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市場調查報告書
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1404096

自動儲存與搜尋系統-市場佔有率分析、產業趨勢與統計、2024年至2029年成長預測

Automated Storage and Retrieval System - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2024 - 2029
出版日期: | 出版商: Mordor Intelligence | 英文 197 Pages | 商品交期: 2-3個工作天內

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簡介目錄

預計2024年自動化儲存和搜尋系統市場規模為180.7億美元，預計到2029年將達到305.4億美元，預測期內（2024-2029年）複合年成長率為11.07%，預計還會成長。

自動化存取系統-市場-IMG1

電子商務的普及、不斷變化的消費者需求以及全球勞動力短缺正在推動對靈活的自動化解決方案的需求，以更快、更有效率地處理和交付訂單。 ASRS技術應用於製造設備、倉庫和配送中心，用於物料運輸和庫存管理。這些系統通常用於冷藏、汽車、製藥、食品和飲料以及電子商務等應用。

主要亮點

  • ASRS 在倉庫應用中最有利。這些系統可以節省大量的占地面積，這是倉儲業務的重要因素。隨著技術的發展，物料流動和控制得到了改善。該設備提供更好的可視化以及以更高的速度處理可變性、多樣性和體積的能力，從而產生更高的價值。
  • 機場為先進技術而進行的擴建活動促進了所研究市場的成長。例如，2022年7月，美國運輸部聯邦航空管理局（FAA）宣布將向全國85個機場撥款約10億美元，用於改善各種規模的航站樓。開發機場航站大樓將確保更好的客戶體驗、更有效地在經濟中運輸貨物、最大限度地降低價格並增強美國的競爭。
  • 此外，對管理倉儲、運輸、物流等的高效解決方案的需求不斷成長，這也增加了對 ASRS 的需求。隨著對自動儲存和搜尋系統的需求增加，公司正在採取各種措施來鞏固其市場地位。例如，2023年1月，OPEX Corporation透過其子公司OPEX GmbH與Transition建立策略合作夥伴關係，為其法國客戶帶來尖端的倉庫自動化技術。透過一整套技術解決方案，包括 Perfect Pick、貨到人 (AS/RS) 和 Sure Sort、機器人分類系統，OPEX 幫助世界各地的客戶降低成本、改善工作流程，從而使之成為可能改善基礎設施，提高基礎設施效率。市場參與者的這些努力預計將在預測期內重振自動儲存和搜尋系統市場。
  • 此外，2022年2月，Addverb Technologies宣佈在美國設立子公司辦事處，為北美和南美的客戶提供服務。 Addverbis 專注於建造全自動倉庫和製造設施。我們與多個行業合作，包括電子商務、零售和雜貨。該公司提供六種類型的機器人：移動機器人、托盤機器人、穿梭機器人、分類機器人和紫外線消毒機器人。我們還提供基於穿梭機的 ASRS 系統和軟體，用於建造高速機器人履行中心。
  • 然而，需要熟練的操作員來實現自動化物料搬運系統的正常運作和維護可能是新興國家的主要障礙。然而，自動化物料搬運供應商試圖透過提供定期維護來解決這個問題。除了高昂的初始成本外，在車輛的整個保存期限內需要熟練人員執行各種任務也被廣泛認為是所研究市場的關鍵問題。
  • 相反，預計在大流行後時期，人們對數位和自動化技術的認知將顯著提高，這預計將支持所研究市場在預測期內的成長。例如，2023 年 1 月，倉庫自動化領域的主要企業之一 AutoStore 推出了 Pio，這是其為中小型企業 (SMB) 客製化的、廣受好評的 AutoStore 立方體存儲技術的即插即用版本。」產品輸入/輸出」）已宣布。

