Material Handling Equipment Market Regional Trend & Growth Projections By 2019-2024 | Revenue US$ 190 BN | CAGR 5.5%
Jul 10, 2019
(MHE) Material handling equipment market share from robotics segment is expected to witness 8% CAGR, will cross over USD 20 billion by 2024 owing to the demand for high-performance robotic systems across various industry verticals.
Selbyville, United States - July 10, 2019 /MarketersMedia/ —
According to a report on material handling equipment market by GMI, the expanding 3PL sector globally is expected to witness a% CAGR of over 6% in the material handling equipment market. The increasing complexity of supply chains is compelling businesses to turn towards 3PL service providers to ensure smooth and efficient operations. 3PL service providers are focusing on real-time systems for enhanced visibility. Furthermore, the flourishing durable manufacturing sector in countries including India and China is providing impetus to the market. The growing durable manufacturing industry adopting the latest technologies for production in countries including France and Germany will surge the demand for the equipment.
Material Handling Equipment Market size is set to exceed USD 190 billion by 2024; according to a new research report by Global Market Insights, Inc. Growing automation capabilities in the manufacturing space coupled with increasing penetration of advanced technologies, such as IoT, RFID, and AI, are expected to drive the automated material handling equipment industry growth. Automated material handling systems are gaining popularity with the growing inclination of industries to replace human labor with automated systems.
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Rising labor costs in countries including China & India will support the material handling equipment industry growth. The booming manufacturing sector in the region coupled with high-cost labor is compelling manufacturers to use sophisticated machinery to ensure high throughput in lesser time. Conventional manual techniques reduce the productivity and lead to time consumption. Traditional techniques for material handling are also prone to errors caused by human fatigue. Moreover, they also pose a restriction to the amount of load that can be transferred or stored. Bulk material handling & storage systems and industrial trucks are facilitating the management of large volumes of data thereby reducing the unnecessary time consumption.
Product segmentation: The report claims that the Product landscape of the keyword is subdivided into –
• Storage & Handling Equipment
• Industrial Trucks
• Bulk Material Handling Equipment
• Robotics
• Automated Storage & Retrieval System (AS/RS)
Important pointers encompassed pertaining to the Product spectrum:
• Major details about the Product spectrum are provided in the report.
• The study elaborates on the remuneration forecast of each of the Product categories by the end of the anticipated duration.
• The market share which each of the Product segments account are mentioned in the study.
• Also, the most proliferating trends that the Product spectrum is characterized by are also entailed.
The robotics segment in the material handling equipment market is expected to witness significant CAGR of over 8% to reach over USD 20 billion by 2024 owing to the demand for high-performance robotic systems across various industry verticals. Robots facilitate easy and fast pick & place of material thereby ensuring accuracy and eliminating human involvement. The rising awareness about the advantages of automated systems globally will fuel the demand for robots across industries. Extensive R&D undertaken in the field of robotics & AI in countries including Japan and China is expected to fuel the MHE (material handling equipment) market over the forecast period. The incorporation of machine learning capabilities in the robots to increase productivity with predictive maintenance further contributes to the industry demand.
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The developments in the manufacturing sector in countries such as Japan, China, and India are expected to propel the MHE (material handling equipment) Market growth. These systems are increasingly being adopted in warehouses and production facilities for automating all processes.
The growing transportation & logistics industry in the U.S. is providing growth opportunities to the industry value at over USD 25 billion in 2017. The early technology adoption in the region and the ongoing R&D in the U.S. will fuel the MHE (material handling equipment) market demand. Stringent government regulations related to operator safety in Europe are compelling manufacturers to use high-quality machines that comply with the existing standards.
One of the anticipated trends to be watched for remains the growth of automated material handling equipment (MHE) market in emerging economies, where manufacturing sector is booming. The robotic technology will also mark a disruption of sorts in this domain, primarily fueled by the demand for cost-effective and efficient approaches. In this regard, China and India which are indeed witnessing a remarkable rise in industrialization are slated to be the chief avenues for MHE (material handling equipment) market. In fact, Asia Pacific, driven by these economies is expected to witness an appreciable CAGR of 6.5% over 2018-2024. The global business share is projected to surpass USD 190 billion by 2024.
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Regionally, the European belt is claimed to be highly profitable growth ground for material handling equipment industry, subject to the stringent governmental regulations with regards to workplace safety in the continent. This has subsequently prompted manufacturers to come up with products that are absolutely in compliance with the standards enforced by the European Union regarding design, construction, and handling of the equipment
Key vendors in the MHE (material handling equipment) market comprise Hyster-Yale Materials Handling, Inc., KUKA AG, Kion Group AG, JBT Corporation, Flexlink, Intelligrated, Inc., Dematic GmbH & Co., KG., Columbus McKinnon, and Daifuku Co., Ltd. Companies are trying to launch new solutions and expand the product portfolio. The industry is characterized by strategic acquisitions and collaborations with technology providers to offer enhanced solutions. Players are stressing on manufacturing solutions that cater to specific industry demands and complying with the standards and regulations operating in the industry. Increasing investments in the R&D of new automation solutions will contribute to industry growth.
Contact Info:
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights
Phone: 1-302-846-7766
Website: https://www.gminsights.com/industry-analysis/material-handling-equipment-market
Source: MarketersMedia
Release ID: 88894656
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