July 19, 2024
Automated Storage and Retrieval System Market

Automated Storage and Retrieval System Market: Increasing Demand for Efficient Warehousing Solutions

The global Automated Storage and Retrieval System (ASRS) Market is estimated to be valued at USD 8573.0 million in 2021 and is expected to exhibit a CAGR of 7.1% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
ASRS refers to a computer-controlled system that automates the process of storing and retrieving goods from a warehouse. These systems offer several advantages such as increased efficiency, reduced labor costs, and improved accuracy in inventory management. With the rapidly growing e-commerce industry and the need for efficient warehousing solutions, the demand for ASRS systems is expected to witness significant growth.

Market Key Trends:
One key trend in the ASRS market is the adoption of robotic ASRS systems. Robotic ASRS systems offer increased flexibility, productivity, and accuracy in managing inventory. These systems use advanced technologies such as artificial intelligence and machine learning to optimize the storage and retrieval process. The integration of robotics with ASRS systems allows for faster and more efficient order fulfillment, which is crucial in the rapidly expanding e-commerce sector.

Overall, the global Automated Storage and Retrieval System market is projected to witness substantial growth, driven by the increasing need for efficient warehousing solutions and the adoption of advanced technologies in the industry.
Automated Storage and Retrieval System Market: Porter’s Analysis

Threat of new entrants: The threat of new entrants in the automated storage and retrieval system market is relatively low. This is due to the high capital investment required to set up automated storage and retrieval systems, as well as the complexity of the technology involved. Additionally, established companies in the market have strong brand recognition and customer loyalty, making it difficult for new entrants to gain market share.

Bargaining power of buyers: The bargaining power of buyers in the automated storage and retrieval system market is moderate. While buyers have the option to choose from a range of providers, the high capital investment and technical expertise required limits their ability to switch suppliers easily. However, the presence of competition among key players in the market gives buyers some leverage in negotiating pricing and contract terms.

Bargaining power of suppliers: The bargaining power of suppliers in the automated storage and retrieval system market is moderate. Key suppliers in the market, such as Murata Machinery, Honeywell Intelligrated, and Bastian Solutions, have established relationships with customers and provide specialized components for these systems. However, the availability of alternative suppliers and the importance of maintaining quality and reliability in the systems limits the suppliers’ bargaining power to some extent.

Threat of new substitutes: The threat of new substitutes in the automated storage and retrieval system market is relatively low. Automated storage and retrieval systems offer efficient and effective solutions for inventory management and order fulfillment, and there are limited alternatives that can match their capabilities. Manual systems or traditional warehouse management methods are not as efficient or accurate as automated systems, making them less attractive substitutes.

Competitive rivalry: The competitive rivalry in the automated storage and retrieval system market is high. The market is dominated by key players such as Dematic, TGW Logistics Group, and Daifuku Co., Ltd., who compete based on product quality, technological innovation, and pricing. There is also constant pressure to stay ahead in terms of new product development and customer service in order to maintain market share.

Key Takeaways

The global Automated Storage and Retrieval System Market Share is expected to witness high growth, exhibiting a CAGR of 7.1% over the forecast period. This growth is driven by the increasing adoption of automation in industries such as e-commerce, automotive, and food and beverage, which require efficient and accurate inventory management.

In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the automated storage and retrieval system market. The region has witnessed significant growth in sectors such as e-commerce, retail, and manufacturing, which has increased the demand for automated storage and retrieval systems.

Key players operating in the automated storage and retrieval system market include Murata Machinery, Ltd., Honeywell Intelligrated, Bastian Solutions, Inc., Dematic, TGW Logistics Group, Daifuku Co., Ltd., KNAPP AG, Beumer Group, SSI Schaefer Group, and Kardex Group. These key players have a strong market presence and offer a wide range of automated storage and retrieval system solutions to cater to various industry requirements.

In conclusion, the automated storage and retrieval system market is poised for significant growth in the coming years. With increasing adoption across industries and strong market players, the market is expected to witness advancements in technology and expanding business opportunities.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it