According to the research report titled ‘Global Automated Storage and Retrieval System (ASRS) Market Size study, by Type (Unit Load, Mini Load, VLM, Carousel, Mid Load), Function (Storage, Order Picking, Assembly, Distribution, Kitting), Industry (Automotive, Food & Beverages, Healthcare, Retail, Aviation, E-commerce) and Regional Forecasts 2020-2027’, available with Market Study Report, global automated storage and retrieval system market generated revenues worth USD 7.21 billion in the year 2019 and is expected to grow with a CAGR of 8.20% between 2020 and 2027.
 

Growing demand for consumer products along with focus towards reducing losses and wastage in warehouse operations are key factors driving the growth of global automated storage and retrieval system market.
 

For those unfamiliar, an ASRS (automated storage and retrieval system) plays a vital role in automated warehouse systems since it offers the ability of sort, buffer, sequence and store various products into virtual destinations. An ASRS is typically made up of storage, rack structure, conveyor interface and retrieval machines among others and are widely adopted in warehouse applications.
 

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Rising adoption of internet services and online shopping platforms has resulted in rapid expansion of e-commerce sector, which in turn has impelled the demand for warehouse management solutions, thereby stimulating worldwide automated storage and retrieval system industry outlook.
 

High demand for ASRS from retail industry is also adding traction to the overall market share. However, lack of technical expertise and skilled labor may act as a restraining factor to the growth of global automated storage and retrieval system industry. Regardless, the advent of intelligent material handling systems is creating lucrative growth opportunities the industry participants.
 

Regionally, North America currently holds the largest market share and is expected to display similar growth trends in the subsequent years. Rising adoption of advanced and automated technologies coupled with availability of well-established infrastructure is facilitating the business scenario in North America.
 

Parallelly, Asia-Pacific is anticipated to generate lucrative revenues for global automated storage and retrieval system market. Rising per capita income, booming e-commerce sector and high demand for consumer goods are positively influencing the remuneration scale of Asia-Pacific market.
 

System Logistics Corp., Mecalux, BEUMER Group GmbH & Co. KG, Toyota Industries Corp., Kion Group AG, TGW Logistics Group, Schaefer Systems, Murata Machinery Ltd., Kardex Group, and Daifuku Co. Ltd. are the key participants in global automated storage and retrieval system market sphere.