自動儲存和搜尋系統（ASRS）市場趨勢

新興市場的電子商務成長推動市場

  • 隨著越來越多的公司採用自動化來提高效率、降低成本並保持競爭，工作場所對職場來說也將變得更加安全。 ASRS 市場的主要驅動力之一是工作和安全條件的改善。
  • 電子商務公司形成配送網路。 Flipkart 的物流在印度被稱為「eKart」就是一個例子。同時，快遞物流等物流公司向零售商和經銷商運送大量貨物。這些發展預計將支持 AS/RS 系統的普及。此外，根據 Ascential's Edge 的數據，線上零售商阿里巴巴的營收預計將在 2022 年達到 7,807 億美元，並在 2027 年達到 11,375 億美元。
  • 電子商務產業的巨大成長是所研究市場的關鍵成長動力。 IBEF預計，2022年印度電子商務產業規模將達748億美元，2025年將增加至1,880億美元，2030年將進一步增至3,500億美元。此外，2022年6月，456萬名註冊賣家和服務供應商透過政府電子市場（GeM）平台向買家下達了1,035萬筆訂單，總價值330.7億美元。
  • 亞馬遜和沃爾瑪等零售和電子商務巨頭的存在極大地促進了該地區對倉儲和倉儲服務的需求。據沃爾瑪稱，截至 2022 年，該公司使用 31 個專用的電子商務履行中心和 4,700 家商店（位於 90% 的美國人口 10 英里範圍內）來履行線上訂單。根據Google和淡馬錫控股的研究，新加坡電商市場的GMV預計將達到50億美元。同時，到2025年，馬來西亞和印尼市場預計將分別超過70億美元和530億美元。
  • 此外，根據國際貿易局的數據，澳洲被認為是全球第 11 大電子商務市場，預計到 2024 年銷售額將達到 323 億美元。銷售活動、市場和創新的 BNPL（先買後付）支付方式的流行是電子商務活動成長的主要因素。此外，報告預測三年內電子商務將佔零售支出的 12%。
  • 此外，根據國際貿易局的數據，菲律賓電子商務市場銷售額近期達到170億美元，主要得益於7,300萬線上活躍消費者。預計到2025年將成長17%，達到240億美元。
自動化存取系統-市場-IMG2

亞太市場成長顯著

  • 在亞太地區，倉庫公司對自動化的日益關注預計將推動自動儲存和搜尋系統（ASRS）市場的發展。 IBEF表示，近年來，由於電子商務市場的成長，A級倉儲市場一直在穩步成長。預計到 2025 年將成長 15%。
  • 中國是工業4.0的主要採用者，擁有世界上最先進的製造設施，領先歐盟、美國和日本。例如，根據世界經濟論壇的數據，目前全球有69家工廠被認為是使用工業4.0技術的領先者，其中中國目前有20家，其次是歐盟19家、美國7家和日本。5個工廠。除了作為全工廠自動化的基礎之外，自動儲存和搜尋系統也是工業 4.0 的基礎。
  • 包裝食品、零嘴零食、肉類和調味飲料的消費量顯著增加。例如，根據加拿大農業和農業食品部的數據，到2025年，中國的包裝食品零售額預計將達到3,667.5億美元。此外，根據日本統計局的數據，2023 年食品製造業銷售額預計將達到 2,066 億美元。預計到 2027 年將達到 2,396 億美元。
  • 此外，預計汽車行業的成長將推動所研究的市場。根據 JADA 的數據，2022 年，日本領先的汽車製造商豐田汽車在該國的銷量約為 125 萬輛。儘管與前一年同期比較減12.1%，豐田汽車的銷量卻是第二名的兩倍多。位居第二的SUZUKI2022 年銷量略高於 60 萬輛。
  • 加大力度實現機場現代化並引進最新技術，使其高效、安全和具有成本效益，預計也將推動所研究市場的成長。此外，到 2025 年，德里、海德拉巴和班加羅爾這三個官民合作關係(PPP) 機場可能會投資 39 億美元（3,000 億印度盧比）進行擴大開發。這些旨在實現機場現代化並引入最新技術以提高機場效率、安全性和成本效益的努力預計將推動所研究市場的成長。
  • 印度民航部長表示，印度計劃在未來 10 至 15 年內投資 600 億美元建造 100 個新機場，讓航班更便宜。這些因素預計將增加該國對 AMH 設備的需求。該國的汽車最終用戶產業需要處理大量物料並具有高吞吐率，預計將選擇 AMH 系統。
  • 根據 DataReportal 的數據，2022 年 1 月印尼有 2.047 億網路用戶。截至 2022 年初，印尼的網路普及為總人口的 73.7%。預計工作活動自動化的可能性將在預測期內推動對 ASRS 的需求。

