Surge in demand for ASRS in Aviation industry, rise in need to reduce costs and achieve optimum utilization of space, and increase in implementation of ASRS in distribution supply chain & inventory management fuel the growth of the global Automated Storage and Retrieval Systems Market.
On the other hand, huge initial investment and dearth off skilled labor & technical expertise impede the growth to some extent. However, increase in automation in e-commerce across the globe and growth of the aviation industry in Asia-pacific region are expected to create multiple opportunities in the industry.
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Based on industry vertical, the automotive segment contributed to nearly one-fourth of the global automated storage and retrieval systems market share in 2019, and is anticipated to lead the trail by 2027. The automotive sector has become extremely competitive and the players are making efforts to cut down unnecessary costs.
This factor propels the growth of the segment. At the same time, the healthcare & pharmaceuticals segment would portray the fastest CAGR of 11.7% till 2027. Healthcare industry is leveraging ASRS technologies to help their inventory be more efficient and reduce labor errors which, in turn, drives the segment growth.
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Based on region, Europe, followed by Asia-Pacific and North America, held the highest share in 2019, garnering nearly two-fifths of the global automated storage and retrieval systems market. This is due to growth in the e-commerce industry and modernization of infrastructure & manufacturing facilities in this province.
Simultaneously, Asia-Pacific is projected to manifest the fastest CAGR of 9.9% throughout the forecast period. Increase in adoption of automated systems in the industrial sectors and improved & safe working conditions in the areas of robotic systems, wireless technologies, and driverless vehicles foster the demand for ASRS in the region.
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Impact of COVID-19 on Market:
- With the outbreak of COVID-19, a lot of precautionary measures have been taken by the government bodies to prevent further spread of the virus. And, with lockdown coming into the scenario, there have been huge disruptions in the automated storage and retrieval systems.
- In a nutshell, the overall inventory management system in industries like automotive, food & beverages, chemicals, e-commerce, semiconductors & electronics, and healthcare has been affected with huge economic implications to linger for months to come.
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