1. Intelligent Warehousing Overview
Intelligent Warehousing is an intelligent logistics jointly achieved through informatization, the Internet of Things and mechatronics. Its essence is to reduce costs and increase efficiency. Comparing intelligent warehousing and traditional warehousing from six dimensions such as space utilization, storage volume, and storage form, the advantages of intelligent warehousing are: 1) In terms of cost reduction, intelligent warehousing not only saves about 80% of labor costs, but also saves about 70% of land through the three-dimensional warehousing model; 2) In terms of efficiency improvement, first of all, it is no longer limited to the boundary of the capacity of human storage and storage. Intelligent warehousing energy is integrated and coordinated with the upstream and downstream through dynamic storage. Secondly, in terms of space utilization, vertical space is fully utilized, thereby expanding the area storage by 4-7 times. In addition, in terms of entry and exit, intelligent warehousing operations achieved through emerging technologies such as artificial intelligence and big data are not only accurate in real time, but also effectively reduce the higher error rate of traditional warehousing.
Under the trend of supply chain integration , intelligent warehousing can not only complete various business processes in the warehousing and logistics link, but also improve operational efficiency and save logistics costs, thereby achieving efficient management of warehousing and logistics.
The difference between intelligent warehousing and traditional warehousing
Source: Public information sorting
From the perspective of industry development history, the warehousing and logistics automation system industry has gone through five stages: manual warehousing, mechanized warehousing, automated warehousing, integrated automated warehousing and intelligent automated warehousing. In the 1950s, AGV, automatic shelves, automatic storage and access robots and other equipment were launched one after another and gradually applied in the warehousing and logistics industry. As a result, warehousing and logistics entered the automation stage from the mechanization stage.
Intelligence stage is no longer the integration of basic systems, but is a combination of intelligent algorithms through technologies such as artificial intelligence, big data, the Internet, and the Internet of Things to jointly realize the intelligence of warehousing operations. At present, my country's warehousing and logistics automation system industry is in the stage of development of integrated automation to intelligent automation.
Ware and logistics automation system industry development stage and characteristics
Source: Public information sorting
2. Development background of the intelligent warehousing industry
Intelligent warehousing is an important part of the intelligent logistics system. With the continuous advancement of my country's supply-side reform and the adjustment of economic structure, an intelligent and automated warehousing and logistics system has become a national key promotion project. In the past two years, the State Council, the Ministry of Industry and Information Technology and other departments have successively launched a series of policies to promote the development of the smart warehousing industry. Among them, key concepts such as intelligent sorting, intelligent storage, unmanned vehicles, mobile robot , and shuttle car are all mentioned.
2021-2022 China's smart warehousing industry related policies review
Source: Public information compilation
From the perspective of social background, the total social logistics volume in my country has steadily increased, and domestic logistics efficiency still needs to be improved. Logistics is an important infrastructure for national economic development and has developed well in recent years. Specifically, according to the data from China Logistics Information Center, the total social logistics volume in 2021 will reach 335 trillion yuan. From January to July 2022, the total domestic social logistics volume will reach 190 trillion yuan, and it is expected to continue to grow in the future.
2017-2022 China's total logistics volume and growth rate
Source: China Logistics Information Center, compiled by Huajing Industry Research Institute
Related reports: "Research Report on the Development Monitoring and Investment Strategy of China Intelligent Warehousing Industry from 2022 to 2027"
3. Intelligent warehousing industry chain
Intelligent warehousing industry chain is mainly divided into three parts: upstream, middle and downstream.Specifically, the upstream is a software and hardware supplier, mainly providing hardware equipment such as AGV, stacker, shuttle, sorter, , etc. (representative manufacturers: Xinsong, China Post Technology , etc.) and software equipment such as WMS, WCS, MES (representative manufacturers: UFIDA Network , Siaipu , etc.); the midstream is an intelligent warehousing system integrator represented by companies, and uses software and hardware to design and build an intelligent warehousing logistics automation system; the downstream is an application customer of intelligent warehousing, involving any industry that requires warehousing and circulation.
