The automated storage and retrieval systems market is expected to grow at an annual rate of 7.6 percent during the period 2018-2028, according to a report by Fact.mr.
North America is likely to maintain its lucrativeness in the automated storage and retrieval systems market, accounting for nearly 30 percent revenue share of the global market in 2018.
The report says that opportunities will not be limited to developed regions alone. Automated storage and retrieval systems market in Asia-Pacific excluding Japan is likely to register the highest annual growth rate throughout the forecast period.
Sensing the rising awareness among industrial end-users about the extraordinary benefits of employing warehouse automation technologies, the market will witness excellent growth during the forecast period.
The lead analyst at Fact.mr says: “Automated storage and retrieval systems market is mainly driven by the digitization of warehousing and intralogistics operations. Leading manufacturing companies are investing in automating their storage facilities with the help of next-generation automated storage and retrieval systems.”
The Fact.mr study projects that the retail and e-commerce sector will account for the largest share in the automated storage and retrieval systems market by the end of the forecast period.
According to the United Nations Economic and Social Commission for Asia and the Pacific, e-commerce in Asia Pacific is expected to grow 37 percent annually through 2020, making it world’s largest marketplace for e-commerce companies.
Increasing growth of the e-commerce sector is resulting in factories fostering supply chain digitalization by adopting new technological solutions such as automated storage and retrieval systems.
Furthermore, increasing number of e-commerce companies in the Asia-Pacific region is boosting logistics infrastructure development in the region, which is likely to make Asia-Pacific the most lucrative region for automated storage and retrieval system vendors.
Leading vendors in the automated storage and retrieval systems market are leveraging technological advancements to further enhance the asset management operations for the warehousing industry.
The automated storage and retrieval systems market is undergoing radical changes with market players, such as Dematic Corporation and Honeywell Intelligrated, introducing software platforms to maximize uptime and operational performance of automated storage and retrieval systems with intelligent features.
Market players are also adopting advanced technologies, such as cloud computing and augmented reality technology, to enhance the efficiency of automated storage and retrieval systems with real-time visibility to assets.
The Fact.mr report forecasts technological advancements to encourage automated storage and retrieval system vendors to bring in innovation and custom-engineered solutions in the automated storage and retrieval systems market in the upcoming years.