The global pick to light market size is expected to be worth USD 538.2 million in 2023. It is expected to grow at a CAGR of 8.84% during the forecast period and reach a value of USD 822.03 million by 2028.
Pick to the Light, also known as a digital picking system, is a directed light picking technology that provides an accurate and efficient method of picking, sorting, or placing and assembling products, thus reducing labor-labor costs. The Pick to the Light system is used in warehouses where high-density order picking is required. The global pick-to-light market is driven by the development of the e-commerce industry, the emergence of advanced automated warehouses, more productive and error-free operations, and the growing trend of online shopping.
MARKET DRIVERS:
The growth of this market is driven by the emergence of automated warehouses, the growth of the e-commerce industry, and the globalization of the supply chain network. In addition, pick to light offers higher quality, error-free productivity operations, and better use of labor.
The storage and logistics sector has a positive impact on the global pick-to-light market. In addition, the region has numerous manufacturing and warehousing facilities for various industries, such as automotive, aerospace and defense, machinery, and electrical and electronics. This has created a significant demand among warehouse operating companies for sophisticated light-pick solutions to manage warehousing and distribution operations for these end-user industries.
MARKET RESTRAINTS:
However, high capital investment for installation and financial strength for maintenance can slow market growth globally. Increasing use by SMEs and industrial developments in developing countries are expected to create beneficial growth opportunities for major market players. The complexity of product prices and unsuitable products for heavy goods and large picking areas are the main challenges for the global pick-to-light market in the near future.
Impact of COVID-19 on the pick-light market:
COVID-19 can affect the global economy by directly impacting production, disrupting the supply chain, and creating financial burdens on companies. The COVID-19 outbreak has brought about major changes around the world. Global efforts to contain the spread of the pandemic have changed daily consumption habits, consumption patterns, and ways of thinking, boosting national economies and improving online services. The pandemic is rapidly changing consumer behavior towards online channels. Online demand has increased for various categories, including food and beverages, essentials, and pharmaceuticals, which come in innovative contactless formats. This gave a boost to the growth of the e-commerce, automotive, and food and beverage industries. The demand for storage has also increased due to the online demand for various products. Several multinational companies are setting up new warehouses in various countries to meet this growing demand. E-commerce giants like Amazon, Alibaba, and eBay are increasing demand for ASRS as they continue to build new warehouses around the world. The increase in the number of warehouses requires the installation of ASRS for the appropriate inventory management, cataloging, and retrieval services.
REPORT COVERAGE:
REPORT METRIC |
DETAILS |
Market Size Available |
2022 to 2028 |
Base Year |
2022 |
Forecast Period |
2023 to 2028 |
CAGR |
8.84% |
Segments Covered |
By Type, Application, & Region |
Various Analyses Covered |
Global, Regional, and country-level analysis; Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This research report on the global pick-to-light market has been segmented and sub-segmented into the following categories.
Pick to Light Market – By Application
Pick-to-light systems are used for various applications in different industries, such as retail and e-commerce, assembly and packaging, and pharmacy and cosmetics. The cost of operating a manual system is low compared to sensor-based systems. Several manufacturers offer different varieties of pick-to-light systems on the market. Due to the significant growth of the auto parts market, the industry needs an efficient warehouse setup to ensure prompt delivery of products. Automakers, component suppliers, and vendors seek to differentiate themselves by providing excellent order fulfillment through efficient product delivery. Also, the uninterrupted supply of auto parts is important for efficient after-sales service and customer satisfaction. Gadgets, furniture, and different businesses are likewise actualizing pick-to-light innovation in their gathering and assembling plants.
Pick to Light Market – By Type:
The manual segment dominated the pick-to-light market in 2020 and is expected to generate significant market revenue by 2027. Manual systems are cost-effective and easy to set up and use on the job site.
Pick to Light Market – By Region:
Europe had a prominent market share in 2020 and is foreseen to develop with a considerable CAGR in the coming years. In Europe, the UK, Germany, and Italy are the main contributors to the growth of the regional market. Asia-Pacific is expected to grow at a quick CAGR over the outlook period due to the burgeoning manufacturing sector, the rapidly growing e-commerce industry, and the increasing importance given to domestic production by developing countries such as China and India and development activities for the introduction of advanced light products are estimated to accelerate the growth of this region in the near future.
KEY MARKET PLAYERS:
Key players in the global pick-to-light market are Daifuku (Japan), Murata Machinery (Japan), SSI Schaefer (Germany), Dematic (US), and Honeywell Intelligrated (US). Moreover, other players in the market are Vanderlande Industries (Netherlands), Swisslog (Switzerland), KNAPP (Austria), Bastian Solutions (US), AIOI-Systems (Japan), Turck (Germany), Lightning Pick Technologies (US), and KBS Industrieelektronik GmbH (Germany).
RECENT HAPPENINGS IN THE MARKET:
Frequently Asked Questions
The Pick to Light (PTL) Market refers to the industry and market segment associated with a warehouse or distribution center order picking technology known as "Pick to Light."
The global pick to light market size is expected to be worth USD 538.2 million in 2023. It is expected to grow at a CAGR of 8.84% during the forecast period and reach a value of USD 822.03 million by 2028.
The Pick to Light Market segments are By Type, Application, and Region.
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