Study: AS/RS market projected to reach 11 billion by 2024

The automated storage and retrieval system market is estimated to be USD 7.6 billion by 2019 and is projected to reach USD 11.0 billion by 2024, at a CAGR of 7.7% according to a study by Markets & Markets.

The market for Autostore AS/RS is expected to grow at the highest CAGR from 2019 to 2024. 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. End users are willing to implement Autostore AS/RS to manage material flow, increase goods throughput, and deliver real-time management information. Autostore, being the most innovative and modern form of AS/RS, is expected to grow at a rapid rate.

The AS/RS market for order picking is estimated to grow at the highest CAGR from 2019 to 2024. 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. 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 fueling the demand for AS/RS for order picking function.

Retail industry is expected to register the highest CAGR in the AS/RS market during the forecast period. Retail uses AS/RS for implementation in huge megastores comprising a vast variety and quantity of goods stored at a single location. To efficiently manage the storing and retrieving of products from shelves to the customer in minimum time, companies use ASRS. Increasing competition in retail owing to rise in online, e-commerce, and m-commerce platforms has led the owners of convenience and specialty stores to adopt innovative technologies. The implementation of ASRS allows companies to have an efficient method of operations, optimum use of resources, and profitable forecasting.

APAC is expected to be the fastest-growing market for ASRS during 2019–2024. China and Japan are the countries driving the growth of the ASRS market in APAC. The rapid growth of automotive, food & beverages, and healthcare in emerging economies such as China, Japan, Australia, and South Korea has contributed to the growth of the ASRS market in APAC.