自動儲存和搜尋系統 (ASRS) 產業概述

所研究的市場似乎與採用產品創新和併購等策略的大公司相比具有良好的競爭力。在預測期內，自動儲存和搜尋領域領先製造商的不斷成長預計將加劇競爭對手之間的敵對行動。 DAIFUKU CO. LTD.和 Schaefer Systems International Pvt Ltd. 等市場老牌企業對整個市場有重大影響。此外，此類系統的日益普及，特別是在倉庫自動化領域，也對主要參與企業之間的競爭產生了重大影響。

2023年7月，卡夫亨氏宣布將投資超過4億美元建造北美最大的自動化CPG物流中心之一。該設施的設計包括一個 24/7 的自動儲存和搜尋系統，能夠為卡夫亨氏的客戶提供兩倍的運輸量，並包括該公司 60% 的食品服務業務和約 30% 的所有乾產品。

ABB Robotics 於2023 年4 月推出Robotic Item Picker，引領產業發展，這是一種基於人工智慧和視覺的新型解決方案，可在倉庫和履行中心的非結構化環境中準確檢測和揀選物品。ABB Robotics宣布將加強其物流自動化產品組合。 Item Picker 可輕鬆整合到現有的自動化儲存和搜尋解決方案中，包括穿梭式、立方體和 3D 儲存解決方案，從而減少工程工作量並加快上市時間。

其他福利：

  • Excel 格式的市場預測 (ME) 表
  • 3 個月的分析師支持

目錄

第1章簡介

  • 研究假設和市場定義
  • 調查範圍

第2章調查方法

第3章執行摘要

第4章市場洞察

  • 市場概況
  • 產業吸引力－波特五力分析
    • 供應商的議價能力
    • 買方議價能力
    • 新進入者的威脅
    • 替代品的威脅
    • 競爭公司之間敵對關係的強度
  • 產業價值鏈分析
  • 評估宏觀經濟趨勢對市場的影響

第5章市場動態

  • 市場促進因素
    • 日益重視職業安全
    • 新興國家電子商務的成長
  • 市場抑制因素
    • 對熟練勞動力的需求以及對人工替代的擔憂

第6章市場區隔

  • 依產品類型
    • 固定通道型
      • 堆垛機機
      • 單位負荷
      • 迷你路
      • 穿梭系統
      • 托盤負載
      • 手提袋、木箱等
    • 垂直升降模組
  • 按最終用戶產業
    • 製造環境
      • 車
      • 食品和飲料
      • 生命科學
      • 其他製造業
    • 非製造業
      • 通用產品
      • 物流/倉儲
      • 飛機場
      • 其他非製造環境
  • 按地區
    • 北美洲
      • 美國
      • 加拿大
    • 歐洲
      • 英國
      • 德國
      • 法國
      • 義大利
      • 西班牙
      • 歐洲其他地區
    • 亞太地區
      • 中國
      • 日本
      • 印度
      • 其他亞太地區
    • 拉丁美洲
      • 巴西
      • 墨西哥
      • 其他拉丁美洲
    • 中東/非洲
      • 阿拉伯聯合大公國
      • 沙烏地阿拉伯
      • 南非
      • 中東和非洲其他地區

第7章競爭形勢

  • 公司簡介
    • Daifuku Co. Ltd
    • Schaefer Systems International Pvt. Ltd.
    • Dematic（Kion Group AG）
    • Murata Machinery Ltd
    • Mecalux SA
    • Honeywell Intelligrated Inc.
    • KUKA AG
    • Knapp AG
    • Kardex AG
    • Toyota Industries Corporation
    • Viastore Systems GmbH

第8章投資分析

第9章市場的未來

簡介目錄
Product Code: 56266
Automated Storage and Retrieval System - Market - IMG1

The Automated Storage and Retrieval System Market size is estimated at USD 18.07 billion in 2024, and is expected to reach USD 30.54 billion by 2029, growing at a CAGR of 11.07% during the forecast period (2024-2029).

The explosion of e-commerce, changing consumer demands, and global labor shortages are driving the need for flexible automated solutions that make order fulfillment and distribution faster and more efficient. ASRS technology is finding application in manufacturing units, warehouses, and distribution centers for materials transport and inventory management purposes. These systems are commonly utilized in cold storage, automotive, pharmaceutical manufacturing, food and beverage, and e-commerce applications.

