Northrook, IL -- (SBWIRE) -- 05/21/2020 -- The overall automated storage and retrieval system market is expected to grow from USD 7.6 billion in 2019 to USD 11.0 billion by 2024, at a CAGR of 7.7%. The market growth is propelled by the increasing demand for ASRS in the automotive industry; optimum utilization of space and rise in labor costs; and improved accuracy, productivity, and efficiency in supply chain, along with better inventory control.

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Autostore ASRS market to grow at highest CAGR from 2019 to 2024

The market for autostore ASRS is expected to grow at the highest CAGR during the forecast period. An autostore system comprises four main components: a structural grid, delivery robots, storage bins, and an operator port. In this system, the products are stored in stacked bins within a dense aluminum grid. When a product is required, the system software and controls alert a robot to find the bin containing the item. If the bin is buried beneath other bins, the robot stages the extra bins on top of the grid until the desired bin is retrieved. It then takes that bin to the edge of the grid and delivers it to the operator. End users are willing to implement autostore ASRS to manage material flow, increase goods throughput, and deliver real-time management information. Autostore, being the most innovative and modern form of ASRS, is expected to grow at a rapid rate.

Retail industry to exhibit high growth in automated storage and retrieval system market during forecast period

The retail industry is expected to grow at the highest CAGR during the forecast period. Retail uses ASRS 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. ASRS also keeps track of product expiry dates and inventory in the store. With increasing focus of retailers to improve the shopping experience of its customers, technology associated with retail is progressing. Data gathering and analyzing help companies in retail to plan ahead and have a competitive edge in this extensively competitive environment. 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.

Automated storage and retrieval system market in APAC to grow at fastest rate during forecast period

The automated storage and retrieval system market in APAC is expected to grow at the highest CAGR during the forecast period. 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. China is a key contributor to the growth of the ASRS market in APAC owing to its huge industrial and manufacturing sectors. It is also the fastest-growing market for ASRS in APAC.

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Key Market Players
As of 2018, Daifuku (Japan), Kardex Group (Switzerland), Murata Machinery (Japan), SSI Schaefer (Germany), TGW Logistics Group (Austria), Bastian Solutions (US), Beumer Group (Germany), Dematic (US), KNAPP (Austria), Mecalux (Spain), Swisslog (Switzerland), System Logistics Corporation (Italy), Vanderlande Industries (Netherlands), Automation Logistic Corporation (US), AutoStore (Norway), Haenel Storage System (Germany), IHI Corporation (Japan), MIAS (Germany), Sencorpwhite (US), and Westfalia Technologies.(US) were the major players in the automated storage and retrieval system market.

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