Automated Storage and Retrieval System Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Automated Storage & Retrieval System (ASRS) Market Analysis

The Automated Storage and Retrieval System Market size is estimated at USD 18.07 billion in 2024, and is expected to reach USD 30.54 billion by 2029, growing at a CAGR of 11.07% during the forecast period (2024-2029).

The explosion of e-commerce, changing consumer demands, and global labor shortages are driving the need for flexible automated solutions that make order fulfillment and distribution faster and more efficient. ASRS technology is finding application in manufacturing units, warehouses, and distribution centers for materials transport and inventory management purposes. These systems are commonly utilized in cold storage, automotive, pharmaceutical manufacturing, food and beverage, and e-commerce applications.

• ASRS is most beneficial in warehouse applications. These systems save ample floor space, which is a crucial factor in warehouse operations. With the evolution of technology, the flow and control of materials have improved. The equipment offers better visualization and the ability to handle variability, variety, and volume at higher speeds, thus generating increased value.
• The expansion activities carried out by the airports for advanced technologies will boost the studied market growth. For instance, in July 2022, The U.S. Department of Transportation's Federal Aviation Administration (FAA) announced the award of nearly USD 1 billion to 85 airports across the country for improving terminals of all sizes. Building airport terminals will ensure better customer experiences, move goods through the economy with more efficiency, minimize prices, and increase U.S. competitiveness.
• Furthermore, increasing need for efficient and effective solutions for managing warehouses, traffic, logistics, and others, the need for ASRS has been growing. With the growing demand for automated storage and retrieval systems, various companies have been undertaking various initiatives to strengthen their position in the market. For instance, in January 2023, OPEX Corporation, through its subsidiary, OPEX GmbH, entered into a strategic partnership with Transition to launch its leading-edge warehouse automation technology to customers in France. 
• Through its comprehensive suite of technology solutions (including Perfect Pick, a goods-to-person (AS/RS), and Sure Sort, a robotic sorting system), OPEX enables its clients to reduce costs, improve workflow, and drive efficiencies in infrastructure around the world. Such initiatives by the companies in the market are expected to fuel the automated storage and retrieval system market during the forecast period.
• In addition, in February 2022, AddverbTechnologies announced the establishment of a subsidiary office in the United States to serve its North and South American customers. Addverbis focuses on creating fully automated warehouses and manufacturing facilities. It is collaborating with several industries, including e-commerce, retail, and grocery. The company offers six robots comprising a mobile robot, a pallet robot, a shuttle robot, a sorting robot, and a U.V. disinfection robot. It also provides a shuttle-based ASRS system and software to create high-speed robotic fulfillment centers.
• However, the need for skilled operators to enable the adequate functioning and maintenance of automated material-handling systems could be a significant impediment in emerging countries. However, automated material-handling vendors have been trying to offset this issue by offering periodic maintenance. In addition to high initial costs, the need for skilled workers to perform various activities throughout the vehicles' shelf life is widely considered a significant concern in the market studied.
• On the contrary, during the post-pandemic, the significantly increased awareness of digital and automated technologies is expected to support the studied market's growth in the forecast period. For instance, in January 2023, AutoStore, one of the significant warehouse automation companies, launched Pio ("Product In/Out"), which is a plug-and-play version of acclaimed AutoStore cube storage technology tailored for small and medium-sized businesses (SMBs).

Automated Storage & Retrieval System (ASRS) Market Trends

Growth of E-commerce in Developing Countries to Drive the Market

Automated Storage & Retrieval System (ASRS) Industry Segmentation

Automated storage and retrieval systems (ASRS) have undergone technological innovations, such as incorporating onboard processors, actuators, and new control processors, to enable better performance and system utilization. It also refers to a computer-controlled system that automatically stores and retrieves goods from designated locations. The studied market is segmented by product types such as fixed axle systems (stacker cranes {unit load, mini load}, shuttle systems {pallet load, totes, and cages}) and vertical lift modules. 

The study also considers various end-user industries, such as manufacturing environments (automotive, food and beverages, life sciences) and non-manufacturing environments (general merchandise, logistics and warehousing, airports), among multiple geographies. Further, the impact of macroeconomic trends on the market and influenced segments are also covered under the scope of the study. Further, the disturbance of the factors affecting the market's evolution in the near future has been covered in the study concerning drivers and restraints.

The market sizes and forecasts are provided in terms of value in USD for all the above segments.