Key Highlights

  • ASRS is most beneficial in warehouse applications. These systems save ample floor space, which is a crucial factor in warehouse operations. With the evolution of technology, the flow and control of materials have improved. The equipment offers better visualization and the ability to handle variability, variety, and volume at higher speeds, thus generating increased value.
  • The expansion activities carried out by the airports for advanced technologies will boost the studied market growth. For instance, in July 2022, The U.S. Department of Transportation's Federal Aviation Administration (FAA) announced the award of nearly USD 1 billion to 85 airports across the country for improving terminals of all sizes. Building airport terminals will ensure better customer experiences, move goods through the economy with more efficiency, minimize prices, and increase U.S. competitiveness.
  • Furthermore, increasing need for efficient and effective solutions for managing warehouses, traffic, logistics, and others, the need for ASRS has been growing. With the growing demand for automated storage and retrieval systems, various companies have been undertaking various initiatives to strengthen their position in the market. For instance, in January 2023, OPEX Corporation, through its subsidiary, OPEX GmbH, entered into a strategic partnership with Transition to launch its leading-edge warehouse automation technology to customers in France. Through its comprehensive suite of technology solutions (including Perfect Pick, a goods-to-person (AS/RS), and Sure Sort, a robotic sorting system), OPEX enables its clients to reduce costs, improve workflow, and drive efficiencies in infrastructure around the world. Such initiatives by the companies in the market are expected to fuel the automated storage and retrieval system market during the forecast period.
  • In addition, in February 2022, AddverbTechnologies announced the establishment of a subsidiary office in the United States to serve its North and South American customers. Addverbis focuses on creating fully automated warehouses and manufacturing facilities. It is collaborating with several industries, including e-commerce, retail, and grocery. The company offers six robots comprising a mobile robot, a pallet robot, a shuttle robot, a sorting robot, and a U.V. disinfection robot. It also provides a shuttle-based ASRS system and software to create high-speed robotic fulfillment centers.
  • However, the need for skilled operators to enable the adequate functioning and maintenance of automated material-handling systems could be a significant impediment in emerging countries. However, automated material-handling vendors have been trying to offset this issue by offering periodic maintenance. In addition to high initial costs, the need for skilled workers to perform various activities throughout the vehicles' shelf life is widely considered a significant concern in the market studied.
  • On the contrary, during the post-pandemic, the significantly increased awareness of digital and automated technologies is expected to support the studied market's growth in the forecast period. For instance, in January 2023, AutoStore, one of the significant warehouse automation companies, launched Pio ("Product In/Out"), which is a plug-and-play version of acclaimed AutoStore cube storage technology tailored for small and medium-sized businesses (SMBs).

Automated Storage & Retrieval System (ASRS) Market Trends

Growth of E-commerce in Developing Countries to Drive the Market

  • As more companies turn to automation to boost efficiency, lower costs, and remain competitive, they also make the workplace safer for workers. One of the main causes for the ASRS market is improving working and safety conditions.
  • E-commerce businesses are forming their delivery networks. Flipkart's logistics, which India calls "eKart," is one instance. On the other hand, logistics companies such as Express Logistics deliver bulk shipments to retailers and distributors. Such developments are anticipated to boost the penetration of AS/RS systems. In addition, according to Edge by Ascential, the sale of online retailer Alibaba acquired USD 780.70 billion in 2022 and is believed to reach USD 1,137.5 billion in 2027.
  • The immense growth in the e-commerce industry is a significant growth driver for the Market studied. According to IBEF, the Indian e-commerce sector reached USD 74.8 billion in 2022 and is predicted to increase to USD 188 billion by 2025, further to USD 350 billion by 2030. Furthermore, in June 2022, 10.35 million orders totaling USD 33.07 billion were fulfilled by 4.56 million registered sellers and service providers through the Government e-Marketplace (GeM) platform for 60,632 purchasers.
  • The existence of retail and e-commerce giants, such as Amazon and Walmart, contributes immensely to the region's demand for warehouse and storage services. According to Walmart, as of 2022, the organization uses 31 dedicated e-commerce fulfillment hubs and 4,700 stores within 10 miles of 90 percent of the United States population to fulfill online orders. According to Google and Temasek Holdings' studies, the GMV for the Singaporean e-commerce market is predicted to reach USD 5 billion. In contrast, the Malaysian and Indonesian markets will surpass USD 7 billion and USD 53 billion, respectively, by 2025.
  • Moreover, according to the International Trade Administration, Australia is considered the eleventh-largest e-commerce market in the world, and revenue is predicted to reach USD 32.3 billion by 2024. The popularity of sales events, marketplaces, and innovative buy now, pay later (BNPL) payment options contribute significantly to the increase in e-commerce activities. Furthermore, the same report predicted that e-commerce would account for 12 percent of retail spending within three years.
  • Additionally, according to the International Trade Administration, the Philippines' eCommerce market sales reached USD 17 billion recently, due mainly to 73 million online active consumers. This is expected to reach USD 24 billion by 2025, with a 17 percent increase.
Automated Storage and Retrieval System - Market - IMG2

