Material Handling Equipment Market Size By Product (Storage & Handling Equipment, Industrial Trucks, Bulk Material Handling Equipment, Robotics, Automated Storage & Retrieval System (AS/RS)), By Application (3PL, E-Commerce, Durable Manufacturing, Food & Beverage, General Merchandise, Food Retail), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, China, India, Japan, Australia, Mexico, Brazil), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Published Date: April 2017 | 120 Pages | Report ID: GMI1384 Report Format: PDF
Material Handling Equipment Market size was over USD 110 billion in 2015; industry growth is pegged at over 5% CAGR estimation from 2016 to 2024.
Global Material Handling Equipment Market Size, By Application, 2015 & 2024 ($ Bn)
Increasing penetration of advanced technologies, such as RFID, IoT, and voice picking, are expected to drive the material handling equipment market over the forecast timeframe. The evolution in the technology to assist smooth warehouse & logistics operations in meeting customer demand is rapidly changing the business environment.
Growing automation capabilities in the manufacturing space will provide a fillip to the material handling equipment market size. Automation aids in reducing costs and delivering high quality products. It eliminates the need for manpower to check-ins, sort goods, or to move bins and totes containing materials. These automated systems scale up the operational needs and drive the business results by reducing errors, increasing pick rates, surging throughput and decreasing labor costs. For instance, Automated Guided Vehicles (AGVs) are an automation solution for moving parts to and from the manufacturing facilities or conveying pallets for put-away in distribution centers. Logistics robotics market benefits from optimized workflow procedures, high productivity levels and reduction of labor and operating costs.
Material Handling Equipment Market, By Product
The automated storage and retrieval systems (AS/RS) are anticipated to witness substantial growth. These systems integrate automated software and hardware for precise replenishment and picking. In addition, they frequently position and deliver the essential inventory to a conveyor structure, manual outfeed, or an ergonomic operator station. This leads to a decrease in floor space, labor, and inventory levels, resulting in rising productivity in contrast to manual storage approaches. Typical storage applications comprise tooling, order picking, consolidation, and buffering in cold, ambient, freezer, or clean-room environments.
Robotics will further witness a significant adoption rate, as it aids in enhancing the productivity of the manufacturing facilities and improving customer satisfaction by delivering high quality products in an appropriate manner. They perform multi-tasks, thereby, streamlining the whole process.
Material Handling Equipment Market, By Application
E-commerce applications are anticipated to witness attractive growth opportunities over the forecast timeline. This is due to the rising demand of efficient, responsive, and reliable material handling equipment market as the customers expect their orders accurately, quickly, and undamaged. The material handling processes aids in enabling supreme performance and high uptime for the peak-season productivity. They help in moving more pallets per shift, and reduce product damage with careful handling, with lift truck and equipment rental options. Furthermore, the development of modern omni-channel distribution facilities is designed to handle all fulfillment, specialty labeling, returns processing, in-store pick-up, ship-to-consumer, ship-to-store and product customization will propel the material handling equipment market size.
The 3PL sector has witnessed rising demand from the service providers for enhancing performance, amplifying efficiency and keeping their end users satisfied with on-time deliveries of a wide range of products and packaging.
Material Handling Equipment Market, By Region
India material handling equipment market share is anticipated to grow significantly from 2016 to 2024 due to an attractive economic landscape, and significant demand for goods movement. The increase in the manufacturing activities in the region will also augment sales. The need for safe working environments in industrial facilities, developments in areas such as wireless technologies, robotics, and flexible electronics will fuel the MEA material handling equipment market size. Furthermore, the expansion of various international firms in the region will drive demand.
High costs associated with the installation and the maintenance will inhibit the industry demand over the forecast timeline. In addition, any kind of stoppage/failure in any portion of the machinery leads to increased interruption of the production system.
Competitive Market Share
Participants accounting for material handling equipment market share include Kion Group AG, Daifuku Co. Ltd, Bastian Solutions LLC, Dematic GmbH, etc. Companies are focusing on expanding their services and acquisitions to gain prominence. For instance, in February 2017, Toyota Industries Corporation announced that it acquired Bastian Solutions LLC. The acquisition signifies the company’s full-fledged entry into the U.S. material handling equipment market amid the e-commerce boom.
Increase in initiatives for automated safety & security, developing manufacturing facilities and growth in expansion of warehouses is driving the material handling equipment market growth globally.
Material Handling Equipment Industry Background
Several manufacturers are entering frequent mergers and acquisitions and expanding their global reach. The high cost of maintenance associated with the machinery will challenge the industry growth. Technologies such as robotics and AS/RS are gaining prominence due to quantifiable advantages, such as process streamlining and high productivity levels. Voice picking enhances accuracy in the warehousing operation, thereby positively influencing the industry growth.
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