Asia Pacific Automated Storage and Retrieval System Market
Published On: May 2021
Published On: May 2021
AutoStore segment to Dominate APAC Automated Storage and Retrieval System Market during 2020–2028
According to a new market research study on “APAC Automated Storage and Retrieval System Market Forecast to 2028– COVID-19 Impact and Analysis - by Type; End Users; and Country,” is expected to reach US$ 1050.91 million by 2028 from US$ 525.04 million in 2020. The market is estimated to grow at a CAGR of 9.0% from 2021 to 2028 The report provides trends prevailing in the APAC automated storage and retrieval system market along with the drivers and restraints pertaining to the market growth. Rise in demand for Cold Chain ASRS are the major factor driving the growth of APAC automated storage and retrieval system market. However, requirement of big initial investment hinder the growth of APAC automated storage and retrieval system market.
Because of a massive number of cases in China, the APAC region is greatly affected by COVID-19, the country also homes the largest population across the world, thereby imposing greater risk of a large number of individuals; it is also a world leader of many brands. According to the Organization for Economic Co-operation and Development (OECD), the pandemic has also affected other major economies outside China, such as the large India, Australia and Japan, and is experiencing downward inflation. The sudden closedown of all economic activities which includes retail outlets of both essential products and luxurious items has impacted the overall economy of the countries in the region. Owing to severe burden of losses over manufacturing companies or brands, they started investing in online platforms to sell their products and services. Though the ecommerce industry has experienced a raise in the pandemic, but the industry across the region have not seen any investments in technological advancements thereby having no impact on the ASRS market even if the market has been growing. The manufacturing industry across the APAC region has been adversely affected due to the rapid spread of the corona virus in countries like China and India. For instance, according to studies, China's manufacturing sector is expected to lose nearly $50 billion in revenue. Though the world is slowly recovering from the pandemic, its effects on the industry will be long-lasting. The country’s chemical industry has been seriously harmed as a result of being at the epicentre of the COVID-19 outbreak at the end of 2019. As of March 2020, the industry had lost 14% of its production and 39% of its income. Similarly, Car sales in China dropped 42% in the first quarter of 2020, according to the China Association of Vehicle Manufacturers (CAVM). China is also the world's leading manufacturer and exporter of consumer electronics. Various electronic input supplies have been stopped as a result of the outbreak. According to researchers, approximately two-thirds of US companies operating in China expect lower growth due to a labor shortage. As a result of the disruption, countries like India are experiencing a shortage of essential electronic goods and components. The most notable example is Apple's decision to delay the release of the iPhone 9 due to a labor shortage and factory closures in China. Thus, the above-mentioned factors have been negatively impacting the demand for automated storage solutions market.
The market for automated storage and retrieval system market is segmented into type, end user, and country. Based on type, the market is segmented into unit load asrs, mini load asrs, vertical lift module, vertical carousels, horizontal carousels, autostore, and others. In 2020, the autostore segment held the largest share APAC automated storage and retrieval system market. Based on end user the automated storage and retrieval system market is divided into automotive, food & beverages, electronic & semiconductors, e-commerce, chemicals, aerospace, retail, pharmaceuticals, and others. Retail is expected to the fastest growing segment over the forecast period.
SSI SCHAEFER GROUP, Swisslog Holding AG, System Logistics Spa, Bastian Solutions, Daifuku Co. Ltd, Kardex Group, KNAPP AG, Mecalux, Vanderlande Industries among the leading companies in the APAC Automated Storage and Retrieval System Market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, Swisslog Holding AG completed a major project for Axiom Telecom, a UAE-based telecom company. Axiom Telecom has chosen the company’s AutoStore solution in order to offer a high level of automation. AutoStore was designed to fulfill Axiom’s requirement of 25,000 deliveries.
The report segments the APAC Automated Storage and Retrieval System Market as follows:
APAC Automated Storage and Retrieval System Market – By Type
APAC Automated Storage and Retrieval System Market – By End User
APAC Automated Storage and Retrieval System Market – By Country
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