Automated Storage and Retrieval System (ASRS) Market to 2027 – Industry Perspective, Comprehensive Analysis, and Forecast
Thanks to the emergence of the global automated storage and retrieval system (ASRS) market, the materials flow and control are improved by technologically evolving. ASRS is controllable system that uses load recovery to automatic positioning of goods from predetermined storage locations. Automated storage and retrieval systems (ASRS) is used by a wide range of industries, including chemicals, automotive, food and beverages, e-commerce, and others. Automated storage and retrieval systems minimize labor costs while enhancing the efficiency and productivity.
Global Automated Storage and Retrieval System (ASRS) Market: Notable Developments
The global ASRS market is growing at a rapid rate, and is boosted by the swift advances in technology. Here are some notable developments that could impact the global automated storage and retrieval system market in the coming years:
- Smart Material Handling System
The launch of a AS-30 Sliding Shoe Sorter was announced in November 2015 by Wynrights, a subsidiary of the Daifuku North America Holding Company and a leading U.S. provider of smart material handling systems. The introduction of such innovative products is expected to boost the automated storage and retrieval system (ASRS) market.
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- Knapp AG Expansion Plans
Knapp AG has been expanding its North American headquarters in Georgia in June 2017. In June 2017 the Knapp AG has been announced. This growth is reported to increase to 150 US staff and hosts technology shows, showrooms and training facilities in the company. Expansions of such prominent players are expected to benefit the global ASRS market extensively.
- Daifuku Partnership with Fast Retailing
Daifuku and Fast Retailing signed a Strategic Partnership Agreement in October 2018. These two companies will contribute to a long-term business development for both companies, as well as a stable logistical function. This partnership will involve them. Fast Retailing and Daifuku will make use of their knowledge and experience for logistics reform and enhancement. Daifuku is a prominent vendors operating in the global automated storage and retrieval system (ASRS) market, and is likely to remain a dominant name in the coming years.
Key players in the global automated storage and retrieval systems market include Dematic, Murata Machinery, Daifuku, Beumer Group, System Logistics Corporation, and KNAPP AG.
Global Automated Storage and Retrieval System (ASRS) Market Dynamics
In terms of volume and variety, demand for consumer products has grown. This rise in demand increases the pressure on warehouses, without wastage and loss arising from handling and storage, to store and retrieve products. The ASRS device and the software allow the material flow control in every facility in real time so that it is the perfect solution for all warehouses and distribution centers.
Given the trend in global e-commerce, demand for ASRS in the retail industry is expected to increase over the forecast period. Increased real estate costs around existing facilities inspire sectors to choose such systems, because ASRS offers additional benefits, such as optimum space usage and greater inventory control. This is one of the prominent drivers of the global automated storage and retrieval systems market across the globe.
The worldwide demand for consumer electronics is further driving the growth of the global automated storage and retrieval system (ASRS) market. Continuous innovation and advances in technology in consumer electronic products have boosted demand for this industry like artificial intelligence, IoT and virtual reality. This demand fuels the automated storage and retrieval systems market to a large extent.
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Asia Pacific to Register High Potential in Global ASRS Market
It is estimated that the Asia Pacific ASRS market will have the highest growth in CAGR over the forecast period. The growth of the electronics trade industry is projected to trigger the growth of automated storage and retrieval systems in the region. Furthermore, Asian-Pacifist countries like China, Japan, Malaysia, South Korea, Indonesia, and Taiwan have seen increasing automation demand. Stronger regulation of employee safety and a need for greater accuracy and control of processes are the reason for this unprecedented demand in the regional ASRS market.