Warehouse Automation Market 2032
by Component (Hardware, Software), by Application (Automotive, Food and beverage, E-Commerce, Pharmaceutical, Others)
WILMINGTON, DELAWARE, UNITED STATES, February 7, 2024 /EINPresswire.com/ -- The global warehouse automation market, valued at $13.6 billion in 2021, is forecasted to reach $57.6 billion by 2031, demonstrating a robust compound annual growth rate (CAGR) of 15.3% from 2022 to 2031. Warehouse automation involves the utilization of machinery, robots, and software to automate the movement and storage of inventory and goods within warehouses.
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The outbreak of the COVID-19 pandemic posed challenges for the warehouse automation market, resulting in disruptions to supply chains and restrictions on manufacturing activities. Additionally, installation of warehouse automation systems through original equipment manufacturers (OEMs) was hindered during the lockdown period.
The global population is on the rise, with estimates indicating it could surpass 9.5 billion by 2050 from around 7.5 billion in 2020. This population growth is driving increased demand for various products, leading industries to manage their inventories more efficiently in warehouses. Traditional warehouse operations, which are slow, prone to human errors, and costly, are being replaced by warehouse automation, which enhances productivity, reduces errors, and lowers operational costs. Software plays a crucial role in managing and executing orders within warehouses.
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The e-commerce sector is experiencing rapid growth, particularly evident during the COVID-19 pandemic-induced lockdowns when online sales surged. This surge has positively impacted the warehouse automation market. Additionally, the pharmaceutical industry's need for cold storage and warehouses has increased due to the rising number of diseases and aging populations. Rising disposable incomes have also boosted demand in industries such as automotive, textiles, food & beverages, and manufacturing, all of which extensively utilize warehouses for inventory storage.
Major players in the warehouse automation market continually innovate their products and services to remain competitive. For example, in September 2021, Honeywell International Inc. introduced a smart depalletizing robot to automate manual processes in warehouses. Collaboration among businesses within the market also leads to the development of innovative solutions.
Although the COVID-19 pandemic initially led to disruptions in production and reduced spending on warehouse automation components, the e-commerce sector's resilience prevented a steep decline in the warehouse automation market. With the introduction of vaccines and the subsequent decline in COVID-19 cases, warehouse automation providers have resumed operations at full scale. Technological advancements in material handling devices and robots are expected to further drive market growth.
The warehouse automation market is segmented by component, application, and end-user industry. Components include hardware and software, while applications span automotive, food & beverage, e-commerce, pharmaceuticals, and others. End-user industries comprise retailers and manufacturers & distributors. Regionally, North America held the largest market share in 2021, with Asia-Pacific projected to exhibit the highest CAGR throughout the forecast period due to rapid economic growth in the region.
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Competition Analysis
Key companies in the warehouse automation market include ABB Ltd., Amazon.com Inc. (Amazon Robotics), ATMOS, Bastian Solutions LLC, Daifuku Co Ltd., Dorabot, Fanuc Corporation, Honeywell International Inc., Jungheinrich AG, KION GROUP (DEMATIC), Kuka AG, Omron Corporation, Schneider Electric, Siemens AG, SSI-Schaefer, Yaskawa Electric Corp, and Zebra Technologies Corporation (Fetch Robotics, Inc.).
Key Benefits For Stakeholders
This report offers a quantitative analysis of market segments, current trends, estimations, and dynamics from 2021 to 2031 to identify prevailing opportunities in the warehouse automation market. Additionally, it provides insights into key drivers, restraints, and opportunities. Porter's five forces analysis aids in assessing the potency of buyers and suppliers, while in-depth segmentation analysis helps determine prevailing market opportunities. The report also includes analysis of regional and global trends, key players, market segments, application areas, and growth strategies in the warehouse automation market.
David Correa
Allied Market Research
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