Warehouse Automation Market Size

Warehouse Automation Market size was valued at USD 18.15 billion in 2023 and is likely to reach USD 120.84 billion by 2036, expanding at around 15.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of warehouse automation is estimated at USD 20.43 billion. The growth of the market can be attributed to the growing adoption of robotics and automation amongst various end-user industries, and constant development in the field of technology. The technological advancement and new breakthroughs in robotics and automation technology is estimated to primarily drive the market growth. With the rise in the population of consumers, manufacturing of consumer goods has also risen tremendously in the past decade. As a result, there is an up-surge in the number of warehouses to stock and supply goods. The growing emergence of warehouses is estimated to boost the market growth. In the year 2018, around 18,200 warehouses functioned worldwide, up from less than 16,000 in 2014. Along with this, over 40,000 new FMCG stores were launched across the world in the same year. Moreover, reduction in labor costs, and increased working speed are some of the major factors estimated to boost the market growth. In addition to this, the growing cases of accidents in industrial workplaces, especially warehouses, is another major aspect, promoting the adoption of automation in warehouses. According to the data by the International Labor Organization (ILO), over 340 million workplace accidents are caused annually, resulting in 2.3 million deaths. Use of automatic robots and machines lowers the risk of accidents, making warehouses safer to work. This is estimated to further encourage the market growth.