The pick-to-light market size has the potential to grow by USD 242.66 million during 2020-2024, and the market's growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by application (automotive, RE3, food and beverages, manufacturing, and others) and geography (Europe, APAC, North America, South America, and MEA). Also, the report analyzes the market's competitive landscape and offers information on several market vendors, including Banner Engineering Corp., Daifuku Co. Ltd., Dematic Group, Honeywell International Inc., Ioi System Co. Ltd., Kardex AG, KNAPP AG, Matthews International Corp., SSI SCHAEFER Group, and Toyota Industries Corp.
Browse TOC and LoE with selected illustrations and example pages of Pick-To-Light Market
The market is fragmented. The key vendors in the market are focusing on jM&A activities to increase their market share and expand their regional base. Banner Engineering Corp., Daifuku Co. Ltd., and Dematic Group are some of the major market participants. Although the increased efficiency in warehouse operations will offer immense growth opportunities, the emergence of pick-to-voice systems will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this pick-to-light market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market's competitive landscape and offers information on the products offered by various companies. Moreover, this pick-to-light market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of their future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
APAC will offer several growth opportunities to market vendors during the forecast period. The growth of the food and beverage industry and the increasing demand for new vehicles will significantly drive pick-to-light market growth in this region over the forecast period.
34% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for pick-to-light in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The growth of global e-commerce and 3PL industries is expected to increase the demand for pick-to-light systems from this segment. Moreover, increased investment by enterprises across the world in fulfillment centers to ensure timely delivery of products will also drive the need for these light systems. As a result of these factors, the retail, e-commerce, and 3PL-based application segment will account for the largest global pick-to-light systems market share by the end of the forecast period.
Market growth in the automotive segment will be faster than the growth of the market in the automotive and others segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the pick-to-light market size.
Pick-To-Light Market: Key Drivers And Trends
Pick-to-light systems optimize the efficiency of warehouse operations by guiding employees to pick up selected products through its digital light display. This improves picking accuracy, reduces the chances of return shipping and re-shipping, and enhances customer service. Pick-to-light systems also enable picking of multiple orders by employees in one pass through the warehouse. As the employee confirms picking the product, a light on the cart specifies the tote or bin in which the product needs to be placed. Such features will help improve the overall efficiency of the warehouse, increasing the demand for pick-to-light systems.
Integrating autonomous mobile robots (AMR) with pick-to-light systems improves picking efficiency and facilitates the picking of multiple products. AMRs connected with warehouse execution software (WES) create their routes, avoid obstacles, and reroute when necessary. This leads to faster picking of products and improves operational efficiency. As a result, many enterprises are focusing on integrating AMRs with pick-to-light systems to deliver better service. This growing trend of integrating AMRs with pick-to-light systems will boost pick-to-light systems market growth at a CAGR of almost 6% during the forecast period.
Banner Engineering Corp., Daifuku Co. Ltd., Dematic Group, Honeywell International Inc., Ioi System Co. Ltd., Kardex AG, KNAPP AG, Matthews International Corp., SSI SCHAEFER Group, Toyota Industries Corp. are a few of the key vendors in the pick-to-light market.