Relatively speaking, the upstream supply side of the smart warehousing industry is developing rapidly, but the downstream demand side has just begun to grow, and the market space is broad, which is the cornerstone of the industry's future rapid development.
Intelligent warehousing industry chain
Source: Public information sorting
From the perspective of downstream logistics costs of intelligent warehousing in my country, according to statistics, from 2013 to 2021, my country's total logistics expenses increased from 10.2 trillion to 16.7 trillion, and the proportion of total logistics expenses/GDP fell from 18.0% in 2013 to 14.6% in 2021. Although the proportion of total logistics costs to GDP is related to changes in the domestic industrial structure, it also shows that my country's logistics industry has made positive progress in reducing costs and increasing efficiency. Looking closely at the data in the past five years, the proportion of total logistics expenses/GDP from 2017 to 2021 basically remained in the range of 14.6%-14.8%, and did not continue the rapid trend of change from 2013 to 2016. The reasons hinder the further development of the industry are the low level of modern informatization in the industry's existing system and the backward operating methods. The application of equipment such as AGVs and shuttles can greatly improve the operating efficiency of the warehousing link.
2013-2021 China's total logistics costs and proportion of GDP
Source: Public information sorting
4. Analysis of the current situation of the intelligent warehousing industry
From the perspective of the scale of the intelligent warehousing market, the demand for cost reduction and efficiency improvement in the warehousing link is rising. According to relevant statistics, the market size of my country's smart warehousing industry increased from 71.25 billion yuan in 2017 to 114.55 billion yuan in 2021, with a CAGR of 12.6%. With the continuous expansion of downstream demand and the deepening of applications of technologies such as 5G, Internet of Things, and artificial intelligence in the warehousing industry, the intelligent warehousing industry is expected to accelerate its development. It is expected that the market size will reach 266.53 billion yuan in 2026, and the CAGR from 2021 to 2026 will reach 18.4%.
2017-2026 China's smart warehousing industry market size and growth rate
Source: Public information sorting
From the perspective of the penetration rate of smart warehousing equipment, the current penetration rate of domestic smart devices is not high. According to statistics from JD Logistics Research Institute, about 49.17% of enterprises still do not use warehousing and logistics automation equipment, and the penetration rate of the automation equipment used is generally low, among which the AGV penetration rate is the highest, reaching 29.04%, while the penetration rate of intelligent sorting equipment and intelligent loading and unloading equipment is only 11.88%.
2021 Chinese smart warehousing equipment penetration rate
Source: JD Logistics Research Institute, compiled by Huajing Industry Research Institute
5. Competitive pattern of the smart warehousing industry
From the perspective of global market competition, the industry is in a state of full competition, and domestic and foreign manufacturers have their own advantages. Comparing Chinese local smart warehousing suppliers with overseas smart warehousing suppliers, , in terms of product technology, industry experience and brand awareness, overseas smart warehousing suppliers represented by Japan Daifuku and Demarket have first-mover advantages; but in terms of price, communication, and post-maintenance services, domestic local manufacturers are better. At present, domestic smart warehousing suppliers have obvious competitive advantages in the mid- and low-end product market due to their price and service advantages, and have accumulated a large amount of customer resources through industry projects. Therefore, with the continuous breakthrough in product technology in the future, local manufacturers are expected to quickly enter the high-end market and seize market share.
From the perspective of domestic market concentration, according to statistics, in 2020, the domestic smart warehousing industry local manufacturer CR10 was below 15%, and CR5 was below 10%. Nuoli Co., Ltd. ranked first, with a market share of about 3.8%, and the industry is in a stage of full competition.
