Jun 17, 2021 (The Expresswire) -- Horizontal Carousel Market is expected to reach $3.8 billion by 2026 at a CAGR of 5.0% during the forecast period 2021-2026. The market growth is propelled by the increasing demand for Horizontal Carousel in several industries for improved accuracy, productivity, and efficiency in supply chain, along with better inventory management. In addition horizontal carousels in the retail e-commerce operations serve as an effective solution for catering storage density to the huge e-commerce orders using rotating shelving. Moreover rising demand for convenient and cost-effective warehouse facilities is paving the way for innovation in the material handling equipment market. For instance, horizontal carousels come with a voice recognition system that has been incorporated to reduce the cost incurred on recruiting and training labor for carousel operation. Hence these developments are analyzed to drive Horizontal Carousel market size in the forecast period 2021-2026.
Horizontal Carousel Market Segment Analysis - By Applications
Horizontal Carousel in Automated Picking is growing at a highest CAGR of 6.0% in the forecast period as this retrieve goods quickly, reliably, and cost-effectively, whether in the area of production or distribution with high retrieval rates. In addition Automatic picking allows an operator to fill multiple orders at one time and accelerate the productivity rate of storage density and inventory management. Similarly it also eliminates unproductive travel and search time. Hence these advantages are analyzed to drive the market in the forecast period 2021-2026.
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Horizontal Carousel Market Segment Analysis - By Industry Vertical
Horizontal Carousel in retail Industry is growing at a CAGR of 6.3% in the forecast period. Retail industry uses this carousel for implementation in huge megastores comprising a vast variety and quantity of goods stored at a single location. This Carousel efficiently manage the storing and retrieving of products in minimum time. In addition increasing competition in retail owing to rise in online, e-commerce, and m-commerce platforms has led the owners of convenience and specialty stores to adopt innovative technologies for improving storage density. Similarly, the implementation of Horizontal Carousel allows companies to have an efficient method of operations, optimum use of resources, and profitable forecasting. Moreover investments, developments related to expansion of warehouses also enhances the market For instance, Costco Wholesale Corporation has been installing its warehouses every year with consistent growth of 3-5%. Hence these benefits and expansions are analyzed to drive the market in the forecast period 2021-2026.
Horizontal Carousel Market Segment Analysis - By Geography
Europe dominated the market by a market share of more than 37% in 2020, owing to the presence of huge manufacturing base in countries such as Germany, U.K and so on. Germany hosts several manufacturing industries such as the automobile, FandB, electronics, and manufacturing. These industries require precise automated handling equipment for their functioning and for speeding up their processes. As Horizontal Carousel efficiently manage the storing and retrieving of products and goods quickly, companies in these countries are adopting horizontal Carousel for efficient inventory management of products. Moreover expansion, investments related to infrastructure replacement bring opportunities for this system. In 2019, Merz companies invest more than $50 million in expansions at Dessau sites. In 2019, AstraZeneca has committed to invest more than $520 million for its expansion in the region. Hence these investments are analyzed to drive the market in the forecast period 2021-2026.
Horizontal Carousel Market Drivers
Increased demand for in horizontal carousels in Pharmaceutical Industry
The increased demand of horizontal carousels in the pharmaceutical industries will be one of the key driver that contributes to the growth of this market. Pharmaceutical warehouse systems consist of horizontal carousels to offer high-density storage along with the additional advantages such as high productivity, picking flexibility and accuracy. Investments, Expansions related to this industry will enhance the market. In 2019, DHL supply chain has committed to invest $150 million to expand pharmaceutical and medical device distribution network in the U.S. Moreover, the adoption of automated carousels allows the pharmaceutical industries to effortlessly change their work pick station numbers to meet current workflow requirements. This cost-effective system enables them to meet the demands efficiently. Hence these benefits are analyzed to drive the market in the forecast period 2021-2026.
Technological Advancements in horizontal carousel
Introduction of voice recognition in picking process in horizontal carousel has made several manufacturing facilities to adopt this system. Voice picking in horizontal carousel supports the requirements of peak seasons and the variable SKU locations in retail warehouses. A US-based online retail company Newegg Inc., has improved inventory performance and overall efficiency by introducing horizontal carousels with voice-recognition systems. In addition Light directed picking assists the operator in locating the next pick and quantity to be picked to further increase the accuracy and pick rates. Hence these technological advancements are analyzed to drive the market in the forecast period 2021-2026.
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Horizontal Carousel Market Challenges
High Initial investment and technical glitches