According to a new report published by Allied Market Research, titled, “Warehouse Automation Market,” The warehouse automation market size was valued at $13.6 billion in 2021, and is estimated to reach $57.6 billion by 2031, growing at a CAGR of 15.3% from 2022 to 2031.
Commonly observed components in warehouse automation market include hardware and software. Among these, the hardware segment held the largest warehouse automation market share in 2021, owing to the large investments required to acquire hardware components. Further, the e-commerce segment under the application registered a higher revenue in 2021, owing to the rise in trend of buying online. In addition, the market is analyzed between different end-user industries of warehouse automation, including retailers and manufacturers & distributors. The market is mainly driven by the rise in labor cost, increase in trade and surge in disposable income. However, high initial cost involved in setting-up of warehouse automation facilities constraints the warehouse automation market growth.
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In 2021, North America dominated the global warehouse automation market, in terms of revenue. Moreover, the market in Asia-Pacific is expected to grow with the highest CAGR. This is attributable to rapid economic growth in the region.
Furthermore, on the basis of end-user industry, the retailers’ segment is anticipated to grow rapidly during the forecast period, owing to increased demand for products from consumers’ end.
Key players in the market offer a wide range of products and services to sustain the harsh competition in the market. In addition, business expansion is playing a major role in driving the growth of the market. For instance, in January 2021, Fetch Robotics, Inc., a company involved in providing components and services in warehouse robots, has launched modern-day robot named the PalletTransport1500, which is a self-reliant bot designed specially to replace the forklift in warehouses. The systems designed to pick up and supply pallets are capable of sporting heavy payloads.
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However, various businesses in the warehouse automation market had to stop their business in countries such as Canada, the U.S., and Europe, during the pandemic lockdown. This break directly impacted sales of companies involved in warehouse automation. In addition, lack of manpower and raw materials constricted supply of raw materials for manufacturing various warehouse automation components; and negatively influenced the growth of the market. However, after two years of COVID-19 outbreak and introduction of vaccinations, the severity of the pandemic has significantly reduced and key players in the market are recovering rapidly.
According to Digvijay Pawar, Lead Analyst, Construction and Manufacturing at Allied Market Research,
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Key Findings of the Study
The report provides an extensive analysis of the current and emerging warehouse automation market trends and dynamics.
By component, the hardware segment dominated the warehouse automation market, in terms of revenue in 2021 and software is projected to grow at a significant CAGR during the forecast period.
By application, the e-commerce segment registered higher revenue in 2021.
By end-user industry, the retailers’ segment is anticipated to grow at a higher CAGR during the forecast period.
Asia-Pacific is projected to register highest growth rate in the coming years.
The key players within the warehouse automation are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the warehouse automation industry.
The report provides an extensive analysis of the current trends and emerging warehouse automation market opportunities.
In-depth warehouse automation market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.
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Key companies profiled in the warehouse automation market forecast report include ABB Ltd., Amazon.com Inc. (Amazon Robotics), ATMOS, Bastian Solutions LLC, Daifuku Co Ltd., Dorabot, Fanuc Corporation, Honeywell International Inc., Jungheinrich AG, KION GROUP (DEMATIC), Kuka AG, Omron Corporation, Schneider Electric, Siemens AG, SSI-Schaefer, Yaskawa Electric Corp, and Zebra Technologies Corporation (Fetch Robotics, Inc.).