Global Automated Storage and Retrieval System Market Poised for Significant Growth, Expected to Reach US$ 35.8 Billion by 2032
Dublin, May 09, 2024 (GLOBE NEWSWIRE) -- The "Global Automated Storage and Retrieval System Market Report by Type, Load, Application, End User, and Region 2024-2032" report has been added to * ResearchAndMarkets.com's* offering.
The global automated storage and retrieval system (ASRS) market is witnessing a substantial surge due to the increased emphasis on precision and efficiency in supply chain management. As per recent findings, the industry soared to a market size of US$ 20.8 billion in 2023. This upward trajectory is expected to continue, projecting the market to burgeon to a value of US$ 35.8 billion by the year 2032, marking a compounded annual growth rate (CAGR) of 6.22% over the period 2023-2032.
*Technological Advancements Propel Market*
The integration of advanced technologies and computer-controlled devices in warehouse and inventory management is fuelling the expansion of the ASRS market. These automated systems not only optimize space utilization and operational efficiencies but also enhance safety, inventory density, and throughput, leading to reduced labor expenses. Such advantages have justified the necessity of ASRS across varied industrial verticals including aviation, automotive, healthcare, and particularly the burgeoning e-commerce sector.
*Regional Market Expansion*
The global analysis indicates a robust growth in digital infrastructure investments across nations, significantly impacting the ASRS market favorably. Furthermore, the rise in e-commerce activities pushes the demand for advanced storage solutions, with small and medium-sized enterprises increasingly adopting ASRS to minimize human labor and errors.
*Demand Across Industry Verticals*
Automated systems are seeing a rise in demand from a host of end users. Industries such as automotive, semiconductor, electronics, general manufacturing, and retail are taking the lead in ASRS utilization. Additionally, the sectors of aviation, chemical manufacturing, healthcare, and food & beverage show a heightened inclination towards these intelligent solutions, indicating a diverse application base for the market
*Competitive Landscape and Future Prospects*
The market remains competitive with key players deploying strategic initiatives to command prominent positions. Innovation, partnerships, and the introduction of cutting-edge solutions are set to drive the marketplace. With ASRS aligning with the needs for efficiency, speed, and reliability in operations, the market outlook remains strongly positive, advocating further investment and advancements in the field.
*Key Attributes:*
*Report Attribute* *Details*
No. of Pages 137
Forecast Period 2023 - 2032
Estimated Market Value (USD) in 2023 $20.8 Billion
Forecasted Market Value (USD) by 2032 $35.8 Billion
Compound Annual Growth Rate 6.2%
Regions Covered Global
*Companies Featured*
· Beumer Group GmbH & Co. KG
· Daifuku Co. Ltd.
· Dematic (Kion Group AG)
· Honeywell International Inc.
· Kardex Group
· Knapp AG
· Mecalux S.A.
· Murata Machinery Ltd.
· Schaefer Systems International Pvt Ltd
· System Logistics S.p.A. (Krones AG)
· TGW Logistics Group
· Toyota Industries Corporation
· Viastore Systems
For more information about this report visit https://www.researchandmarkets.com/r/84tzyl
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*Attachment*
· Global Automated Storage and Retrieval System Market
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