Northbrook, IL -- (SBWIRE) -- 01/06/2022 -- According to the new market research report "Automated Storage and Retrieval System (ASRS) Market with COVID-19 Impact Analysis by Type (Unit Load, Mini Load, VLM, Carousel, Mid Load), Industry, and Region (North America, Europe, APAC, RoW) - Global Forecast to 2026", published by MarketsandMarkets™, the market is projected to grow from USD 7.8 billion in 2021 to USD 11.0 billion by 2026 at CAGR of 7.2% during the forecast period. The growth of the ASRS market is majorly driven by growing demand for ASRS in e-commerce due to onset of COVID-19, increasing demand for ASRS in the automotive industry, need for, optimum utilization of space and rise in labor costs.
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Unit load ASRS accounted for the largest share of the ASRS market in 2020.
Unit load ASRSs are used for storing large size articles and also provide real-time information on inventory making them more preferable type in several industries compared to other types of ASRS. Moreover, unit load ASRS is a high-density heavy payload ASRS that enables accurate, efficient, safe, and stable handling of full pallets. The market growth is also supported by their wide range of applications in consumer goods, automotive, electronics, food & beverages, pharmaceuticals & medical supplies, and retail & apparel industries.
Automotive industry to account for the largest size of ASRS market in 2021.
The shift in demand toward electric vehicles and autonomous vehicles has prompted automakers to ramp up automotive manufacturing, which requires automotive spare parts. Automotive suppliers must effectively manage large amounts of goods and variation and breadth of stock. Also, these suppliers need to improve the storage capacity within the available floor space. Thus, automated storage and retrieval systems are increasingly being used to fulfill the requirements related to material handling capacity.
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174 – Tables
57 – Figures
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APAC is expected to grow at the highest CAGR from 2021–2026.
The ASRS market for APAC is expected to grow at the highest CAGR during the forecast period. The rapid growth of automotive, food & beverages, and healthcare industries in emerging economies such as China, Japan, Australia, and South Korea has contributed to the growth of the ASRS market in APAC. Moreover, governments in APAC countries are increasingly emphasizing on safety and security on production floors, which can be best achieved by the implementation of ASRSs. The ASRS market is witnessing rapid growth in countries such as China and Japan owing to increasing investments by manufacturers and suppliers in the installation of these systems at warehouses and distribution centers.
Daifuku (Japan), Kardex (Switzerland), Murata Machinery (Japan), SSI Schaefer (Germany), TGW Logistics (Austria), KION (Germany), KUKA (Germany) are some of the major players in ASRS market.
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