Warehouse Automation Market - Global Industry Analysis (2019 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

Warehouse Automation Market - Global Industry Analysis (2019 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

Particularly over the last decade, the e-Commerce sector has risen to exponential prominence across the world. Supporting factors such as higher spending power among individuals and greater globalization levels have ensured the progression of this industry, which in turn has had a positive influence on the global warehouse automation market. Moreover, better trade agreements made between parties, both domestically and internationally, have also led to higher demand for automated solutions in warehouses around the world. The warehouse automation market achieved a value of US$12.7 Bn in 2019, and this figure is projected to be US$53.2 Bn by the end of 2029, at an anticipated CAGR of 15.4%. Industry players looking to address various discrepancies in the logistics and warehousing sector will foster healthy competition, making this another complementary factor for the warehouse automation market.

Key Research Insights and Trends Across Global Warehouse Automation Market

Workforce shortage to bolster warehouse automation growth prospects

Robust expansion of digital logistics solutions to create greater need for warehouse automation

Higher rate of workforce attrition to play a critical role in a higher implementation of automation solutions across warehouses

North America to remain key revenue contributor in the global frozen food market with a projected CAGR of 22%

Notable Workforce Attrition, and Skilled Labor Shortage Accelerate Warehouse Automation Market Growth

With reference to 2022, the Great Resignation was spurred on by the onset of the COVID-19 pandemic, which resulted in many individuals making the transition from their existing careers to pursue other areas of occupational interest. What ended up happening was that workers engaged in various sectors, including the warehousing and logistics markets, made alternate mid-career choices to other industries, and the ripple effects of this taking place have been felt ever since. According to the US Bureau of Labor Statistics, approximately 244,000 individuals quit their jobs in this segment to seek white collar opportunities elsewhere. Moreover, the adoption of automation does lower the potential for human error, faster processing and dispatch times, and greater overall efficiency among other benefits. These are major factors that are expected to have a profound impact on the revenue growth trajectory of the global warehouse automation market over the forecast timeline.

North America Spearheads, Asia Pacific Slated to Register Fastest Growth in Warehouse Automation Market

A comprehensive market study by Fairfield Market Research has concluded that North America is expected to continue its regional market dominance in the global warehouse automation industry. Factors responsible for this include a greater number of SMEs that are gradually acting upon the idea of implementing automation solutions in their warehouse and logistics operations. Moreover, higher investments being allocated towards securing these solutions is another element that is projected to lead to further market expansion opportunities over the forecast timeline, 2022-2029. On the other hand, the Asia Pacific region is projected to grow at the fastest CAGR over the forecast period. This can be attributed to various industry players based in manufacturing powerhouses such as China, and India, that have a vast number of skilled workers at their disposal, who are now looking to further implement high-tech solutions as a means of bettering productivity and efficiency in their operations to boost their global reach.

Global Warehouse Automation Market – Key Competitors

ABB Ltd., Bastian Solution LLC, Daifuku Co Ltd., FANUC Corporation, Fetch Robotics Inc., Jungheinrich AG, KUKA AG, Omron Corporation, SSI SCHAEFER Group, and Yaskawa Electric Corporation, all collectively account for the majority revenue share of the warehouse automation market and are extensively detailed under our comprehensive competitive profiling and strategic analysis.

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