Outperforming the world material handling machinery market as a whole, worldwide demand for automated storage and retrieval systems is forecast to increase 6% annually to $17.9 billion in 2020, according to a new study from The Freedonia Group.
Increasing global manufacturing activity and the expansion of the world's logistics and transportation industries is are reasons for the increase, says the research firm.
New automated storage and retrieval systems will be purchased as companies adopt advanced manufacturing techniques, build new factories and warehouses, and upgrade existing facilities. The systems will help companies improve efficiency, productivity, and reduce labor costs.
The development of new models that offer better performance and greater versatility will add to the appeal of automated storage and retrieval systems.
Among the most important advantages offered by automated storage and retrieval systems is their ability to be incorporated into complete factory automation environments. In addition, these products can interface with other types of material handling equipment, such as automated guided vehicles, conveyors, monorails, and robots.
Despite the advances in the field, most small and mid-sized industrial enterprises and companies around the world still will not be able to afford these types of equipment, choosing to rely on manual material handling products instead, the firm explains.