2020 Chinese smart warehousing industry local manufacturers market concentration situation
Source: Public information sorting
There are many manufacturers in the field of intelligent warehousing and logistics systems, showing the characteristics of "small and scattered". In terms of operating income, domestic manufacturers' revenue scale is usually small, about 500 million to 2 billion yuan. Since the company also provides production line business, the revenue scale is larger than that of domestic manufacturers in the same industry. However, there is still a big gap in the scale of global logistics system integrators (Japan Daifuku's revenue was US$4.39 billion and Demattek's revenue was US$4.30 billion in 2021). From the perspective of gross profit margin, due to the gap between the downstream industries of each manufacturer and the proportion of orders in the same industry is different, the gross profit margin varies, but the average level of the same industry remains between 20%-30%.
2019-2021 China's smart warehousing and logistics manufacturers operating conditions
Source: Announcements from various companies, compiled by Huajing Industry Research Institute
6. Future development trends of the smart warehousing industry
1. From the perspective of the total logistics amount and expenses, the total social logistics amount in my country has steadily increased, and the current domestic logistics efficiency still needs to be improved. Moreover, with the development of social economy, there is huge room for improvement in the scale and efficiency of the logistics supply chain, which has prompted the warehousing link to accelerate intelligent transformation. The related intelligent warehousing and logistics automation systems are expected to start high growth.
2. The traditional warehousing industry is a labor-intensive industry and requires storage area for storing goods. Therefore, the increase in labor costs and land costs has a great impact on the cost and expenses of warehousing and logistics. In terms of labor costs, according to the statistics of the National Bureau of Statistics, the average annual salary of my country's transportation, warehousing and postal industries has increased year by year, from 80,200 yuan in 2017 to 110,200 yuan in 2021, with a CAGR of 8.26%. On the one hand, with the serious aging problem and the gradual disappearance of the demographic dividend, labor costs will continue to rise in the future; on the other hand, residents' living standards have improved, and labor has higher requirements for work quality, and their willingness to engage in boring, harsh and dangerous work has gradually decreased, so per capita costs have increased compared with before. In terms of land costs, the land market has been fierce in recent years, resulting in a significant increase in land costs. Under such an era, to reduce warehousing and logistics costs, develop intelligent warehousing, and accelerate the practical application of intelligent logistics equipment is the best way for enterprises to solve the difficulties and labor costs while improving production efficiency, product quality stability and management efficiency.
2017-2021 China's annual average salary for transportation, warehousing and postal industries
Source: National Bureau of Statistics, compiled by Huajing Industry Research Institute
3. At present, the development of domestic logistics robots still has performance problems such as insufficient stability and low reaction speed. The overall development is still at the mid- and low-end market level, which is also the main reason for the insufficient penetration rate of intelligent warehousing. Research on intelligence and automation in developed countries such as Europe and the United States has started early, so overseas manufacturers have a stronger ability to provide overall intelligent warehousing solutions than domestic ones. As for the future development of the industry, my country has vast intelligent warehousing space, but from the perspective of the development of the entire industry, the current product solutions of overseas manufacturers are still worth improving in terms of performance. With the continuous breakthroughs in cutting-edge technologies such as 5G, communications, chips, artificial intelligence, Internet of Things, and intelligent algorithms, my country's smart warehousing suppliers are still expected to overtake technically, improve overall intelligent warehousing strength, enter the market for high-end intelligent warehousing systems, and ultimately realize domestic substitution of existing overseas manufacturers' solutions.
Huajing Intelligence Network is affiliated to Huajing Industry Research Institute, focusing on industrial and economic information and research in Greater China. Its main products and services currently provide include traditional and emerging industry research, business plans, feasibility studies, market research, special reports, customized reports, etc.It covers fields such as culture and sports, logistics and tourism, healthy elderly care, biomedicine , energy and chemical industry, equipment manufacturing, automotive electronics, etc., and also conducts in-depth research on emerging fields such as smart cities, smart life, smart manufacturing, new energy, new materials, new consumption, new finance, artificial intelligence, " Internet + ".
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