DUBLIN--(BUSINESS WIRE)--The "Automated Storage and Retrieval System (ASRS) Market with COVID-19 Impact Analysis by Type (Unit Load, Mini Load, VLM, Carousel, Mid Load), Function (Storage, Order Picking, Assembly, Distribution, Kitting), Industry, and Region- Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The ASRS market was valued at USD 7.3 billion in 2020 and is likely to reach USD 10.7 billion by 2025, at a CAGR of 8.0% from 2020 to 2025.
An automated storage and retrieval system (ASRS) is a device used in manufacturing plants, warehouses, and distribution centers for storing and retrieving loads from one storage location to another. An ASRS comprises various computer-controlled systems and equipment that are used to store and accurately retrieve materials.
COVID-19 has emerged as a global pandemic that has spread across 215 countries worldwide and disrupted various industries around the world. The prominent players across industries have been affected by this pandemic. The foreseeable decline in the growth of end-user industries may have a considerable direct impact on the ASRS market.
The market for vertical lift module (VLM) is expected to grow at the highest CAGR during the forecast period.
The vertical lift module (VLM) market is expected to grow at the highest rate during the forecast period. The VLM is designed to deliver stored items to the operator, thereby eliminating walk and search time. The VLM increases productivity by up to 67% and saves up to 85% of the floor space. VLM is also integrated with pick-to-light technology to improve accuracy levels. These factors such as improved accuracy and efficiency are responsible for the increased demand for VLM in the market.
The automotive industry is projected to account for the largest share of the ASRS market during the forecast period.
The automotive industry is expected to hold the largest share of the ASRS market in 2020. The shift in demand toward electric vehicles and autonomous vehicles has prompted automakers to ramp up automotive manufacturing, which requires automotive spare parts. Automotive suppliers have to effectively manage large amounts of goods and variation and breadth of stock. Also, these suppliers need to improve the storage capacity within the available floor space. Thus, automated storage and retrieval systems are increasingly being used to fulfill the requirements related to material handling capacity. Due to the recent outbreak of COVID-19, the automotive industry is incurring massive financial losses. The demand for automobiles is decreasing as people continue to be under lockdown restrictions. Skilled workers required for maintaining and optimizing ASRS in warehouses are unavailable. This has resulted in reduced demand for ASRS in automotive warehouses.
APAC is projected to grow at a higher CAGR during the forecast period.
The ASRS market in APAC, led by China and Japan, is expected to grow at the highest rate during the forecast period. The rapid growth of automotive, food & beverages, and healthcare industries in emerging economies such as China, Japan, Australia, and South Korea has contributed to the growth of the ASRS market in APAC. Due to the outbreak of COVID-19, the APAC region is suffering tremendous economic losses. China - the manufacturing hub of Asia - has suspended most of its production activities. Various warehouses in the country are closed due to the lack of manufacturing and the unavailability of the workforce. The COVID-19 pandemic has disrupted the supply chain of various industries. This has led to a temporary decrease in demand for ASRSs.
Market Dynamics
Drivers
- Growing Demand for ASRSs in E-Commerce Due to Onset of Covid-19
- Increasing Demand for ASRS in Automotive Industry
- Optimum Utilization of Space and Rise in Labor Costs
- Improved Accuracy, Productivity, and Efficiency in Supply Chain, Along with Better Inventory Control
Restraints
- Requirement for Large Initial Investment
- Unavailability of Technical Expertise and Skilled Workforce to Handle System Operations Due to Onset of Covid-19
Opportunities
- Growing Demand for Cold Chain ASRS in APAC
Challenges
- Technical Glitches Halt Operational Processes and Increase Downtime
- Providing Flexible and Scalable Solutions
Company Profiles
- Daifuku
- Kardex
- Murata Machinery
- Ssi Schaefer
- Tgw Logistics
- Kion
- Kuka
- Toyota Industries
- Beumer
- Knapp
- Mecalux
- System Logistics
- Automation Logistic
- Autocrib
- Ferretto
- Haenel Storage System
- Honeywell Intelligrated
- Ihi
- Invata Intralogistics
- Mias
- Sencorpwhite
- Stanley Black & Decker
- Viastore Systems
- Westfalia Technologies
- Witron
For more information about this report visit https://www.researchandmarkets.com/r/sctqq7
