Automated Storage and Retrieval System (ASRS) Market Worth $11.0 Billion by 2024 - Exclusive Report by MarketsandMarkets

CHICAGO, April 24, 2019 /PRNewswire/ -- According to the new market research report "Automated Storage and Retrieval System (ASRS) Market by Type (Unit Load, Mini Load, VLM, Carousel, Mid Load, Autostore), Function (Assembly, Kitting, Order Picking, Distribution, Storage), Industry, and Geography - Global Forecast to 2024", published by MarketsandMarkets, the automated storage and retrieval system market is estimated to be worth USD 7.6 billion in 2019 and is expected to reach USD 11.0 billion by 2024, at a CAGR of 7.7%. The major factors fueling the growth of the automated storage and retrieval system market include increasing demand for ASRS in the automotive industry; optimum utilization of space and rise in labor costs; and improved accuracy, productivity, and efficiency in supply chain, along with better inventory control.

Ask for PDF Brochure @ :  https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=195267987

"Unit load ASRS to lead automated storage and retrieval system market by 2024"    

Unit load ASRSs are used for storing large size articles. Unit load ASRSs are computer-controlled systems used for buffering supply chain deliveries, along with storing and controlling inventories. These systems provide real-time information on inventory and are easy to maintain. A unit load ASRS is a high density heavy payload ASRS that enables accurate, efficient, safe, and stable handling of full pallets. A few of these systems are over 100 feet tall and capable of transporting loads up to 2,500 kg.  As the vertical storage capacity of ASRS is very high, it can store more goods and stored goods can be easily accessed with the help of ASRS. The market is supported by its wide range of applications in consumer goods, automotive, publishing, distribution, electronics, food & beverages, pharmaceuticals & medical supplies, and retail & apparel.

"Storage function to be largest market for automated storage and retrieval system from 2019 to 2024"

Storage is a basic function of ASRS, and it enhances the storing capacity of distribution centers and manufacturing plants. The wide use of ASRS for storage function in industries such as automotive, food & beverages, chemicals, and healthcare is fuelling the growth of the ASRS market. ASRS is primarily used for storing inventory and retrieving it as and when required. Many industries have their warehouses filled with end products or raw materials that need to be stored safely and securely in an orderly manner. End products are retrieved by various distribution channels on the basis of demand from end users. While in the case of raw materials, manufacturing facility utilizes required material for processing and manufacturing end products. ASRS is used for aiding the function of storing inventories.