According to our latest study on "Automated Storage and Retrieval Systems (ASRS) Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and  End User Industry,” the market is projected to grow from US$ 2,724.27 million in 2022 to US$ 4,681.40 million by 2028; it is estimated to record a CAGR of 7.0% from 2022 to 2028.

Rising Demand for Efficient Supply Chain Fuels Automated Storage and Retrieval Systems (ASRS) Market Growth

Rapid digitization across the globe, along with a significantly high production rate, is pressurizing organizations to rely more on machines for enhanced productivity and accuracy. In this era of automation, these automated and programmed machinery play a vital role in reducing the associated cost and time and providing additional features of control, monitoring, and security. A supply chain is one of the key sources of competitive advantage for companies that drives their businesses. Supply chain systems have gained importance in the last few years due to high competition in the product-based market. A strong supply chain ensures a proper balance between the supply and demand of the product in the market. Thus, many industry verticals are engaged to build strong supply chain for customers. ASRS supports the operational flow of the supply chain at the initial stage. ASRS is applied in slow and medium-moving order fulfillment and inventory management applications, ensuring increased efficiency. Thus, rising demands for efficient supply chain implementations are driving the implementations of ASRS, which is boosting the automated storage and retrieval systems (ASRS) market growth.

The impact of the COVID-19 pandemic on European industries was severe. Lockdowns imposed by the governments resulted in the shutdown of several industries, including automotive and energy industries. This led to a drastic decline in production across the automotive industry, severely affecting the region's automated storage and retrieval systems (ASRS) market growth. The negative impact on European automotive industries started with the shutdown of Chinese factories as European brands such as MG Motor, Volvo, and LDV are owned by Chinese companies. As per the European Parliament report, the European Union automotive industry suffered production losses of 3.6 million vehicles, which reflected a loss of US$ 111.34 billion (EUR 100 billion) in the first half of 2020. In September 2020, the demand for cars in Europe decreased by 28.8% compared to 2019. All these factors declined the demand for automated storage and retrieval systems (ASRS) in the automotive industry.

Key Findings of Study:

The automated storage and retrieval systems (ASRS) market is segmented on the basis of type, end user industry, and geography. Based on type, the automated storage and retrieval systems (ASRS) market is segmented into unit load ASRS, mini load ASRS, vertical lift module, vertical carousels, horizontal carousels, autostore, and others. Based on end user industry, the automated storage and retrieval systems (ASRS) market is segmented into automotive, food & beverages, electronic & semiconductors, e-commerce, chemicals, aerospace, retail, pharmaceuticals, and others. By geography, the automated storage and retrieval systems (ASRS) market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Based on type, the automated storage and retrieval systems (ASRS) market is segmented into unit load ASRS, mini load ASRS, vertical lift module, vertical carousels, horizontal carousels, autostore, and others. Vertical lift modules (VLM) are the next-generation automated systems mainly used in industrial applications for sorting, storing and retrieving items for an operator in a warehouse. These systems play significant roles in robotics, where these are used to guide autonomous robots, also known as “self-navigating robots.” Industries such as electronics, automotive, aerospace, F&B, pharmaceuticals, and electronics are much concerned about reducing labor-intensive processes, increasing accuracy and speed for the task of storage, and retrieving their products whenever required. All the factors are fueling the automated storage and retrieval systems (ASRS) market growth for the segment.

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