoption of industrial transformation in the knitting industry.

Based on industry vertical, the automotive segment contributed to nearly one-fourth of the global automated storage and retrieval systems market share in 2019, and is anticipated to lead the trail by 2027. The automotive sector has become extremely competitive and the players are making efforts to cut down unnecessary costs. This factor propels the growth of the segment. At the same time, the healthcare & pharmaceuticals segment would portray the fastest CAGR of 11.7% till 2027. Healthcare industry is leveraging ASRS technologies to help their inventory be more efficient and reduce labor errors which, in turn, drives the segment growth.

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Based on region, Europe, followed by Asia-Pacific and North America, held the highest share in 2019, garnering nearly two-fifths of the global automated storage and retrieval systems market. This is due to growth in the e-commerce industry and modernization of infrastructure & manufacturing facilities in this province. Simultaneously, Asia-Pacific is projected to manifest the fastest CAGR of 9.9% throughout the forecast period.

The market players operating in the automated storage and retrieval system market analysis include Bastian Solutions, Inc., Beumer Group, Daifuku Co., Ltd., Dematic, Honeywell Intelligrated, Kardex Group, KNAPP AG, Murata Machinery, Ltd., SSI Schaefer Group, and TGW Logistics Group.

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