Asia-Pacific to Experience Significant Market Growth

  • The Asia-Pacific is witnessing an increasing focus on automation by warehousing companies, which is expected to drive the automated storage and retrieval systems (ASRS) market. According to IBEF, the grade-A warehousing market has grown steadily in the recent past due to the growth of e-commerce in the country. It is expected to grow at a rate of 15 percent by 2025.
  • China is a significant adopter of Industry 4.0, and the country is home to some of the most advanced manufacturing facilities in the world, ahead of the European Union, the United States, and Japan. For instance, according to the World Economic Forum, of the 69 factories worldwide now considered leaders using Industry 4.0 technologies, China is currently home to 20, followed by 19 in the European Union, 7 in the United States, and 5 in Japan. Besides being the foundation for plant-wide automation, the automated storage and retrieval system also serves as a foundation for Industry 4.0.
  • There has been a significant increase in packaged food, snacks, meat, and flavored drinks consumption. For instance, according to Agriculture and Agri-Food Canada, packaged food retail sales in China are forecasted to reach USD 366.75 billion by 2025. In addition, according to Statistics Bureau Japan, the revenue in the manufacture of Food Products is projected to amount to USD 206.60 billion in 2023. Also, it is further anticipated to reach 239.60 billion in 2027.
  • Further, the growth of the automotive industry is expected to drive the studied Market. According to JADA, in 2022, Toyota, the leading car manufacturer in Japan, sold around 1.25 million vehicles domestically. Despite a decrease of 12.1 percent compared to the prior year, Toyota reported more than twice as many unit sales as the runner-up. Suzuki, which came in second, sold slightly over 600 thousand vehicles in 2022.
  • The increasing initiatives to modernize airports and equip them with the latest technology to make them efficient, safe, and cost-effective are also expected to drive the growth of the studied Market. In addition, by 2025, the three public-private partnership (PPP) airports in Delhi, Hyderabad, and Bengaluru will likely invest USD 3.9 billion (INR 300 billion) in expansion development. Such initiatives to modernize airports and equip them with the latest technology to make them efficient, safe, and cost-effective are expected to drive the growth of the studied Market.
  • According to the Civil Aviation Minister, India plans to build 100 new airports with an investment of USD 60 billion in the next 10-15 years to make air travel more affordable. These factors are expected to boost the demand for AMH equipment in the country. The automotive end-user industry in the country, which handles a large volume of materials and has a high throughput ratio, is expected to opt for AMH systems.
  • According to DataReportal, in January 2022, Indonesia had 204.7 million internet users. At the start of 2022, Indonesia's internet penetration rate was 73.7 percent of the overall population. The possibility of the automation of work activities is expected to drive the demand for ASRS during the forecast period.

Automated Storage & Retrieval System (ASRS) Industry Overview

The studied market appears favorably competitive, with significant players adopting strategies like product innovation and mergers and acquisitions. The growing presence of major manufacturers in the automated storage and retrieval sector is expected to intensify competitive rivalry during the forecast period. Market incumbents, such as Daifuku and Schaefer Systems International Pvt Ltd., considerably influence the overall market. Moreover, the growing deployment of such systems, especially in warehouse automation, is also having a significant impact on the competitiveness of the major players.

In July 2023, the Kraft Heinz Company announced an investment of more than USD 400 million to build one of the largest automated CPG distribution centers in North America. The facility's design includes a 24/7 automated storage and retrieval system with the ability to drive twice the volume for Kraft Heinz customers, distributing more than 60 percent of the Company's food service business and approximately 30 percent of all dry goods.

