BANGALORE, India, June 15, 2023 /PRNewswire/ — The Warehouse Automation Market is Segmented by Component (Hardware, Software), by Application (Automotive, Food and beverage, E-Commerce, Pharmaceutical, Others), by End User Industry (Retailers, Manufacturers and distributors): Global Opportunity Analysis and Industry Forecast 2022 – 2031.
The global warehouse automation market size was valued at USD 13.6 Billion in 2021 and is projected to reach USD 57.6 Billion by 2031, growing at a CAGR of 15.3% from 2022 to 2031.
Major factors driving the Growth of Warehouse Automation Market:
The demand for many items is rising significantly as a result of population growth. For better administration, businesses store and organize their raw material, intermediate, and finished goods inventories in a warehouse. With fewer human mistakes, warehouse automation has increased warehouse productivity and efficiency. This factor is expected to drive the growth of the Warehouse Automation Market.
Additionally, a smaller human staff results in lower operational costs. For improved administration and order execution in warehouses, the software is frequently utilized in conjunction with machinery. This will further drive the growth of the Warehouse Automation Market.
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TRENDS INFLUENCING THE GROWTH OF WAREHOUSE AUTOMATION MARKET:
Due to the ease and wide selection of goods offered through online channels, the e-commerce industry is expanding at an exponential rate. Sales in the e-commerce industry increased dramatically during the lockdowns brought on by the COVID-19 epidemic. The market for warehouse automation has benefited from this. Increased use of warehouse automation technologies is necessary to meet customer demands in e-commerce while limiting costs and operational complexity. Online shopping is, at its core, a logistics business that improves margins by cutting costs associated with inventory control, order fulfillment, and delivery. This is expected to drive the growth of the Warehouse Automation Market.
The demand for medicines has also increased as a result of an increase in the number of elderly populations and illnesses. The demand for warehouse automation is likely to rise since the pharmaceutical sector employs cold storage and warehouses extensively. Increased disposable income has also increased demand in sectors including manufacturing, textile, food & beverage, and automobile. For the storage of their vast stock, many businesses utilize warehouses extensively. Therefore, it is anticipated that the growth of these sectors would support the warehouse automation sector. This is expected to drive the growth of the Warehouse Automation Market.
Automation increases operational efficiency and minimizes labor-intensive activities in the warehouse. Due to rising labor costs and a lack of qualified workers in some regions, businesses are turning to automation to streamline their warehouse operations and reduce their reliance on physical labor. Automation speeds up, improves accuracy, and eliminates mistakes in a variety of processes, including picking, sorting packaging, and inventory management. This is expected to drive the growth of the Warehouse Automation Market.
To increase efficiency, accuracy, and overall speed, businesses are putting more and more emphasis on supply chain optimization. Better visibility and control over inventory, shorter lead times, and improved supply chain efficiency are all made possible by warehouse automation solutions, which include automated material handling equipment, real-time tracking technology, and inventory management systems. This is expected to drive the growth of the Warehouse Automation Market.
Vertical lift modules (VLMs) and automated guided vehicles (AGVs), two warehouse automation technologies, aid in maximizing the utilization of available space. These technologies help businesses to maximize their storage capacity and lessen the demand for larger warehouse facilities by efficiently using vertical space and enabling compact storage and retrieval of items. Today’s consumers demand personalized items and quicker deliveries. Companies may satisfy these needs by using warehouse automation, which streamlines the order picking, sorting, and packaging procedures. To deliver orders accurately and on time, automation systems can manage large volumes of orders, which increases customer satisfaction and loyalty. This is expected to drive the growth of the Warehouse Automation Market.
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WAREHOUSE AUTOMATION INDUSTRY SHARE
Based on region, North America is expected to be the largest market throughout the forecast period.
Throughout the research, the hardware sector is anticipated to keep the bulk of its market share.
E-commerce was in the lead in 2021 and would hold that position throughout the research period while expanding at a sizable CAGR.
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Key Companies:
- ABB Ltd
- Amazon Robotics
- Atmos
- Bastian Solutions LLC
- Daifuku
- Dorabot, Fanuc Corporation
- Fetch Robotics Inc.
- Honeywell International Inc
- Jungheinrich AG
- KION Group (Dematic)
- KuKa Ag
- Ssi Schaefer
- Omron Corporation
- Schneider Electric
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