Home / Press Release / Automated Storage And Retrieval System Market To Expand With A CAGR Of 6.8% From 2016 To 2024

Automated Storage And Retrieval System Market To Expand With A CAGR Of 6.8% From 2016 To 2024

According to a new market research report published by Credence Research “Automated Storage and Retrieval System (ASRS) Market by Type (Unit Load, Mini Load, Vertical Lift Module, Carousal, Micro-load), by Industry (Automotive, Food and Beverages, Chemical, Electronics and Semiconductors, Metal and Machinery, E-commerce, Third Party Logistics, Other) - Growth, Future Prospects, Competitive Landscape, and Forecast, 2016-2024”,  automated storage and retrieval system market is estimated to grow at a CAGR of 6.8% from 2016 to 2024.

The complete report is available at http://www.credenceresearch.com/report/automated-storage-and-retrieval-system-asrs-market

 

Market Insights

Automated storage and retrieval system (ASRS) is an automated system which is applied for efficient in-house storage and handling of material. With the rise in industrialization across the world, production capacities of manufacturing industries are growing perpetually. To manage and organize the material required for manufacturing, proper material handling and storage is required, which indirectly affects the production capabilities of any plant. This has been a major driver for the development and growth of automated storage and retrieval system. ASRS is one of the most significant and accurate methods for material storage and retrieval process. It also reduces the time and human workforce required for material handling. Consequently, the demand for ASRS system is expected to continue exhibiting promising growth during the forecast period.

ASRS is segmented into different aspects including types and end-use industries. On the basis of types, ASRS are divided into unit load ASRS, mini load ASRS, vertical lift module, carousel type ASRS, and micro-load ASRS. ASRS is further segmented in accordance with the different industry which uses automated storage and retrieval system. These end-use industries considered in the scope include automotive, food and beverages, chemicals, metal and machinery, electronics and semiconductors, e-commerce, third-party logistics and others. Apart from aforesaid industries, ASRS are also used in industries such as aviation, textile, paper and health care.

Competitive Insights:

Automated storage and retrieval system is a growing market with a large number of players operating in it. ASRS manufacturers face a breathtaking competition to stay in the market. International players such as Daifuku Co. Ltd., Schaefer Holdings International GmbH, Murata Machinery Ltd., Knapp Logistics Automation GmbH, KuKa System North America, Dearborn Mid-West Conveyor Co. and many others make the ASRS market quite fragmented. Manufacturers are trying to come up with new storage and retrieval solution such as custom ASRS and different strategies to inculcate the need for ASRS in industries of developing nations.

Key Trends:

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