In April 2023, ABB Robotics announced the enhancement of its industry-leading logistics automation portfolio with the launch of the Robotic Item Picker, which is a new AI and vision-based solution that can accurately detect and pick items in unstructured environments in warehouses and fulfillment centers. The Item Picker reduces engineering effort and accelerates time-to-market by easily integrating into existing automated storage and retrieval solutions, such as shuttle, cubic, and 3D storage solutions.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

TABLE OF CONTENTS

1 INTRODUCTION

  • 1.1 Study Assumptions and Market Definition
  • 1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHTS

  • 4.1 Market Overview
  • 4.2 Industry Attractiveness - Porter's Five Forces Analysis
    • 4.2.1 Bargaining Power of Suppliers
    • 4.2.2 Bargaining Power of Buyers
    • 4.2.3 Threat of New Entrants
    • 4.2.4 Threat of Substitute Products
    • 4.2.5 Intensity of Competitive Rivalry
  • 4.3 Industry Value Chain Analysis
  • 4.4 Assessment of Impact of Macroeconomic Trends on the Market

5 MARKET DYNAMICS

  • 5.1 Market Drivers
    • 5.1.1 Increased Emphasis on Workplace Safety
    • 5.1.2 Growth of E-commerce in Developing Countries
  • 5.2 Market Restraints
    • 5.2.1 Need for Skilled Workforce and Concerns over Replacement of Manual Labor

6 MARKET SEGMENTATION

  • 6.1 By Product Type
    • 6.1.1 Fixed Aisle System
      • 6.1.1.1 Stacker Crane
      • 6.1.1.1.1 Unit Load
      • 6.1.1.1.2 Mini Load
      • 6.1.1.2 Shuttle Systems
      • 6.1.1.2.1 Pallet Loads
      • 6.1.1.2.2 Totes, Crates, and Others
    • 6.1.2 Vertical Lift Module
  • 6.2 By End-user Industry
    • 6.2.1 Manufacturing Environments
      • 6.2.1.1 Automotive
      • 6.2.1.2 Food and Beverages
      • 6.2.1.3 Life Sciences
      • 6.2.1.4 Other Manufacturing Environments
    • 6.2.2 Non-manufacturing Environments
      • 6.2.2.1 General Merchandise
      • 6.2.2.2 Logistics and Warehousing
      • 6.2.2.3 Airport
      • 6.2.2.4 Other Non-manufacturing Environments
  • 6.3 By Geography
    • 6.3.1 North America
      • 6.3.1.1 United States
      • 6.3.1.2 Canada
    • 6.3.2 Europe
      • 6.3.2.1 United Kingdom
      • 6.3.2.2 Germany
      • 6.3.2.3 France
      • 6.3.2.4 Italy
      • 6.3.2.5 Spain
      • 6.3.2.6 Rest of Europe
    • 6.3.3 Asia-Pacific
      • 6.3.3.1 China
      • 6.3.3.2 Japan
      • 6.3.3.3 India
      • 6.3.3.4 Rest of the Asia-Pacific
    • 6.3.4 Latin America
      • 6.3.4.1 Brazil
      • 6.3.4.2 Mexico
      • 6.3.4.3 Rest of Latin America
    • 6.3.5 Middle East and Africa
      • 6.3.5.1 United Arab Emirates
      • 6.3.5.2 Saudi Arabia
      • 6.3.5.3 South Africa
      • 6.3.5.4 Rest of Middle East and Africa

7 COMPETITIVE LANDSCAPE

  • 7.1 Company Profiles
    • 7.1.1 Daifuku Co. Ltd
    • 7.1.2 Schaefer Systems International Pvt. Ltd.
    • 7.1.3 Dematic (Kion Group AG)
    • 7.1.4 Murata Machinery Ltd
    • 7.1.5 Mecalux SA
    • 7.1.6 Honeywell Intelligrated Inc.
    • 7.1.7 KUKA AG
    • 7.1.8 Knapp AG
    • 7.1.9 Kardex AG
    • 7.1.10 Toyota Industries Corporation
    • 7.1.11 Viastore Systems GmbH

8 INVESTMENT ANALYSIS

9 FUTURE OF THE MARKET