CHICAGO, Aug. 19, 2020 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets™, the ASRS market is likely to reach USD 10.7 billion by 2025 from USD 7.3 billion in 2020, at a CAGR of 8.0% from 2020 to 2025. The growth of this market can be attributed to the 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, and improved accuracy, productivity, and efficiency in supply chain, along with better inventory control.
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"Unit load segment to lead the ASRS market from 2020 to 2025"
Unit load is expected to hold the largest share of the overall market in 2020. Unit load ASRSs are used for storing large size articles. The market growth is supported by their wide range of applications in consumer goods, automotive, electronics, food & beverages, pharmaceuticals & medical supplies, and retail & apparel industries.
"Storage function to lead the ASRS market during forecast period"
Storage function is expected to hold the largest share of the ASRS market in 2020. Storage is a basic function of ASRS, and it enhances the storing capacity of distribution centers and manufacturing plants. Extensive use of ASRSs for storage function in industries such as automotive, food & beverages, chemicals, and healthcare is fueling the growth of the market.
"Automotive industry to lead ASRS market from 2020 to 2025"
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, ASRSs 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.
Browse in-depth TOC on "Automated Storage and Retrieval System (ASRS) Market"
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215 – Pages
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"Europe to be largest market for ASRS during forecast period"
Europe is expected to hold the largest market size for ASRS during the forecast period. The ASRS market in Europe is driven by countries such as Germany, the UK, and France. The significant investments in AMH equipment by automotive players and rising installations of automated equipment in European countries owing to diversified distribution channels in industries such as automotive, chemicals, healthcare, and food & beverages are contributing to the growth of the market in this region. As the COVID-19 pandemic continues to spread in Europe, logistics and supply chain operations are affected severely. Supply chain disruptions will have both long-term and short-term effects on businesses.
Major players operating in the ASRS market include Daifuku (Japan), Kardex (Switzerland), Murata Machinery (Japan), SSI Schaefer (Germany), TGW Logistics (Austria), KION (Germany), KUKA (Germany), Toyota Industries (Japan), BEUMER (Germany), KNAPP (Austria), Mecalux (Spain), and System Logistics (Italy)).
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