Demand for automated storage and retrieval (AS/RS) systems continues to increase and will reach $4.6 billion globally by 2027, according to an industry research report released April 3.

The market is expected to see a compound annual growth rate of 8% between 2019 and 2027, according to Dublin-based Research and Markets. Regionally, Asia-Pacific is expected to see the highest growth during that period due to rapidly growing healthcare, retail, food and beverage, and automotive markets where demand for automated systems is on the rise. The declining cost of implementing automation in Europe is expected to boost adoption there as well, the researchers said.

By industry, the report shows that pharmaceutical markets will drive system implementation globally. 

"Over the years, [AS/RS] technology has rapidly developed; new options offer a wide range of size, cost, speed, and flexibility, and [have] escalated the rate of system adoption. It has made [AS/RS] technologies one of the most common and impactful investment prospects available to most operations," the researchers said.