LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global automated storage and retrieval systems (ASRS) market is projected to grow to USD 7.98 billion by 2021, at a CAGR of more than 8% over the forecast period.
This research report titled ‘Global Automated Storage and Retrieval Systems Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
|Automated storage and retrieval system is a complex automated device having tall racks, stacker cranes, inventory in/out systems, automatic storage and retrieval equipment, and computer management systems. The swiftly growing e-commerce industry will be a major driver for the growth of the market.|
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Based on the end-users, the report categorizes the global automated storage and retrieval systems market into the following segments:
- Automotive industry
- Food and beverage industry
- Retail industry
- Other industries
The top three revenue-generating end-user segments in the global automated storage and retrieval systems market are discussed below:
“The automotive industry occupies a majority 23% of the global automated storage and retrieval systems market and is expected to retain its lead through the forecast period. Developed countries in Europe and the US are the major revenue contributors to the market segment,” says Sharan Raj, a lead analyst at Technavio for warehouse and storage research.
The 20-story automated storage system in Germany by Volkswagen integrates ASRS and is capable of making better use of the space available while enabling quick picking and delivery of cars without damage. The maximum growth in the segment in expected to originate from developing economies in APAC and Africa.
Food and beverage industry
The food and beverage segment of the ASRS market is expected to be worth USD 1.78 billion by 2021. The growth in the segment will be due to the high proliferation of stock keeping unit (SKU), transfer of products among various sites, and maintenance of product quality.
The automated storage systems help in preserving the product from all detrimental factors, tracking inventory, interlinking the departments, and handling of cartons and bottles of various sizes.
“The automated storage and retrieval systems market by the retail industry is expected to grow at a CAGR of nearly 9% through 2021, thus becoming the fastest-growing segment. The boom in the e-commerce industry will drive the impressive growth of the market segment,” says Sharan.
The swiftly rising Internet penetration in various geographies will complement the growth of the e-commerce industry to boost the growth of ASRS in the retail industry further. SKU proliferation, quick delivery, the light weight of products, and large volumes are other key factors for the quick implementation of ASRS in the retail industry.
The top vendors highlighted by Technavio’s research analysts in this report are:
- SSI Schaefer
- Venderlande Industries
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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