Material Handling Equipment Market revenue worth $200 Bn by 2027
Published Date: March 15, 2021 Authors: Preeti Wadhwani, Saloni Gankar
Material Handling Equipment Market size is likely to cross USD 200 billion by 2027, according to a new research report by Global Market Insights Inc.
The trend of industrial automation to boost productivity will drive the material handling equipment industry growth. Manufacturers are employing robust machines to replace manual labor with automation to streamline operations and speed up the production process in the industry. Machines enable to move and store large volumes of goods easily, reducing the overall time spent on material movement, in turn, increasing profitability.
The rising labor costs and challenges concerning workforce retention in several countries have further fueled advanced material handling equipment market expansion. Manual techniques of material movement are time consuming and prone to errors. The increasing number of industries replacing traditional production technologies with semi-automated equipment will propel the market demand.
The ongoing coronavirus (COVID-19) pandemic negatively impacted the material handling equipment market in 2020 due to the temporary closure of industries following the lockdowns imposed. Several economies witnessed a downfall in 2020 owing to the temporary halts in industrial activities followed by declining market conditions. However, the economies are projected to regain stability in 2021, following the relaxations in lockdown measures in the second half of 2020. This will increase the production and adoption of material handling equipment, supporting the market growth positively.
The market will also gain traction with the high demand for material handling equipment from the pharmaceutical industry. High demand for vaccines and medicines for the virus will drive the adoption of material handling equipment from the pharmaceutical sector.
Get more details on this report - Request Free Sample PDF
Increasing demand for bulk material handling equipment market to move large quantities of products efficiently
The bulk material handling equipment facilitate fast transfer of large volumes of goods in an industrial facility. They are increasingly used in manufacturing facilities to move large amounts of raw materials. The equipment is a vital part of process industries that include the production of food & beverage, plastic, rubber, polymer, paper, textile, and chemical industries. There will be a high demand for belt conveyors as they move a wide range of bulk materials from large lump sizes to very fine products. There will also be increasing demand for elevators that enable to easily lift and move materials to large heights.
Browse key industry insights spread across 530 pages with 620 market data tables and 39 figures & charts from the report, “Material Handling Equipment Market Size By Product (Storage & Handling Equipment [Racks, Stacking Frames, Shelves, Bins & Drawers, Mezzanines], Industrial Trucks [Automated Guided Vehicles (AGVs), Hand, Platform & Pallet Trucks, Order Pickers, Pallet Jacks, Side-Loaders, Walkie Stackers], Bulk Material Handling Equipment [Conveyor Belts, Stackers, Reclaimers, Elevators], Robotics, Automated Storage & Retrieval System (AS/RS) [Unit-Load AS/RS, Mini-Load AS/RS]), By Application (3PL, E-Commerce, Manufacturing [Durable, Non-Durable], General Merchandise, Food & Beverage, Food Retail, Pharmceutical/Healthcare), By Type (Manufacturer, Distributor), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
The growing manufacturing sector globally will propel the growth for material handling equipment market in facilities
The manufacturing sector is witnessing rapid growth, with the increasing penetration of automated machines across production facilities. Economies are focusing on strengthening the manufacturing sector, especially during the ongoing coronavirus pandemic, to reduce dependence on other economies. Government organizations are encouraging the adoption of technologies, such as IoT, AI, and robotics, in industrial facilities to strengthen the economy competitiveness. This will boost the adoption of semi-automated and fully automated equipment to reduce the dependence on human labor for material handling. As manufacturers focus on maximizing productivity, they will employ advanced equipment to ensure fast movement and storage of goods in facilities.
The expanding food & beverage industry in Europe to spur the advanced machines demand
The food & beverage sector in Europe is expanding rapidly, generating a turnover of around USD 1.4 trillion in 2020. Over the last decade, the region’s food & beverage exports have doubled. Online food retailing has gained traction in the region, and there is a high demand for organic foods in countries such as Germany, France, and Italy. Food processing industries employ robust equipment in tough industrial environments such as high temperatures and moisture. As hygiene is of utmost importance in a food processing facility, manufacturers employ machines to ensure minimal human involvement in the material transfer process.
Solidifying the distributor network to expand market reach forms a key strategy amongst market players
Companies operating in the material handling equipment market are entering into strategic collaborations to solidify their distributor network. For instance, in August 2020, KION Group AG signed a memorandum of understanding and a distribution agreement with Quicktron, a Chinese manufacturer of autonomous mobile robots. Through this partnership, the company will strengthen its position in the automated truck market and ensure robust growth.
In April 2019, Mitsubishi Logisnext Co. Ltd. acquired the equity interests of Pon Material Handling, NA, Inc., an equipment trader in the U.S. This acquisition will strengthen its position in the industry by improving its service offerings, expanding its direct sales channels and ensuring accomplishment of future growth goal.
Key material handling equipment market players include KION GROUP AG, Jugheinrich AG, Toyota Industries Corporation, SSI Schaefer Group, Crown Equipment Corporation, Hyster-Yale Materials Handling, Inc., Daifuku Co., Ltd., Mitsubishi Caterpillar Forklift America, Inc., Honeywell Intelligrated, and Beumer Group GmbH & Co., Kg.
Explore More on Related Topics: