Industrial Carousel Market Size, Trends, Share, Growth, and Opportunity Forecast, 2023 - 2030 Global Industry Analysis By Type (Horizontal, and Vertical), By Form (Manual, and Automated), By Application (Automotive, Manufacturing, Food & Beverage, Retail, Pharmaceuticals, Aerospace, and Others), and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

The Global Industrial Carousel Market was valued at USD 650.8 Million in 2022 and is anticipated to reach a value of USD 969.8 Million by 2030 expanding at a CAGR of 5.2% between 2023 and 2030.

An automated retrieval and storage system called an industrial carousel is used in factories, warehouses, and several other businesses to effectively move massive amounts of materials and items in a continuous loop. They are frequently employed in industrial environments to transport goods between various sections of the building. They are a necessary piece of contemporary machinery for handling materials in many sectors. Comparing industrial carousel systems to standard storage and retrieval systems, the former require more room. The two main varieties of industrial carousels are the vertical and horizontal varieties. By making inventory easily accessible to employees, industrial carousels are utilized in distribution centers and warehouses to increase production and efficiency. The numerous characteristics and advantages of industrial carousels, such as their enhanced safety, reduced maintenance costs, enhanced efficiency, and ability to save space, have demonstrated their effectiveness as a solution. The expanding worldwide pharmaceutical industry, the need for warehouse optimization, the increasing automation of the manufacturing sector, and the growing emphasis on space optimization are some of the reasons propelling the market's expansion.

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Industrial Carousel Market Major Driving Forces

Growing Global Pharmaceutical Industry: The rapid growth of the pharmaceutical industry is the major factor driving the growth of the industrial carousel market. The pharmaceutical industry is witnessing a considerable growth due to large patient population, and increasing healthcare needs across the globe.

Rising Demand for Warehouse Optimization: Another significant driving factor is the increasing demand for warehouse optimization. As warehouse strive to improve operational efficiency, reduce costs, and enhance storage capacity, industrial carousels have emerged as an effective solution.

Growing Automation in Manufacturing Industries: The market growth is influenced by the rising automation in manufacturing industries. As industries are increasingly adopting automation to enhance production efficiency and reduce manual labor, the demand for automated systems such as industrial carousels continue to grow.  

Growing Focus on Space Optimization: The growing emphasis on space optimization, and efficiency drives demand for industrial carousels. Industrial carousels provide industries large storage space utilization by utilizing vertical storage solution, allowing businesses to store more inventory than traditional carousels.

Industrial Carousel Market Key Opportunities

Eco-Friendly and Sustainable Solutions: The increasing demand for eco-friendly carousel solutions due to growing environmental concerns presents an opportunity for the industrial carousel market to develop and promote sustainable options. Manufacturers can capitalize on this trend by developing eco-friendly solutions using recycled materials or offering industrial carousels with responsible production.

Technological Innovations: Ongoing advancements in technology for the development of innovative and advanced carousels. Integration of advanced technologies such as IoT, artificial intelligence, machine learning, and augmented reality into industrial carousels is anticipated to create opportunities for improved efficiency, and optimize operations.  

Growth in the E-Commerce Sector: The rapid growth in the E-commerce sector is expected to fuel the market demand for automated storage and retrieval systems in the fulfillment centers. Manufacturers can develop carousels specifically for the fast order picking, sorting, and dispatching of goods.

Industrial Carousel Market Key Trends

·         An increasing adoption of automation and digitization in the latest trend in the market shaping the market growth

·         Growing demand for automated storage and retrieval systems in warehouse and distribution centers to improve operational efficiency

·         The growing popularity of industrial carousels as an ergonomic solution helps reduce worker injuries

·         Increasing investments in research and development activities by major players to develop innovative solutions with advanced features

·         Developing eco-friendly carousels from recycled materials and eco-friendly manufacturing processes

·         Increased use of artificial intelligence, IoT, machine learning, and augmented reality for improved automation, and efficiency

·         Growing demand for vertical storage solutions due to their space-saving benefits and efficient use

Region-wise Market Insights

Asia Pacific accounted for the largest market share at 36.8% in 2022 whereas, Asia Pacific is expected to register the fastest growth, expanding at a CAGR of 5.5% between 2023 and 2030.

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The industrial carousel market is dominated by the Asia Pacific region, which is also anticipated to grow at the highest rate throughout the projected period. This region's rapid industrialization, supportive government policies, robust manufacturing base, and emergence of e-commerce fulfillment centers are the main causes of its supremacy. The market is anticipated to continue to expand and dominate for the duration of the projected period due to factors such as growing automation adoption, growing infrastructural advancements, rising manufacturing investments, and the presence of major players in the Asia Pacific region. The existence of modern manufacturing industries and a significant emphasis on automation and operational efficiency in logistics are what fuel demand in North America. Sustainability of the environment is emphasized throughout Europe. Urbanization, infrastructure development, and rising investments in a variety of sectors have all contributed to the growing demand for industrial carousels in the Middle East and Africa. In contrast, economic factors and rising investments in industrial projects have shaped the market in Latin America.

Market Competition Landscape

The presence of both foreign and local producers in the worldwide industrial carousel market is a sign of fierce competition. In order to obtain a competitive edge, major players in the industrial carousel market are implementing a variety of business tactics, such as partnerships, collaborations, product innovation, mergers, acquisitions, and collaborations. To further satisfy evolving consumer demands, top players are creating practical and affordable industrial carousels. Established companies rely on their quality and dependability reputation to hold onto market share, while more recent competitors concentrate on disruptive technologies and USPs.

Key players in the global industrial carousel market implement various organic and inorganic strategies to strengthen and improve their market positioning. Prominent players in the market include:

·         Kardex

·         SSI Schaefer

·         Gonvarri Material Handling

·         Heanel

·         ULMA Handling Systems.

·         Bastian Solutions, LLC

·         Modula S.p.A.

·         USENIX

·         Logistics Automation

·         Daifuku Co., Ltd.

·         Dematic

·         ROBO Technologies Automation

·         Murata Machinery, Ltd.