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Automated Storage and Retrieval System Market Size

Report ID: GMI6968
Published Date: Oct 2023
Report Format: PDF

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Automated Storage and Retrieval System Market Size

Automated Storage and Retrieval System Market size was valued at USD 8.1 billion in 2022 and is estimated to register a CAGR of over 8% between 2023 and 2032. The rising number of workplace fatalities in warehouses has intensified the urgency for safer, automated solutions. Automated storage and retrieval systems reduce the need for manual labor, minimizing the risks associated with accidents. According to the U.S. Bureau Of Labor Statistics, around 46 workplace fatalities, injuries & illnesses occur per 100 full-time workers. These statistics have heightened awareness of workplace safety and prompted companies to seek advanced technologies to protect their workers, accelerating the adoption of automated storage and retrieval systems.

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Automated storage & retrieval systems offer numerous benefits to warehouse facilities and the market. They optimize storage space, maximizing efficiency by effectively utilizing vertical space. Automated storage & retrieval systems minimize human intervention, reducing labor costs, enhancing accuracy, and ensuring a safer work environment. These systems enable rapid retrieval, speeding up order fulfillment and improving customer satisfaction. These solutions also support sustainability efforts by reducing energy consumption and waste. Overall, these advantages are driving the automated storage and retrieval system market growth while revolutionizing warehouse operations through increased productivity and profitability.

Automated Storage and Retrieval System Market Report Attributes
Report Attribute	Details
Base Year:	2022
Automated Storage and Retrieval System Market Size in 2022:	USD 8.1 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	8%
2032 Value Projection:	USD 17.1 Billion
Historical Data for:	2018 – 2022
No. of Pages:	250
Tables, Charts & Figures:	300
Segments covered:	Type, Application, Industry Vertical
Growth Drivers:	Rising number of warehouse fatalities and injuries Proliferation of warehouse management technology Rising need for reducing manual labor Rapid urbanization in Latin America and Asia Pacific Growing online retail and e-commerce industries
Pitfalls & Challenges:	High initial investment Complexity of integration

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The high initial investment required for automated storage and retrieval systems often poses a significant challenge for businesses. The substantial cost involved in purchasing, installing, and integrating automated storage & retrieval system technology into existing warehouse infrastructure can strain financial resources, particularly for small- & medium-sized enterprises. This financial hurdle may deter companies from adopting automated storage and retrieval systems, hindering their ability to benefit from the system's efficiency and productivity gains.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of automated storage and retrieval system reached USD 8.1 billion in 2022 and is set to witness over 8% CAGR from 2023 to 2032, due to the rising number of workplace fatalities in warehouses.

The storage application segment held over 25% of the market share in 2022, owing to continuous innovations for enhancing storage density.

North America garnered over 38% of the market share in 2022, due to higher integration of sophisticated robotics, IoT capabilities, and AI algorithms. ?

Some of the major automated storage and retrieval system providers Bastian Solutions, LLC, Daifuku Co. Ltd, Dematic (Kion Group AG), Honeywell International Inc., IHI Corporation, Kardex Group, Knapp AG, and KUKA AG.