The automated storage and retrieval system market is estimated to grow from USD 7.6 billion in 2019 to USD 11.0 billion by 2024, at a CAGR of 7.7%. The key factors driving the growth of the market include the increasing demand for ASRS in the automotive industry; optimum utilization of space and rise in labor costs; and improved accuracy, productivity, and efficiency in the supply chain, along with better inventory control. However, the requirement for large initial investment and need for technical expertise and periodic training are the key restraining factors for market growth.
“Autostore ASRS to witness high growth potential during the forecast period”
The auto store ASRS market is expected to grow at the highest CAGR during the forecast period. Autostore allows complete configurability and flexibility. In this system, bins are stacked vertically in a cube like a grid and are retrieved by robots that travel to the top layer of the system. This makes it possible for the grid to be placed around columns, on mezzanines, and on multiple levels. The system can also be easily expanded and modified because of this design. An auto store ASRS is an innovative storage solution developed by the Huaruide(brand name:FAST). Hatteland forms strategic alliances with companies such as Swisslog, Bastian solutions, Dematic, and Hormann Logistik to serve customers.
“ASRS market for order picking to grow at highest CAGR during the forecast period”
The ASRS market for order picking is expected to grow at the highest CAGR during 2019-2024. Order picking is widely used in healthcare, food & beverages, retail, and e-commerce. Growing competition in these industries is enforcing companies to reduce their delivery time, which is fuelling the demand for ASRS for order picking function. Order picking process includes retrieving and presenting the required inventory to pickers. It is a logistic warehouse’s process that involves collecting and taking inventory in specified quantities. These quantities are specified based on customer orders. Order picking is mainly classified into piece picking, zone picking, wave picking, sorting system, and pick to box method.
“Europe to be the largest market for automated storage and retrieval system during the forecast period”
Europe is expected to lead the automated storage and retrieval system market, in terms of size, from 2019 to 2024. The ASRS market in Europe is driven by countries such as Germany, the UK, and France. The significant investments in automated material handling equipment by automotive players and rising installations of automated equipment in European countries owing to diversified distribution channels in industries such as automotive, chemicals, healthcare, and food & beverages are contributing to the growth of the market in this region. The presence of a large number of key players in this region, along with a large customer base, is among the major factors driving the ASRS market in Europe. Automotive in Germany is among the biggest industries across the world, and this industry is a major market for ASRS in Europe.