DUBLIN--(BUSINESS WIRE)--The "Automated Storage and Retrieval System (ASRS) Market by Type (Unit Load, Mini Load, VLM, Carousel, Mid Load, Autostore), Function (Assembly, Kitting, Order Picking, Distribution, Storage), Industry, and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The automated storage and retrieval system market is estimated to grow from USD 7.6 billion in 2019 to USD 11 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.
Key players in the ASRS market are Daifuku (Japan), Murata Machinery (Japan), SSI Schaefer (Germany), TGW Logistics Group (Austria), and Kardex Group (Switzerland), among others. These companies have adopted key strategies such as contracts, acquisitions, product launches, and expansions & partnerships to expand their business operations and customer base worldwide.
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 Hatteland Group. 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.
Key Topics Covered
1.1 Study Objectives
1.3 Scope of the Study
2 Research Methodology
2.1 Research Data
2.2 Secondary & Primary Research
2.3 Market Size Estimation
2.4 Market Breakdown & Data Triangulation
2.5 Research Assumptions
3 Executive Summary
4 Premium Insights
4.1 Automated Storage and Retrieval System Market, 2019-2024 (USD Billion)
4.2 Automated Storage and Retrieval System Market, By Type
4.3 Automated Storage and Retrieval System Market, By Function
4.4 Automated Storage and Retrieval System Market, By Industry
4.5 Automated Storage and Retrieval System Market, By Geography
5 Market Overview
5.2 Market Dynamics
18.104.22.168 Increasing Demand in Automotive Industry
22.214.171.124 Demand for Optimum Utilization of Space and Increasing Labour Costs
126.96.36.199 Improved Accuracy, Productivity, and Efficiency in Supply Chain Along With Improved Inventory Control
188.8.131.52 Large Initial Capital Investments
184.108.40.206 Suitable Only for Non-Variable Operations
220.127.116.11 Technical Expertise and Periodic Training is A Must
18.104.22.168 Emergence of Mid-Load and Pallet Shuttle Technologies
22.214.171.124 Rising Demand for Automation in E-Commerce Industry
126.96.36.199 Growing Demand for Cold Chain ASRS in APAC
188.8.131.52 Technical Glitches Halt Entire Operational Process and Increase Downtime
184.108.40.206 Providing Flexible and Scalable Solutions
5.3 Value Chain Analysis
6 Automated Storage and Retrieval System Market, By Type
6.2 Unit Load
6.3 Mini Load
6.4 Vertical Lift Module
6.6 Mid Load
7 Automated Storage and Retrieval System Market, By Function
7.3 Order Picking
8 Automated Storage and Retrieval System Market, By Industry
8.3 Metals & Heavy Machinery
8.4 Food & Beverages
8.7 Semiconductor & Electronics
9 Geographic Analysis
9.2 North America
10 Competitive Landscape
10.2 Ranking of Players in Automated Storage and Retrieval System Market
10.3 Microquadrant Overview
10.3.3 Dynamic Differentiators
10.3.4 Emerging Companies
10.3.5 Strength of Product Portfolio Adopted By Major Players in Automated Storage and Retrieval System Market
10.3.6 Business Strategy Excellence Adopted By Major Players in Automated Storage and Retrieval System Market
10.4 Competitive Situations & Trends
10.4.2 Expansions & Partnerships
10.4.4 Product Launches
11 Company Profiles
11.1 Key Players
220.127.116.11 Business Overview
18.104.22.168 Products Offered
22.214.171.124 Recent Developments
126.96.36.199 SWOT Analysis
11.1.2 Kardex Group
11.1.3 Murata Machinery
11.1.4 SSI Schaefer
11.1.5 TGW Logistics Group
11.1.6 Bastian Solutions
11.1.7 Beumer Group
11.1.12 System Logistics Corporation
11.1.13 Vanderlande Industries
11.2 Other Key Players
11.2.1 Automation Logistic Corporation
11.2.3 Haenel Storage System
11.2.4 IHI Corporation
11.2.5 MIAS (Maschinenbau, Industrieanlagen & Service)
11.2.7 Westfalia Technologies
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