Automated Storage and Retrieval Systems (ASRS) Market is expected to reach US$ 4,681.40 million by 2028

Automated Storage and Retrieval Systems (ASRS) Market Size Report 2028

Automated storage and retrieval systems are receiving high momentum across the world. Increasing demand for efficient in supply chain across industries is influencing the market growth. Rapid digitization across the globe among all industry verticals, coupled with a significantly high production rate, is pressurizing the organizations to rely more on machines for enhanced productivity and accuracy. In this era of automation, the automated and programmed machineries play a vital role in reducing the associated cost and time and provide additional features of control, monitoring, and security. A supply chain is one of the key sources of competitive advantage for companies that drive growth in their businesses. Supply chain systems have gained wider and vital importance in the last few years, as a result of high competition in the product-based market. A strong supply chain ensures a proper balance between the supply and demand of the product in the market.

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Thus, many industry verticals such as automotive, food & beverages, electronic & semiconductors, e-commerce, chemicals, aerospace, retail, and pharmaceuticals amongst others are ensuring a strong supply chain for reaching out to their customers. ASRS supports the operational flow of the supply chain at the initial stage. ASRS is applied in slow and medium moving order fulfillment and inventory management applications, ensuring increased efficiency. Thus, rising demands for efficient supply chain implementations are driving the implementations of ASRS among industries.

The development of the e-commerce industry goes together with the prosperity of the automated storage industry. Inventory sold by e-commerce sellers is stored in warehouses. To reduce the time for sorting and stocking of these products, automated storage and retrieval system seems to be one of the best tools. The purchasing pattern of consumers is moving toward online shopping. For instance, more than 60% of the population in the US is engaged in online shopping. Further, customers expect faster delivery time, owing to which e-commerce players are adopting automation in their processes. The fluctuations in demand for stock-keeping units (SKUs) create complexities in picking operations, which in turn, slows down the fulfillment process. The e-commerce demand is highly varying, owing to which the forward pick areas must be continuously adjusted to support the fluctuation in the demand for items. Along with managing SKU demand fluctuations, an automated storage and retrieval system also advances the fulfillment process, thus allowing e-commerce as well as omnichannel retailers to adhere better to service level agreements by fulfilling order delivery commitments.

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APAC Automated Storage and Retrieval System Market to Grow at Highest CAGR During Forecast Period

The manufacturing industry in the countries of Asia Pacific has experienced a huge shift in the adoption of adopted solutions over the years. The Asian manufacturing sector is known to rapidly adopt innovations that include robotics along with the emerging cloud and mobility technologies. Over the years, the manufacturing spending of the region has grown significantly and is further anticipated to grow at the highest growth rate. The automatic storage and retrieval systems (ASRS) are installed at warehouses, within the HCCB factory at Goblej, Gujarat, India. Thus, the rise in adoption of ASRS among factories is also influencing the market growth.

The overall automated storage and retrieval system market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the automated storage and retrieval system market with respect to all the segments. It also provides the overview and forecast for the global automated storage and retrieval system market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants who typically take part in such a process include 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 system market

The outbreak of the covid-19 virus across the globe is expected to have a negative impact on the automated storage and retrieval system market. Businesses across the globe have shifted from traditional to online businesses in order to carry on with their financial activities during the COVID-19 outbreak. This has increased the adoption of ecommerce among the global population. However, the e-commerce companies worldwide have not made much investments in technological advancements across the nations in the sector, thereby, keeping the ASRS market unaffected the growth of the industry. The manufacturing industry has not been spared. This is particularly true in the developing countries. For instance, in Europe, with the government enforcing a national quarantine companies like Fiat Chrysler Automobiles (FCA), for example, has agreed to spread out its factory closures. Three days are spent at three Fiat and Alfa Romeo plants, and two days are spent at other plants that assemble small Jeep and Fiat crossovers. Also, The German auto industry, which is dependent on Chinese supplies, is also in jeopardy. Development at Nissan's largest plant in the UK, in Sunderland, was halted this week, and others are expected to follow suit. Thus, the huge negative impact on the above-mentioned industries have also adversely impacted the ASRS market across the region.

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Key Findings of Study

Increase in global population is remarkably impacting the demand for multiple product categories in automotive, pharmaceutical, retail, electronics, food & beverage, and many other industries. To cater to this enormously increasing demand, manufacturers have expanded their productions significantly. But increased production demands for the extensive requirement of storage spaces, efficient in terms of both occupied floor space and cost incurred. Warehouses, storage centers, and distribution centers play a vital role in maintaining stocks of consumer goods of various companies.

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