The Global Market for Material Handling Equipment is Projected to Reach US$173.9 Billion by 2024
Growing Automation across
End Use Sectors Drives the Global Material Handling Equipment Market, According
to a New Report by Global Industry Analysts, Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size and demand forecasts on the global Material Handling Equipment
market. The global market for Material
Handling Equipment is projected to reach US$173.9 billion by 2024, driven by factors such as growing
demand for flexibility in warehouse and manufacturing industries, growing
automation across key end use industries, rise in multichannel retailing and
strong growth in eCommerce sector.
Material Handling Equipment (MHA)constitutes a
critical element of global commerce, finding widespread application in
operations such as production, distribution, consumption and disposal of
products, goods and materials. Growth in the market is led by growing
fragmentation of the logistic chains of various industries and improving investments in manufacturing
sector, and growing consumer spending on non-durable as well as durable goods. Gains
in the MHE industry is further underpinned by the replacement of antiquated
machinery with new automated systems and robotics amid the increasing
production shift towards artificial intelligence and Industry 4.0.
The
Internet of Things (IoT) is expected to
considerably influence the materials handling industry, despite the cost
factor. MHE manufacturers are incorporating advanced technologies, mechanisms
and solutions for enhancing productivity and maximizing safety for the 'factory
of the future'. Advanced technology equipment that includes robots, automated
guided vehicles, and various other sophisticated solutions are bringing in a
paradigm shift in the market. Voice recognition system, Warehouse control
system, and M2M communication are some of the latest
innovations in the domain of MHE. Demand for automated guided vehicles, and automated conveyors are
expected to particularly register strong gains through the forthcoming years. Other disruptive
technologies changing the face of the material handling include use of
predictive data analytics, wearable devices such as eyewear, 3D printing
equipment, drones and driverless/ autonomous. These technologies are expected
to result in significant productivity gains and service improvements. The MHE
market is also witnessing an increasing trend among manufacturers towards
sustainability, and environmental preservation in sync with the rising demand
for systems that are more eco-friendly, and produce less noise and harmful
emissions.
The
ongoing trend towards automation is expected to further gain momentum as
disrupting forces such as multichannel distribution and growing consumer demand
for anytime, anywhere goods delivery drives adoption of new technologies.
E-retailing is emerging as disruptive force, changing the dynamics of supply
chain management, and spurring the need to upgrade material handling equipment to support quick delivery of
smaller packages. The growing trend of purchasing online is compelling
retailers to increase fleets and upgrade materials handling equipment to
support very quick delivery.
As
stated by the new market research report on Material Handling Equipment, Asia-Pacific represents
the largest and the fastest growing market worldwide with a CAGR of 6.8% over
the analysis period. Growth in the market is driven by an expanding
manufacturing base and rapid infrastructure development across diverse
industries and
rise in e-commerce activity and ensuing demand for both domestic and
international branded products.
Major
players in the market include Beumer Maschinenfabrik GmbH, Cargotec Oy, CLARK
Material Handling International, Crown Equipment Corporation, Columbus
McKinnon Corp, Daifuku Co. Ltd., Jervis B. Webb Company, Dürr AG, Eisenmann AG,
FlexLink AB, Fives Intralogistics Corp., Hyster-Yale Materials Handling, Inc., Ingersoll-Rand Company PLC, Interroll Group, Jungheinrich AG, Kardex AG, KION Group AG, Konecranes PLC, Liebherr
Group, Manitou Group, Manitowoc Company, Inc., Mecalux SA,
SSI Schaefer - Fritz Schaefer GmbH, Swisslog,
Toyota Industries Corporation,
Vanderlande Industries, and WITRON Logistik + Informatik GmbH,
among others
The
research report titled “Material Handling Equipment:
A Global Strategic Business Report” announced by Global Industry Analysts Inc.,
provides a comprehensive review
of market trends, issues, drivers, and strategic industry activities of major
companies. The report provides market estimates and projections for major
geographic markets such as the US, Canada, Japan, Europe (France, Germany,
Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (Australia, China,
India, South Korea and Rest of Asia-Pacific), Middle East, and Latin America
(Brazil, Mexico and Rest of Latin America). Product segments analyzed in the
report include Conveying Equipment, Industrial Trucks & Lifts, Hoists,
Cranes, & Monorails, Automated Storage & Retrieval Systems, and Others
(Automated Conveyors, and Automated Guided Vehicle).
For enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com
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