PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1070401
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1070401
The Pick-To-Light market is estimated to be worth US$ 460.7 million in 2020. Pick-To-Light market is expected to expand at a 9.8% CAGR during the forecast period.
Pick-to-light is an order fulfillment system that uses alphanumeric displays and buttons at storage sites to guide manual "picking" and recording of products for dispatch. Pick-to-light is a paperless system that uses alphanumeric displays at storage locations to supervise people performing light-assisted manual selecting, placing, sorting, and assembling tasks. Some of the applications of Pick-to-light applications include Order completion systems (OCS), RF picking, and print-and-apply labeling. The Pick-to-light technology removes the errors that can occur when reading pick lists on paper. The technology also enhances the quality and speed of orders. Pick-to-light systems are reliable technologies that speed up warehouse picking processes, improving accuracy, efficiency, and production.
The advent of modern automated warehouses, the rise of the e-commerce business, and the globalization of the supply chain network have all resulted in the growth of pick-to-light technology. Pick-to-light also provides error-free and higher-productivity activities, as well as better worker utilization. With the increasing demand for fast and effective distribution of goods, the retail and e-commerce industries rely heavily on Pick-to-light technology and thus dominate the global market. In addition to this, the growing popularity of online shopping has further accelerated the growth of pick-to-light systems, especially in warehouses to ensure quick, timely, and correct delivery of items. Increasing rivalry among e-commerce businesses has pushed them to provide same-day delivery and deep discounts on their products, which provide key opportunities for the growth of the pick-to-light market.
The Pick-To-Light Market is segmented by power source, method, operation and end-user, regional distribution, and competitive landscape. Based on Method, the market is fragmented into Manual and Auto guided methods. The manual picking method dominates the global pick-to-light technology market due to its increasing adoption for a large number of applications in assembly and manufacturing in several industries, including e-commerce, retail, cosmetics, manufacturing, and pharma.
The manual method offers a number of advantages in contrast to an auto-guided method, such as high cost-effectiveness and a short payback period. Moreover, these systems are simple to implement and operate and also offer an advantage over sensor-based methods in terms of low operating costs. Based on power sources, the wired segment is expected to grow at a CAGR of 3.4% mainly due to the advantages offered by the former, the market for a wired pick to light is also expected to dominate the market. For the picking process, wired pick-to-light systems are easy to handle and cost-effective. Because of their great return on investment, wired pick-to-light systems are widely used. However, wireless pick-to-light systems have gained popularity in recent years and are expected to witness high growth of 6.8% during the forecast period.
The Pick-To-Light market is fairly competitive and concentrated due to the existence of numerous players operating on a national and international basis. Murata Machinery, KNAPP, Turck, SSI Schaefer, Honeywell Intelligrated, KNAPP, and Lightning Pick Technologies are key participants that offer manual Pick-to-light systems, while companies such as AIOI-Systems, Panasonic, Banner Engineering, and Omron Corporation are some of the hardware manufacturers.
The players are adopting strategies such as product launches to strengthen their position in the market. For instance, in April 2019, Daifuku Co., Ltd. announced the acquisition of India-based Vega Conveyors & Automation, involved in the consulting, design, manufacture, installation, and after-sales service of conveyors and other material handling equipment within the Indian market.
The scope of this report covers the market by its major segments, which include as follows: